LOA: an offer of up to 10 years for under €150/month
This page is translated from the original post "LOA : une offre jusqu’à 10 ans sous 150 euros/mois" in French.
- 23/06/2022 14:30
BNP Paribas Personal Finance launches a scalable lease-to-own (LOA) up to 10 years, allowing a monthly rent below 150 euros, exclusively for recent used vehicles.
To buy a car, you have the choice between the traditional purchase via a loan, a LOA, or a long-term rental (LLD). In the case of LOA, contracts are rarely longer than 4 years or 48 months. Yet, the longer the duration, the lower the rents and thus the more accessible the vehicles become.
A 10-year LOA for used cars
To address this gap, BNP Paribas Personal Finance is launching a new LOA offer. It can be extended up to 10 years, “for a monthly amount of less than 150 euros”. The company specifies that this offer “will be made exclusively at dealerships”.
The company’s goal is to attract a new clientele. They explain that the targeted population is “used to acquiring their vehicles mainly privately”. This will therefore concern used cars. The company adds that the LOA will have “a low residual value – equivalent to a monthly payment – which allows ownership of the vehicle at the end of the contract”.
“Thanks to this innovative offer, we are pleased to be able to help maintain the daily mobility needs of the most modest households,” declares Christophe Michaëli, Head of Auto Mobility Department at BNP Paribas Personal Finance, “it was a real challenge to reconcile purchasing power and the major ecological transition stakes, in a rapidly transforming mobility market.”
Used cars, but recent and gasoline, hybrid, or electric
The other aim is to support vehicle changes to low-emission zones. These “Low Emission Zones” where only the least polluting vehicles are allowed to circulate. This LOA therefore only concerns Crit’Air 0 and Crit’Air 1 vehicles.
These categories include recent petrol cars registered since January 1, 2011. It also includes plug-in hybrid models, GNV, electric, and hydrogen vehicles. This LOA excludes diesel cars, as well as the “older” petrol vehicles.
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