Car loan The easiest solution for purchasing a car

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.

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.

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.

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, LHV, Coop or Luminor, 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 laen@inbank.ee.

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.

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.

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 an early repayment. The conditions of early repayment can be found from Inbank price list.

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 info@inbank.ee 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 change the payment date. In order to change the payment date, please send the relevant request to info@inbank.ee. You will find the fee for amendment of the payment date 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 info@inbank.ee. 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.