Is your dream car or recreational vehicle (RV) eligible for a loan?
There are a few key conditions your vehicle must meet for us to provide financing.
What you need to know before applying
Age
The RV must not be older than 12 years, and the combined age of the vehicle/RV and the loan term may not exceed 13 years.
Minimum value
The vehicle/RV must be worth at least ISK 600,000.
Loan term
The maximum loan term is 8 years for new or recently registered cars and RVs.
Loan ratio
You may apply for financing of up to 85% of the purchase price.
Minimum age requirement
You must be at least 20 years old to be eligible for a loan with Ergo.
Is a credit assessment required?
Yes, a credit assessment is needed if the loan amount exceeds ISK 3.170.520, including all cost, for individuals or ISK 6.341.040, including all cost, for couples.
Credit assessment
A credit assessment takes just a few minutes. It gives you a clear overview of your financial capacity and shows how much you may be eligible to borrow.
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Taking your car or RV abroad?
Heading overseas with your vehicle can be a great way to travel and having a loan with us won‘t hold you back. Just make sure everything is in order before you set off by taking a look at the following information.
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Extra down payments
Yes , you can make extra down payments at any time to reduce your monthly instalments or even pay off the loan in full. It is simple, quick, and completely free of charge!
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Always happy to help
Need help? Send us a message and we will gladly assist.