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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Uno Finans NO
Recommended: Uno Finans NO
Borrow up to NOK 600,000 with interest rates from 5.01%.
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Securing a car loan in Norway as an expat involves understanding the available options and lender requirements. The providers listed above offer car financing solutions in Norwegian Kroner (NOK). Consider loan amounts from NOK 5,000 up to NOK 1,000,000, with repayment terms ranging from 1 to 30 years, depending on the lender. Minimum age requirements typically start at 20 or 21, with some lenders specifying an upper age limit.
Effective interest rates can vary significantly. It is crucial to examine the ‘Effective Interest Rate’ (EIR), as this figure includes all mandatory fees and provides a more accurate cost of the loan than the nominal rate alone. For example, some offers show a low nominal rate but a substantially higher effective rate due to associated charges.
Understanding Car Loan Requirements for Expats in Norway
To apply for a car loan in Norway, expats generally need:
A Norwegian personal identification number (fødselsnummer or D-nummer).
Proof of stable income and employment in Norway. Lenders assess your ability to repay based on your financial situation.
A Norwegian bank account.
A clear credit history in Norway. Lenders will perform a credit check.
Residency status in Norway.
Some lenders may have stricter requirements regarding the duration of your residency or employment. Always check the specific criteria for each provider.
Key Factors in Car Loan Comparison
When comparing car loans, focus on these critical elements:
Effective Interest Rate (EIR): This is the most important cost indicator. A lower EIR means a less expensive loan.
Loan Amount and Term: Ensure the loan amount meets your vehicle purchase needs and the repayment term is manageable with your budget. Longer terms generally result in lower monthly payments but higher total interest paid.
Fees: Look for establishment fees (opprettelsesgebyr), term fees (termingebyr), and any other charges that contribute to the total cost. Some providers, like Lendo.no or Sambla.no, facilitate comparisons which can help identify minimal fees.
Repayment Flexibility: Some loans allow for early repayment without penalty, which can save on interest costs. Check if the loan type is an annuity loan (annuitetslån) or a straight loan (pay-off loan).
Age Restrictions: Ensure you meet the minimum and maximum age requirements set by the lender.
Credit Assessment: Understand that approval is subject to a credit assessment by the lender. No provider guarantees loan approval.
Specific Loan Features to Consider
Revolving Credit: Some providers, like Nanofinans and Ferratum NO, offer revolving credit lines. While not traditional car loans, they can offer flexibility for financing vehicles or managing related expenses.
High Loan Amounts: Providers such as Okida NO and Sambla.no offer options for higher loan amounts, potentially suitable for more expensive vehicles or combined financing needs.
Flexibility for Previous Issues: Providers like Nanofinans and Okida NO mention accepting remarks, which might be relevant for individuals with a less-than-perfect credit history, although this requires careful assessment and potential higher rates.
For expats seeking to finance a car, understanding these details is essential. Comparing offers through platforms like Lendo.no, Sambla.no, or Zensum NO can streamline the process. Remember to always read the full loan agreement before committing.
This information is for general guidance only and does not constitute financial advice. You should consult with a qualified financial advisor for personalized recommendations.
Yes, many lenders in Norway offer car loans to expats. Key requirements typically include a Norwegian personal identification number, proof of income and employment, and a Norwegian bank account. Approval is based on a credit assessment.
What is the difference between nominal and effective interest rates for car loans in Norway?
The nominal interest rate is the base annual interest. The effective interest rate (EIR) includes the nominal rate plus all mandatory fees and charges associated with the loan. The EIR provides a more accurate measure of the total cost of borrowing.
What credit score is needed for a car loan in Norway?
There is no single required credit score, as lenders conduct individual credit assessments. A good credit history in Norway generally improves your chances of approval and securing better interest rates. Lenders will review your credit report.
Can I finance a used car with these loan options?
Most of the listed loan providers offer financing for both new and used cars. The specific conditions, such as maximum age of the vehicle, may vary between lenders.
What happens if I miss a car loan payment in Norway?
Missing a payment can lead to late fees, increased interest rates, and negative impact on your credit score. It is crucial to maintain regular payments. If you anticipate difficulties, contact your lender immediately to discuss possible arrangements.
