Younger people ask for more loans without collateral for a car and seniors for liquidity

According to the latest Bogbank study, most of the loans without endorsement requested are for home renovation, regardless of the age range that requests it. Where we can find generational differences is in the second purposes for this type of financing. While millennials are the ones that most opt ​​to apply for loans to buy a car (mostly used), the boomers and the so-called Silent Generation (born between 1925 and 1964) usually request them to obtain liquidity.

Young people in search of the best loan to buy a car

Millennials are the second generation that most resorts to requesting a personal loan, claiming 37% of the requests, according to the 2016 report of Bogbank. This generation that had everything in childhood and lost it after the crisis of 2008 has learned forced marches to save on their purchases by getting the best deals.

This bias towards cheaper purchases has made millennials experts in the search for second-hand products. The clearest example is its tendency to buy second-hand cars, given the savings they represent compared to new vehicles.

In addition, the request for personal loans for this purpose demonstrates the intention of getting the best financing for a useful purpose such as obtaining a vehicle. By means of the comparison you can find the best credit offers for cars:


Loan Quantity Cost Advantage I’m interested
Car Loan Yoabank From € 3,000 to € 50,000 From 6.95% TIN (7.18% APR)
  • It has no commissions
  • It has no connections
  • Without changing bank
  • Money in account in 48 hours
Apply for
Bankil Car Project Loan From € 4,000 to € 15,000 From 5.95% TIN (6.12% APR)
  • No commissions
  • No linked products
  • Without changing bank
  • Money in 24 hours after being approved
More information

The three loans in the table lack opening and study fees, in addition to not having links that keep us tied to the entities and that can add an additional annual cost. These aspects are highly valued by all customers, especially the youngest ones.

The purpose of the loans without common guarantee at any age is the reform

Although each age group differs in the second most sought after purpose for a loan, the main objective of the search for financing is independent of the generation. It is about loans for home renovations.

The increase in spending on home renovations has been 5.2% so far this year, according to the study by the consultancy Arthursen for Andimac, the National Association of Distributors of Ceramics and Building Materials.

As can be inferred from the study data, all Spaniards have learned from the real estate bubble and we have accepted that it is often more profitable to reform your home than to acquire a new one. All this despite requiring funding to start this project in our home, but with the good fortune that banks offer several loans without endorsement if we have the right profile

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