Argentina’s Banco Nación has launched a financing plan aimed at reviving vehicle sales, following a 14% drop in October automotive production, as reported by industry association ADEFA. The initiative, detailed by Economy Minister Luis Caputo during an address to industrialists, introduces special loan terms for the purchase of new and used vehicles.
Bank Cuts Vehicle Loan Rate to 25%
The Banco Nación presented a plan that reduces the interest rate on its vehicle loan line to a 25% TNA fixed rate in pesos. This special rate applies to loans with a maximum amount of $50 million and a repayment term of up to 72 months. The new conditions, effective immediately, allow for financing up to 100% of the sale value of both new and used vehicles up to 10 years old.
Eligibility for Preferential Rates
The preferential 25% TNA rate is available to individuals who meet specific criteria: they must receive their salary or pension through Banco Nación, hold a credit card with the bank, and purchase the car insurance through BNA. Customers who do not meet these requirements or choose not to can opt for the general conditions rate of 46% TNA fixed in pesos.
Calculating Loan Installments Digitally
As an example, for a loan of $15 million over 36 months, the first installment with the 25% TNA rate is $662,022 including VAT. With the 46% TNA rate, the first installment for the same loan would be $895,841. The product can be processed 100% digitally at the dealership using a national ID (DNI). During the application, the bank verifies that the client receives their salary or pension and holds a Banco Nación credit card.
More information about the plan can be found on the Lanueva and El Informador de Cuyo websites.
