Car buyers who don’t want to pay all at once can either go to the bank or turn to a financing company for help. Typically, financing companies charge interest rates that are about 1% higher than that of the banks (usually 6.9% over three years as opposed to 5.75% at the bank). However, they require lower downpayments (between 0% and 20% compared to 40% at most banks). Additionally, the process for getting the loan is easier than at a bank (applicants only need an ID card, proof of income and residential certificate), and processing time can be weeks faster than at a bank. Financing companies can also offer loan periods of up to five years, while banks typically expect car loans to be repaid in one to three years. Consult your dealer to find out what financing options are available to you.