Car Loan
Ergo offers car loans and leases to help you drive away with ease and confidence.
How does Ergo finance work?
The car must be less than ten years old
The loan period is shorter for older cars
The car must be worth ISK 600,000 or more
You must be 20 years of age or over
The maximum loan period is 7 years (84 months)
A credit assessment is carried out for loans over ISK 2,800,000 for individuals and ISK 5,650,000 for couples
Ergo provides finance for a variety of other things
Green Financing
We want to be a driving force for good and we support the United Nations SDG for climate action.
We offer Green loans for environmentally friendly cars to support Iceland's energy transition. Find out more at Íslandsbanki's Ergo financing service.
Loan or lease?
What is the difference?
A car loan means that you are the registered owner of the vehicle, but Ergo has the first lien on it. The Bank surrenders its rights once the loan has been fully paid.
A car lease agreement means that Ergo is the vehicle's registered owner, and you are the vehicle's registered keeper for tax purposes. Ergo transfers its rights to you once the contract has been paid in full.