Why choose a car loan from Inbank?
The car loan offered by Inbank is a reliable unsecured bank loan, which can be used to finance the purchase of a car, motorcycle or other vehicles in the amount of 15 000 euros. Applying for a loan is simple and the vehicle belongs to you after purchase.
The interest rate of a car loan is low: from 8.9% per year.
No down payment or comprehensive insurance required.
You will receive a loan decision immediately and the money will be transferred within a working day.
Applying for a car loan is easy
Fill in the loan application
Use the loan calculator to find the most suitable monthly repayment and fill in the loan application. You will get a response immediately and this does not oblige you to sign the agreement.
Sign the agreement
You can then sign the agreement with your ID card or Mobile ID. A car loan agreement can also be entered into at an Inbank branch.
The agreement will enter into effect after you have identified yourself via webcam or at a branch of Omniva or Inbank.
We will transfer the money to your account
We will transfer the loan amount to your account within one working day of entry into the agreement.
Terms & Conditions of Car Loan
Amount: 300 - 15,000 euros
Period: 6 - 72 months
Interest rate: 8.9% to 20.9% calculated on loan balance
Agreement fee: 2% of the loan amount, min. 95 euros
Contract administration fee: 2.50 euros per month, which is included in the monthly repayment
The loan amount we can offer you depends on your monthly income and obligations
We can offer you a car loan if:
- You are at least 21 years old and an Estonian citizen or hold a residence permit
- Your net monthly income is at least 280 euros
- You perform your financial obligations appropriately
We have to identify you if you’re a new client of Inbank. You can identify yourself via webcam in Inbank Self Service if you borrow up to 15,000 euros. We cooperate with Veriff, which offers reliable video identification. Video identification requires a computer with an Internet connection and a working webcam, microphone and Chrome, Firefox or Opera web browser.
Physical identification is necessary if you enter into a repeated agreement; you must go to an Omniva or Inbank branch to do that.
The identity documents we accept are the ID card, passport and residence permit of the Republic of Estonia.
We will pay out the loan amount within one working day of signing the agreement and confirming your identity.
Early repayment of the loan
You can repay the car loan to us early at any time either in part or in full, and if you do so, you will not have to pay interest or other fees for the time you did not use the loan. In order to do this, you must submit a written request to Inbank’s customer service indicating the amount to be repaid and the date. We will then inform you of the final amount left to repay. The fee for early termination of the loan agreement is:
- 0.5% of the amount to be repaid if less than one year is left until the expiry of the agreement at the moment of repayment; or
- 1% of the amount to be repaid if more than one year is left until the expiry of the agreement at the moment of repayment.
Important information before entering into the contract
Think carefully whether a car loan is a suitable option considering your needs and financial status.
- Read the terms and conditions of the contract carefully before you sign it and don’t hesitate to ask if you need more information.
- Think about the risk you can afford to take. Please note that running into payment difficulties may make borrowing more difficult for you in the future.
- Read about the different financing options offered by Inbank on our website and don’t hesitate to ask our customer service for assistance.
- After entering into the contract, review the conditions again. This way, you can be sure that you will perform your obligations correctly and at the right time.
- We will always be a good partner to you. If you would like to change a loan for another product of ours or you run into difficulties with the performance of your obligations, please let us know immediately. This will allow you to avoid additional expenses and litigation.
- Read our letters carefully and let us know immediately if your contact details change.
Requirements for applicants
All Estonian citizens or residence permit holders who are at least 21 years old, have an excellent credit record and a monthly income of at least 280 euros may apply for a car loan.
In the case of a temporary residence permit, we can enter into the loan agreement until the expiry date of the residence permit.
Inbank only offers car loan to private persons. Inbank Liising helps finance the purchase of equipment required for business activities with full service leasing.
You don’t have to change your home bank to take a car loan from Inbank. You can make the monthly repayments of the loan from the current account in your home bank.
Entry into agreement
The interest rate of the car loan is from 8.9% to 20.9% and is calculated on the balance of the loan. The exact interest rate depends on the conditions offered to you personally, which you can review after receiving the loan decision. The term of the loan is 6 months to 6 years. The interest rate is fixed for the entire loan period and is not tied to the Euribor. You can therefore be certain that the monthly repayment will not change.
You can submit your car loan application right here on the Inbank website or at our branch in Tallinn. You must have an ID card or Mobile ID to sign the agreement online. You must know your PIN1 to log in and your PIN2 to sign the agreement. You must present an identity document (ID card, passport or residence permit) to sign the agreement at a branch of the bank. The loan amount is paid out after identification, which can be done at selected Omniva or Inbank branches and via webcam in the internet bank of Inbank when you enter into an agreement for the first time as a new client.
We offer you the following identification options when entering into a loan agreement: Inbank branch, Omniva branches and identification via webcam. See the locations of Inbank and Omniva branches.
First of all, check that you have installed the latest version of the ID card software on your computer, or download the most recent version of the software and restart your computer. You will find a solution to your problem in the ID Card Help Centre or via the ID Card Helpline 1777. If you still cannot sign the agreement digitally, please contact Inbank’s customer service. The agreement can also be signed at the Inbank branch.
After you sign the agreement digitally, it will remain accessible in the internet bank of Inbank as well as in the www.allkiri.ee environment, where you can download it to your computer. You will also find the reference to your agreement in the e-mail message that will be sent to you after you sign the contract. If you still cannot find the agreement, please contact Inbank customer service.
Submission of account statement
Submitting an account statement is usually not necessary for making the loan decision, but we do request an account statement for the last six months in some cases. An account statement may be necessary for applying for a loan if there is no adequate overview of payments into the pension fund. For example, you request a bigger amount in the loan application than the amount of your income on the basis of the payments made to the pension fund would allow you to borrow and if you have additional income not reflected in these payments.
An account statement must be submitted for the last six months until the application submission date and include information about your income and obligations. If you submit an account statement from Swedbank, SEB or LHV, then it must be in a format that is digitally certified by the bank (.bdoc, .asice, .sce). If you submit an account statement from another bank, it must be saved in PDF format and then digitally signed with the DigiDoc programme.
Please also read the guideline on uploading account statements. After saving the statement on your computer, you can upload it on the loan application page. You can also upload the statement later, after logging in the internet bank of Inbank and selecting Loans from the menu. If you cannot upload the statement in the internet bank of Inbank, please e-mail it to firstname.lastname@example.org.
When using car loan, please keep the purchase documents, as the bank may request these as of 30 days from the entry into the loan contract. If the requested documents are not submitted within 14 days, the bank has the right to unilaterally amend the terms and conditions of the loan contract and increase the interest rate by the rate indicated in the contract. A fee for amending the contract will apply.
Loan response and receipt of money
Usually, you will receive an immediate response to an application submitted on our website or at a branch. You can also sign the loan agreement straight away if the response is positive.
If we cannot give you a loan decision straightaway, we will ask you to submit a digitally certified account statement for the previous six months, after which we will give our response to the loan application within one working day.
We transfer the money to the borrower’s personal Estonian account within one working day of entry into the agreement and identification of the borrower. Depending on your bank, the money will appear in your current account on the same day that we make the payment, or the next day.
We can only pay out the loan to the applicant’s personal account in a bank located in Estonia. We cannot pay out the loan amount to a foreign bank account or to another person’s account.
Purchasing a vehicle with car loan
Taking out comprehensive insurance is not mandatory when you sign a car loan agreement. However, we still advise you to do so, as this will protect you against the most common losses irrespective of who causes the accident. Getting motor third party liability insurance for your vehicle is mandatory.
The loan amount is transferred to your bank account. After that, you can enter into a purchase and sale contract with the seller. You must take care of everything required in relation to the purchase of the vehicle, including registering the change of vehicle owner with the Road Administration, which has to be carried out during 7 working days.
Make sure you also read the useful advice when buying a vehicle issued by the Consumer Protection Board. The easiest place to register the purchase and sale is the e-service of the Road Administration.
The signer of the loan agreement can be both the owner or the official user of the vehicle. Since the loan amount is transferred directly to your current account and you enter into the purchase and sale contract with the seller yourself, then the vehicle immediately belongs to you, both during and after the loan period. You also have the right to sell the vehicle during the loan period and make loan repayments until the end of the loan period or make a early repayment. The conditions of early repayment can be found from Inbank price list.
Repayment of the loan
Every month, we will send you an e-invoice, which you will find in the internet bank of your home bank. We will send the invoice to the internet bank of your home bank four to five days before the due date for making the payment to the account to which the loan amount was paid according to your request. We advise you to set up an e-invoice standing order in your home bank to make repaying the loan more convenient. The payments are made to Inbank’s account in SEB or LHV bank.
A payment is deemed to have been made if it was made with the correct reference number, which you will find in your loan agreement or on the e-invoice.
We do not send invoices by e-mail. However, the invoices we have sent are accessible in the internet bank of your home bank.
If the payment was made outside the e-invoice before the arrival of the monthly invoice, an e-invoice for the relevant month may still be send in some cases, but you certainly don’t have to make the same repayment again. You can simply archive the e-invoice.
You can check your loan balance in the internet bank of Inbank under Loans. You can also get information about the loan balance from Inbank’s customer service if necessary.
Yes, you can repay the loan in part or in full before the expiry of the loan agreement. In order to do so, e-mail the request for early repayment of the loan to email@example.com and indicate the date when you would like to repay the loan. We will then send you the final amount that is still left to pay as of this date. You can find the terms and conditions of early repayment on the Inbank price list.
Yes, it is possible to apply for a grace period if necessary. In order to do so, please e-mail your request to firstname.lastname@example.org. The length of one grace period is up to three months. If you would like to use the option of a grace period for the second time, the loan principal and interest payments for the last three months must not be outstanding. It is possible to have two grace periods during the term of the agreement and for up to six months during the loan period. We will determine the exact length and the terms and conditions of the grace period considering of your requirements and possibilities.
If we haven’t received a repayment by its due date, we text you a reminder that the payment must be made. There are costs associated with late payments, and default interest is calculated on delayed payments. The fees related to late payments are specified in your agreement and the Inbank price list. If the difficulties in repaying the loan are likely to last longer, please contact Inbank as soon as possible, so we can find a flexible solution together.
Irrespective of the reasons for payment difficulties, Inbank always tries to help its clients by offering solutions that are as flexible as possible. This is why you should immediately inform us of any payment difficulties. For example, you can request a grace period or extend the loan period, which will reduce the monthly payments.
Car loan is a financial obligation. Please assess your financial position and think about whether you really need the loan before you submit the application, so you can be sure that you are able to repay the loan in a timely manner. You may have to pay default interest and compensate for debt collection expenses if you fail to make payments when due. Failure to perform the loan agreement as necessary may make it difficult for you to obtain future loans from Inbank and other financial institutions. Before you decide, read the information on the consumer website of the Financial Supervision Authority www.minuraha.ee, the terms and conditions of the car loan and the pre-contractual information, or contact a professional, if necessary.
The annual percentage rate (APR) of the loan offered by Inbank AS is 17,86% on the following sample conditions: loan amount 4500 EUR, loan period 72 months, fixed interest rate 14,9%, agreement fee 95 EUR, administration fee 1,50 EUR, monthly repayment 97,23 EUR, total cost of credit and total repayments 7096,51 EUR. Please read the terms and conditions of the agreement and consult a professional if necessary before you make your final decision.