Frequently Asked Questions - car loan

Do you have any uncertainty regarding the Porsche Bank car loan?

We shall further present the answers to the most frequently asked questions that may occure over the loan agreement duration of execution.

Why car loan through Porsche Bank?

• ONE-STOP-SHOP: vehicle, financing, insurance and after sale services - all at the dealer
• Fast procedures, answer to your financing request the next day
• A wide range of products: car loan in RON, EUR, CHF* with a down payment starting from 15% and for an agreement duration of maximum 10 years.
• There is no maximum limit for the down payment, with the condition of a minimum value of the loan of 3000 EUR/equivalent
• Reduced bureaucracy and fast ongoing

*Available only for legal entities

How and where can loan instalment be paid off? 

The reimbursement of instalments is effected by means of funding the account opened on your behalf with Porsche Bank, in accordance with the agreement and the reimbursement schedule attached to the agreement, without any invoices being issued for you. You may choose between 4 methods of reimbursement:

1. By means of cash deposit, straight at the payment office of Porsche Bank Romania situated at no. 2 Pipera-Tunari Rd.

2. By Payment Order – from any other bank where you hold a current account.

3. By means of a cash deposit, at a Romanian Post office (the service is only available for transactions in lei). (download the list of Postal Offices; dowloand the Cash deposit form for Romanian Postal)

 The CASCO insurance policy is paid directly to the choosen insurer, in one of their accounts, specified in the reimbursement of premiums.

What currency do I choose for the loan reimbursement?

The credit will be reimbursed in the same currency in which it has been granted (RON, EUR, CHF).

If you wish to reimburse a loan in foreign currency (CHF, EUR), but you use RON to fund your account opened with Porsche Bank, the bank will automatically perform the currency exchange at the maturity date of the instalment, in the original currency of the credit and the amount specific to the loan instalment will be collected.

Why do I have to pay the first loan instalment in the same month in which the loan has been used despite the fact that the contract specifies that the first rate will have its maturity date on the “x” date of the month immediately following the month in which the loan has been used?

If the period between the moment of using the loan and the first maturity date exceeds 30 days, only the interest will be calculated for this period, and it must be paid off as per the maturity schedule attached to the loan agreement.

Are the loan instalments fixed over the entire duration of the loan?

The loan instalments are fixed for the entire duration of the loan only if you have opted for a product with a fixed interest (in EUR, CHF or RON).

In the case of variable interest loans, the first 3 loan instalments remain unchanged, however, subsequent to the third instalment, the loan rate will remain constant/increase/decrease depending on: the EURIBOR development for 3 months for loans in EUR, the LIBOR development for 3 months for loans in CHF, and the ROBOR development, respectively, for loans in RON – and you will receive a new maturity schedule every term.

When do I have to fund my account with the amount specific to the loan rate? 

The maturity schedule attached as an annex to the loan agreement specifies the maturity dates for all loan instalments. The maturity date is the one when the amount must reach your current account (opened with Porsche Bank Romania SA).

We recommend that you take into account the fact that Porsche Bank Romania SA does not charge cashing fees, however, there is a 0.55 RON fee charged by The National Bank of Romania.

How and when can a loan be reimbursed in advance? 

As per the loan agreement, the lessee can reimburse the Loan in advance, either in full or partially, with the prior (written) agreement of the bank, but only after the reimbursement of at least 6 rates and provided there is a minimum reimbursement of at least three principal rates. The prior agreement of the bank is conditioned by the defrayal of the advance payment fee, as well as by the full payment of all past due debts, if any.

In order to be able to reimburse the loan in advance, you must fill out a written request which is then to be sent as an execution copy to Porsche Bank, subsequent to which you will fund your account with the amount you wish to reimburse in advance, together with the advance payment fee.

Which are the risks I am exposing myself to in case of delaying / failing to pay the loan rates?

The risks you are exposing yourself to are the following:

• for each day of oustanding debts penalties shall cumulate in accordance with the loan agreement
• for payment delays in excess of 15 days from the outstanding debt maturity date, you shall be reported to the Credit Risk Control and to the Credit Bureau, with the risk of losing the future possibility of obtaining bank loans (from Porsche Bank Romania SA or other similar financial institutions)
• for payment delays in excess of 30 days from the outstanding debt maturity date, the bank shall resort to the forced execution of the loan.

How is the vehicle evaluated?

The vehicles are evaluated after the following evaluation graphic:

V= value of the new car

C = depreciation coefficient for the car age

k = kilometers number

A = the age of the car