‘Green car’ loans for Brussels Motor Show
Less than a week away from the opening of the 2020 Brussels Motor Show, banks are already presenting their new type of loans designed for ‘green cars’. Both BNP Paribas Fortis and KBC offer low 0,80% APR rates for A to B Eco-label cars or electric and CNG cars in the latter’s case.
As it’s the case every year, the Brussels Motor Show is synonymous with good deals on new cars. That being said, carmakers aren’t the only ones to jump on that highly important period of the year to offer some promotion. Banks also offer special ‘Motor Show car loans’.
Green car loan
On Friday, BNP Paribas Fortis and KBC have already announced their special offers designed for the Motor Show Period (until February 28th). However, this year, the emphasis is laid on eco-friendly cars. Both banks will, therefore, offer a 0,80% APR loan rate for ‘green cars’.
However, the two banks don’t use the same definition. For BNP Paribas Fortis, the special rate will only apply for cars with Eco-labels A or B, and also for bicycles and electric bikes. On the other hand, KBC decided to concentrate on electric and CNG-powered vehicles and bicycles. Other conventional cars will induce higher rates, at 0,90% at BNP, and 0,99% at KBC.
One out of four loans
“It’s a trend. But only a minority of banks offer such promotions. It’s a way for them to present themselves as green,” notes Wouter Vanderheere, founder of the Top Compare website.
At BNP Paribas Fortis, one car loan out of four (28,5%) has been dedicated to financing a ‘green’ car in 2019. That number is growing compared to the previous year (24%). The trend is the same at Belfius, where such loans have only been offered since 2018, but where the number has doubled in one year.
According to Mr. Vanderheere, the best advice for a future new car buyer is to wait for the opening of the Brussels Motor Show. Indeed, while the two banks mentioned above have already presented their offers, a few will surely follow once the Show has opened its doors.
“For now, things haven’t moved. And in all cases, it’s better to wait for the Motor Show to open. Last year, Beobank waited until then to present the market’s lowest offer of 0,65% for all types of cars,” ends Wouter Vanderheere.