The repayment period ranges from 1 to 15 years, or 5 years if you do not need to refinance. The nominal interest rate varies from a minimum of 4.9% to a maximum of 23.44%. The effective interest rate ranges from a minimum of 8,17% to a maximum of 34,16% (!), so it can be very beneficial to choose the best offer. Example: NOK 140,000 over 5 years, effective interest rate 13.44%, cost NOK 49,412, total NOK 189,412.
The interest rate is variable and set individually. Nominal interest rate 11.9%, effective interest rate 13.14%, loan amount NOK 200,000 with repayment over 5 years, cost NOK 69,078, total NOK 269,078. Eff. interest rate: 6,82%-48,76%.
Loan example: nominal interest rate 8.67%, effective interest rate 10.34%, NOK 90,000 o/5 years, set-up fee NOK 870, term fee NOK 35/ month. Cost NOK 24,407, total NOK 114,407. Max. effective interest rate 32.10
Example: The interest rate is variable and set individually. Annuity loan NOK 150,000, 5 years, nom. interest 12%, estab./term fee NOK 0 gives eff. interest 12.68%. Total cost: NOK 200,200 or NOK 3,337/month (60 payments). Repayment period 1-15 years, 5 years if you are not refinancing. Eff. interest: 5.17%-48.76%.
Repayment period 1–15 years (max 5 years if you are not refinancing). Nominal interest rate from 7.0–40.0% p.a. Effective interest rate from 7.2–49.8% p.a. depending on loan amount and repayment period. The interest rate is variable and set individually after a credit assessment. Example: NOK 230,000 over 6 years, nominal interest rate 11.39%, effective interest rate 12.00%, monthly installment approx. NOK 4,424, total to pay NOK 318,522.
Example: Annuity loan 150,000 NOK, 5 years, nominal interest rate 10.90%, estab./term deposit 0 NOK gives effective interest rate 11.46%. Cost: 45,234 NOK. Total cost 195,240 NOK, cost 3,254 NOK/month. Repayment period 1-15 years, 5 years if you are not going to refinance. Updated 2025-03-24
"Thorn Privatlån Pluss / TryggLån Representative example: effective interest rate 26.0%, 25,000, o/5 years, cost 17,588, total 42,588. The example is calculated based on the monthly amount being paid via direct debit and that the agreement's repayment plan is adhered to. Thorn Samlelån Representative example: effective interest rate 14.42%, 120,000, o/8 years, cost 77,204, total 197,204. The example is calculated based on the monthly amount being paid via direct debit and compliance with the agreement's repayment plan."
Example: Nominal interest rate 11.9%, effective interest rate 13.20%, loan amount NOK 135,000 with repayment over 5 years, cost NOK 101,038, total NOK 236,038. Establishment fee varies from NOK 0 to 1,990. The repayment period is 1 to 20 years. Max 5 years if you are not refinancing. Nominal interest rate varies from a minimum of 6.9% to a maximum of 23.4%. Effective interest rate varies from a minimum of 8.19% to a maximum of 26.23%.
Representative example: effective interest rate 26.1%, 25,000, o/5 years, cost 17,674, total 42,674. The example is calculated based on the monthly amount being paid via direct debit and that the agreement's repayment plan is adhered to.
"Representative example: Eff. interest 24.24%, 26300, o/5 years, cost. 17206, tot. 43506. The example is calculated based on the monthly amount being paid via direct debit and compliance with the agreement's repayment plan. "
Representative example: effective interest rate 28.79%, 40,000, o/5 years, cost 31,208, total 71,208. The example is calculated based on the monthly amount being paid via direct debit and compliance with the agreement's repayment plan.
Representative example: effective interest rate 31.60%, NOK 30,000, o/5 years, cost NOK 25,794, total NOK 55,794. The example is calculated based on the monthly amount being paid via direct debit and compliance with the agreement's repayment plan.
Representative loan example Ferratum Fleksikreditt: 48.17% eff. interest, 30,000, o/12 months, 39.97% nom. interest, cost. 6,494.72 kr. Total: 36,494.72 kr.
Borrowing costs money. Borrowing costs money. If you cannot repay on time, it may affect your credit record and make future borrowing more difficult. Always compare the total cost of credit before applying.
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Refinancing your car loan in Norway as an expat can lower your monthly payments and reduce the total interest paid over the life of the loan. This process involves obtaining a new loan to pay off your existing car financing. The primary goal is to secure better terms, such as a lower interest rate or a more manageable repayment period.
Several providers offer car refinance options in Norway. When comparing offers, focus on the effective interest rate (eff. rente), which includes all fees and charges, not just the nominal interest rate. Also, consider the loan term, setup fees, and any monthly administrative fees. A lower effective interest rate generally means a cheaper loan overall.
The loan providers listed above provide car loan refinancing. Their offerings vary in loan amounts, interest rates, and repayment terms. Review the details for each provider to determine which best suits your financial situation.
Key considerations for car refinance in Norway:
Effective Interest Rate (Eff. Rente): This is the most critical figure. It represents the total cost of the loan, including interest and all associated fees. Aim for the lowest possible effective rate.
Loan Amount: Ensure the new loan amount covers your outstanding balance on the current car loan. Some providers offer higher maximum loan amounts than others.
Repayment Term: A longer term may reduce monthly payments but increase the total interest paid. A shorter term increases monthly payments but reduces overall interest costs.
Fees: Look out for setup fees (etableringsgebyr) and monthly term fees (termingebyr). These add to the total cost of the loan.
Eligibility for Expats: While many lenders offer services to expats, specific requirements may apply. Ensure you meet the minimum age and residency criteria, and have the necessary documentation.
Refinancing might be particularly beneficial if your credit score has improved since you took out your original loan, or if market interest rates have generally declined. It is also a way to consolidate debt if you have multiple loans.
The providers listed offer a range of loan products. While this page focuses on car refinance, other loan types in Norway are available. Understanding your options across different categories, such as personal loans in Norway, can help you make informed decisions.
Understanding the Application Process
The application process for refinancing typically involves submitting personal information, details about your current car loan, and financial documentation. Lenders will conduct a credit assessment to determine your eligibility and the interest rate you will be offered. It is advisable to compare several offers before accepting one.
Always read the loan agreement carefully before signing. Pay attention to clauses regarding early repayment, as some loans may have penalties for paying them off sooner than the agreed term. Understanding these details can prevent unexpected costs.
This information is for guidance only and does not constitute financial advice. You should consult with a qualified financial advisor to discuss your specific circumstances. LoanExpat.com does not guarantee loan approval or specific loan terms.
Exploring loan options across different countries is also possible. Refer to our country hub for information relevant to other European nations.
What is car refinance in Norway?
Car refinance in Norway involves taking out a new loan to pay off your existing car loan. The goal is usually to secure a lower interest rate or a more favourable repayment term.
What is the most important factor when comparing car refinance offers?
The most important factor is the effective interest rate (eff. rente). It reflects the total cost of the loan, including all fees and interest, providing a clearer picture of the loan's true cost compared to just the nominal interest rate.
Can expats refinance their car loans in Norway?
Yes, many lenders in Norway offer car refinance options to expats. However, eligibility criteria may vary, and you will need to meet specific residency and documentation requirements.
What fees should I be aware of when refinancing a car loan?
Be aware of setup fees (etableringsgebyr) and monthly term fees (termingebyr). These fees contribute to the overall cost of the loan and should be considered when comparing offers.
Can I pay off my refinanced car loan early in Norway?
Some loan agreements allow for early repayment, while others may charge a penalty. It is crucial to review the loan agreement details for any early repayment clauses and associated fees before signing.
