Do you have enough savings? Then you can choose to buy the car with your savings. The car is immediately your property. You won’t have long‑term monthly payment obligations, apart from regular maintenance costs, insurance and road tax. You also build up no‑claim discount (a discount on your premium based on claim‑free years, read more about claim‑free years here). However, your savings balance will decrease significantly.
"}},{"componentType":"paragraph","title":"Pros and cons of saving at a glance","richBody":{"value":"Pros of saving | Cons of saving |
|---|---|
You build up claim‑free years | Takes time and discipline |
The car is yours | Savings decrease |
No additional monthly costs | A large one‑off expense |
No BKR registration | Maintenance and insurance at your own expense |
Tip: Did you know you can set up a savings goal for a car? Use automatic saving in combination with your “car” savings goal and set aside a fixed amount each month, without having to think about it all the time.
"},"textLinks":[{"url":"/en/personal/savings/automatic-savings","text":"More about automatic saving"}]},{"componentType":"sectionTitle","title":"Borrowing for a car"},{"componentType":"paragraph","richBody":{"value":"Can or do you not want to pay for your new car entirely with your savings? Then you can consider borrowing money. With a Personal Loan, the loan amount, term and interest rate are fixed when you take out the loan. You can use the loan to finance part of your purchase or to pay for the (electric or plug‑in hybrid) car in full. It doesn’t matter whether it’s a new or second‑hand model, you’re completely free in that choice.
"}},{"componentType":"paragraph","title":"Pros and cons of borrowing at a glance","richBody":{"value":"Pros of borrowing | Cons of borrowing |
|---|---|
You can enjoy your purchase sooner | More expensive than saving |
Increase your purchase budget | BKR registration |
Bring the purchase forward | Monthly payments of repayment, interest and costs |
Early repayment without penalty is always possible | Long‑term financial commitments |
The car is yours | Maintenance and insurance at your own expense |
Tip: Did you know that a BKR registration isn’t as negative as people sometimes think? It actually helps you stay financially healthy.
Tip 2: The fixed interest rate for a 100% electric or plug‑in hybrid car is lower than the rate for a non‑electric car loan.
You may have savings, but not want to use all (or the full amount) of your savings to buy an (electric or plug‑in hybrid) car. If your savings aren’t sufficient in that case, you can supplement the amount you’re short with a Personal Loan from ING.
"},"textLinks":[{"url":"/en/personal/loans/your-goals/car-loan","text":"View our car loan"}]},{"componentType":"sectionTitle","title":"Private leasing a car"},{"componentType":"paragraph","richBody":{"value":"You can also choose to privately lease a car. This means you enter into a lease contract with a leasing company or dealer. During the contract period, you pay a fixed monthly amount that includes all costs such as maintenance, taxes and insurance. Only fuel costs are paid separately. Without a large upfront investment, you can drive a (often) new car. The car is not your property, although you can often take it over at a favorable price at the end of the contract.
"}},{"componentType":"paragraph","title":"Pros and cons of private lease at a glance","richBody":{"value":"Pros of leasing | Cons of leasing |
|---|---|
No large upfront investment | Often a more expensive way of driving |
No additional costs besides the lease amount | Long‑term commitments |
Often a new car | Higher monthly costs |
Only fuel costs | The car is not your property |
Often attractive buy‑out option at end of contract | Early repayment not possible |
You may already own a car. Don’t forget that it also has value. Part of the amount you need can sometimes be obtained by trading it in at the dealer or selling your car yourself. Check the current market value of your car online in advance. This will give you an idea of the amount you still need to pay for a new car.
"}},{"componentType":"sectionTitle","title":"Buying a car? Also think about insurance"},{"componentType":"paragraph","richBody":{"value":"If you’re buying a car, don’t forget about insurance. If you own a car, you are required to take out car insurance. At ING, you can choose from three types of coverage.
"},"textLinks":[{"url":"/en/personal/insurances/car-insurance","text":"View ING’s car insurance"}]},{"componentType":"linkList","iconTitle":{"title":"More information"},"textLinks":[{"url":"/en/personal/loans/information-about-borrowing/bkr","text":"Borrowing money and BKR"},{"url":"/en/personal/loans/information-about-borrowing/borrowing-money-without-an-income-or-permanent-contract","text":"Borrowing money without an income"}]},{"componentType":"linkList","iconTitle":{"title":"Loans"},"textLinks":[{"url":"/en/personal/loans/what-does-borrowing-cost","text":"What does borrowing cost?"},{"url":"/en/personal/loans/how-much-money-can-i-borrow","text":"How much can I borrow?"},{"url":"https://mijn.ing.nl/banking/loans/personal-loan-apply","text":"Apply for a loan"},{"url":"/en/personal/loans/rates","text":"Current interest rates"}]}]}}}