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Car financing: how it works at Bynco

Financing offers a solution if you can't (or don't want to) spend a large amount of money on a car at once, but still have the need for a car. Read here how car financing works at Bynco.

Pay per month instead of a one time payment

With financing you pay a fixed amount per month, so that you do not have to spend a large amount at once. At Bynco we offer you the opportunity to arrange the financing of your car with our partner InnoFin. InnoFin is an independent, expert and reliable party that provides tailored private and business (car) financing.

Of course, you are not obliged to take out finance from InnoFin to be able to buy a car from Bynco. 

Benefits

  • No large amount at once: you do not have to spend a large amount of money at once to buy a car.
  • Fixed monthly amount: you pay a fixed monthly amount that suits your personal situation. The agreed monthly amount remains the same during the term, whether you finance the car for one year or ten years.
  • You know what you are going to pay in advance: there are no hidden costs or extra charges that you have to pay later.
  • Trade-in = down payment: you can use the amount we give you for your trade-in car as a down payment on the financing to reduce your monthly fee.
  • Your car, 100%: in contrast to private leasing, for example, you become the owner of the car in question. You don't have to hand it in at the end of the financing

Good to know

  • Excluding monthly usage fee: you only finance the purchase cost of the car and not the monthly costs for its use (road tax, insurance, fuel/electricity) and maintenance. These costs are added to the monthly amount for the car financing.
  • Borrowing money costs money: dfter all, you pay interest on the amount you borrow.

Whatever happens, you’ll have zero costs on your car in the first half year. Also with financing.

How car financing through Bynco works

Follow these steps to buy a used car at Bynco through financing. 

  • Choose the car that suits you best. Can't make up your mind (yet)? Then ask for the help of one of our car experts and let them advise you without obligation. 
  • Click 'Finance' and fill in your details. Click 'Submit application'. 
  • Configure your private or business car financing. We have already filled out the purchase price of your car. After entering the down payment amount and the final instalment, you will immediately see the monthly amount that corresponds to your car financing. Below that you can also see the amount you have to deposit in case of a down payment. Click 'Apply' if you agree with the monthly amount(s). 
  • Your application has been submitted to InnoFin, our financing party. InnoFin will process the application as soon as possible and will contact you by phone in the near future to discuss the application with you. 
  • Provide a copy of your pay slip, proof of identity, bank statement and, if necessary, additional information to your InnoFin contact person as soon as possible. Your pay slip and bank statement may not be older than 3 months. In addition, the bank statement must show the debits and credits (rent, mortgage, salary, etc.) of an entire month. Don’t wait too long with providing these, as this will prevent the rest of the process from taking longer than necessary. InnoFin expects expats to submit a copy of their passport or ID card and a copy of their residence permit. 
  • InnoFin then determines, based on all the data and documents you have provided, whether your financing has been fully approved. If it is not the case, you will be contacted to inform you of this fact, and to explain what caused this 'outcome'. It is also possible that InnoFin will ask you for more information so that the car financing can still be approved. 
  • Yes, car financing approved! InnoFin notifies both you and us. Let’s check if the car of your choice is still available, so we can finalise the order - and agree on a delivery date. 

Would you like to know about applying for car financing? Or do you have a question about the status of your financing appliction? Do not hesitate to contact our financing partner InnoFin

This is what makes up a car finance

Duration in months, optionally from 12 months up to 120 months.

Purchase price: the amount that the car you want costs - without deducting the down payment.

Down payment: an amount that you can contribute in order to reduce the amount to be financed. You can use the money we offer you for your trade-in car for this purpose.

Financing: The amount - after deduction of the down payment and trade-in allowance, if applicable - to be financed.

Final instalment (not compulsory): the part of the loan that you pay at the end of the term. You pay interest on the final instalment, just like on the rest of the car financing. The higher the final term, the lower the monthly payment.

Interest rate: the amount of interest you pay on the amount financed. The interest rate is determined at the time of taking out the car finance and remains the same throughout the term, and therefore the monthly amount.

All the above components affect the amount you pay for your car per month.

Also good to know

  • Until your financing request is fully approved, the car you have in mind remains available for other buyers. Reservation is not possible. InnoFin takes this into account and tries to process every application as quickly as possible. On average, the entire process takes about 8 to 10 working days, but it will take less time if you provide them with the necessary documents (copy of your pay slip, identity card and bank statement) and/or additional information as soon as possible.
  • Don't like your new car? You can return it within 14 days and choose to annul the financing contract or switch to a different car. In case of a business car financing, costs will be charged.
  • Because you become the owner of the car in the case of a car finance agreement, you are free to sell it or trade it in before the financing contract expires. You are then obliged to repay the remaining finance amount - all remaining monthly instalments including, if applicable, the final instalment. Do you want to sell or trade in the car before the end of the contract? Then please contact InnoFin first.

Veelgestelde vragen over autofinanciering

Is it possible to get business financing on a car?

Absolutely, InnoFin, our financing partner offers business financing. You’re able to choose Financial Lease or Operational Lease. Applying for business financing is quick and easy through Bynco.

Which interest rate applies to your car financing?

Interest on a loan can fluctuate. That is why InnoFin, our financing partner, will determine the interest rate once you’ve applied for financing. The rates defined will remain the same for the duration of your loan.

Which documents will you need to apply for car financing?

You’ll need copies of your bank statement, payslip and proof of identity. If necessary, our financing partner InnoFin will ask you for additional documentation. Your payslip and bank statement should be less than 3 months old. Also, the transactions (rent, mortgage, salary) for an entire month should be visible on your bank statement. Expats will be asked to provide a copy of their passport or ID and a copy of their residence permit.

Do I have to take out financing with InnoFin to buy a car from you?

No, even though we work together with InnoFin, you are not obliged to take out financing from them. Therefore, you can take out financing from the bank or lender with which you are familiar. If you do choose InnoFin, then you take out the financing from them and not from Bynco.

How long does it take for my financing application to be completed?

On average, the entire process takes about 8 to 10 working days, but it will take less time if you submit the necessary documents (copy of pay slip, proof of identity and bank statement) and, if needed, additional documents to InnoFin, our financing partner, as soon as possible.

Will you reserve the car for me until financing is arranged?

No, unfortunately we can’t do that because we don’t know in advance how much time it will take you and our financing partner InnoFin to arrange the financing. The Bynco car you have in mind will therefore remain available for other buyers. InnoFin takes this into account and tries to handle every request as quickly as possible. Nevertheless, we advise you to first arrange financing with InnoFin (or another party), and then order the car of your choice. This way we can immediately assign it to you so that it is no longer available to other buyers.