Data as of November 8, 2026. A car loan of CLP 7,000,000 over 48 installments can end up costing CLP 9,607,440 or CLP 13,809,313, depending on where you apply. That is a CLP 4,201,873 gap for the same amount and the same term. The figures come from the Sernac, Consumer Loan Comparator, data reported by each lender, updated November 8, 2026, the only public tool that compares banks, cooperatives and family-allowance funds on a level field. The lowest CAE (annual equivalent cost) was Bice's, 16.49%, and the highest Banco de Chile's, 34.74%.
View the data as a table
| Lowest total cost (Bice) | $9,607,440 |
| Highest total cost (Banco de Chile) | $13,809,313 |
| Lowest CAE | 16.49% |
| Lenders compared | 17 |
Car loans 2026: what each bank charges
In Chile, most banks finance a car purchase with an unrestricted consumer loan or with a car loan secured by a lien on the vehicle, which usually requires a down payment. Carmakers' finance companies (such as Forum, Santander Consumer or Tanner) do not report their terms to Sernac's comparator, so this table covers banks, cooperatives and family-allowance funds (cajas). The example is a CLP 7,000,000 loan (about 169.5 UF), the price of a used car or the balance of a new one after the down payment, over 48 installments and with credit life insurance.
| Lender | Monthly payment | Monthly rate | CAE | Total cost |
|---|---|---|---|---|
| Bice | CLP 200,155 | 1.15% | 16.49% | CLP 9,607,440 |
| Scotiabank | CLP 210,350 | 1.39% | 19.28% | CLP 10,096,800 |
| Banco Internacional | CLP 217,845 | 1.55% | 21.22% | CLP 10,456,520 |
| Capual | CLP 222,495 | 1.72% | 20.64% | CLP 10,679,760 |
| Santander | CLP 224,307 | 1.64% | 22.98% | CLP 10,766,704 |
| Bci | CLP 229,368 | 1.77% | 24.30% | CLP 11,009,688 |
| Oriencoop | CLP 233,425 | 1.66% | 25.34% | CLP 11,204,400 |
| Banco Falabella | CLP 240,986 | 2.06% | 28.16% | CLP 11,567,328 |
| Banco Consorcio | CLP 243,251 | 2.00% | 27.82% | CLP 11,676,048 |
| Coopeuch | CLP 244,024 | 2.17% | 28.01% | CLP 11,713,152 |
| Ahorrocoop | CLP 246,969 | 1.98% | 28.75% | CLP 11,854,512 |
| Caja Los Andes | CLP 251,332 | 2.10% | 28.39% | CLP 12,063,936 |
| BancoEstado | CLP 251,897 | 2.24% | 27.21% | CLP 12,091,023 |
| Caja 18 de Septiembre | CLP 270,073 | 2.49% | 34.35% | CLP 12,963,504 |
| Caja Los Héroes | CLP 274,223 | 2.54% | 35.34% | CLP 13,162,704 |
| Caja La Araucana | CLP 278,867 | 2.56% | Invalid* | CLP 13,385,552 |
| Banco de Chile | CLP 287,694 | 2.79% | 34.74% | CLP 13,809,313 |
Source: Sernac, Consumer Loan Comparator, data reported by each lender, updated November 8, 2026. A CLP 7,000,000 loan over 48 installments with credit life insurance, ranked from lowest to highest total cost of credit (CTC). *Caja La Araucana reports its CAE as "0.35" in the comparator, a figure that is not an annual percentage; its total cost is comparable. Simulations are indicative: the final offer depends on each lender's assessment.
| Bice | 200,155 | 1.15% | 60,015 | 9,607,440 |
| Scotiabank | 210,350 | 1.39% | 60,915 | 10,096,800 |
| Banco Internacional | 217,845 | 1.55% | 60,648 | 10,456,520 |
| Capual | 222,495 | 1.72% | 1,000 | 10,679,760 |
| Santander | 224,307 | 1.64% | 356,980 | 10,766,704 |
| Bci | 229,368 | 1.77% | 61,404 | 11,009,688 |
| Oriencoop | 233,425 | 1.66% | 3,000 | 11,204,400 |
| Banco Falabella | 240,986 | 2.06% | 58,379 | 11,567,328 |
| Banco Consorcio | 243,251 | 2.00% | 60,328 | 11,676,048 |
| Coopeuch | 244,024 | 2.17% | 1,000 | 11,713,152 |
| Ahorrocoop | 246,969 | 1.98% | 1,500 | 11,854,512 |
| Caja Los Andes | 251,332 | 2.10% | 59,874 | 12,063,936 |
| BancoEstado | 251,897 | 2.24% | 58,629 | 12,091,023 |
| Caja 18 de Septiembre | 270,073 | 2.49% | 121,008 | 12,963,504 |
| Caja Los Héroes | 274,223 | 2.54% | 57,560 | 13,162,704 |
| Caja La Araucana | 278,867 | 2.56% | 58,235 | 13,385,552 |
| Banco de Chile | 287,694 | 2.79% | 60,376 | 13,809,313 |
Rate, CAE and total cost: what to look at
The monthly rate is the price of money; the CAE adds interest, fees and insurance and expresses them as an annual percentage, and the total cost of credit says how many pesos you pay in the end. That is why the ranking shifts depending on what you look at. Santander charges 1.64% a month, lower than Bci (1.77%), but reports fees of CLP 356,980, against about CLP 61,404 at Bci. Cooperatives Capual and Oriencoop charge minimal fees (CLP 1,000 and CLP 3,000), which improves their CAE against banks with similar rates.
View the data as a table
| Monthly rate (%) | CAE (%) | |
|---|---|---|
| Bice | 1% | 16% |
| Scotiabank | 1% | 19% |
| Banco Internacional | 2% | 21% |
| Capual | 2% | 21% |
| Santander | 2% | 23% |
| Bci | 2% | 24% |
| Oriencoop | 2% | 25% |
| Banco Falabella | 2% | 28% |
| Banco Consorcio | 2% | 28% |
| Coopeuch | 2% | 28% |
| Ahorrocoop | 2% | 29% |
| Caja Los Andes | 2% | 28% |
| BancoEstado | 2% | 27% |
| Caja 18 de Septiembre | 2% | 34% |
| Caja Los Héroes | 3% | 35% |
| Banco de Chile | 3% | 35% |
The comparator also shows the simulation without credit life insurance: over 48 installments, Bice's total cost falls from CLP 9,607,440 to CLP 9,270,624 and its CAE from 16.49% to 14.53%. On consumer loans that insurance is voluntary; we explain what it costs at each bank in our guide to credit life insurance.
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See advertising optionsHow a car loan changes with the term
Extending the term lowers the payment but raises the total cost. At Bice, the same CLP 7,000,000 loan costs CLP 8,912,988 over 36 installments, CLP 9,607,440 over 48 and CLP 10,405,560 over 60, while the payment falls from CLP 247,583 to CLP 173,426. At Banco de Chile, the total cost over 60 installments reaches CLP 15,808,710, more than twice the amount borrowed. Not every lender quotes every term: at 60 installments the comparator shows 15 of the 17 that report 48 (Banco Internacional and BancoEstado are missing).
| Term | Lenders | Lowest total cost | Highest total cost | Lowest CAE |
|---|---|---|---|---|
| 36 installments | 17 | CLP 8,912,988 (Bice) | CLP 11,960,773 (Banco de Chile) | 16.43% |
| 48 installments | 17 | CLP 9,607,440 (Bice) | CLP 13,809,313 (Banco de Chile) | 16.49% |
| 60 installments | 15 | CLP 10,405,560 (Bice) | CLP 15,808,710 (Banco de Chile) | 16.86% |
View the data as a table
| Bice | Scotiabank | Capual | Santander | Bci | Banco de Chile | |
|---|---|---|---|---|---|---|
| 36 inst. | $8,912,988 | $9,247,608 | $9,675,072 | $9,559,260 | $9,925,830 | $11,960,773 |
| 48 inst. | $9,607,440 | $10,096,800 | $10,679,760 | $10,766,704 | $11,009,688 | $13,809,313 |
| 60 inst. | $10,405,560 | $11,049,360 | $11,821,620 | $12,076,468 | $12,157,484 | $15,808,710 |
The legal ceiling: the maximum conventional rate
No peso loan may be agreed above the maximum conventional rate (TMC) that the CMF publishes every month. According to the CMF, Certificate No. 10/2026 on current and maximum conventional interest, in force since October 15, 2026, the ceiling for non-indexed loans of 90 days or more is 41.02% a year up to UF 50, 34.02% between UF 50 and 200 and 30.03% between UF 200 and 5,000. A CLP 7,000,000 loan falls in the UF 50–200 bracket. The CMF publishes a new certificate in the first half of each month, so November's should appear in the coming days in its certificate list.
| Bracket (non-indexed, 90 days or more) | Current interest | Maximum conventional rate |
|---|---|---|
| Up to UF 50 | 32.82% | 41.02% |
| UF 50 to 200 | 29.56% | 34.02% |
| UF 200 to 5,000 | 20.02% | 30.03% |
| Over UF 5,000 | 6.70% | 10.05% |
Source: CMF, Certificate No. 10/2026 on current and maximum conventional interest, published in the Official Gazette on October 15, 2026. Non-indexed peso rates are expressed as simple annual rates.
A market growing on SUVs
Demand for car loans follows new car sales. According to ANAC's September 2026 report, 237,181 new light and medium vehicles were sold between January and September, 2.3% more than a year earlier, although September fell 2.8% (30,989 units). SUVs explain the rise: they totaled 129,576 units in the year, 10.1% more, while passenger cars fell 8.3%. If the car is used, besides the loan it pays to quote car insurance, which many lenders require when the vehicle is pledged.
Secured, conventional or balloon car loans
Besides the unrestricted consumer loan that Sernac compares, dealerships offer two structures. A conventional loan finances the car's balance in equal installments and leaves the vehicle pledged to the lender, registered with the Motor Vehicle Registry until the debt is repaid. A balloon loan ("compra inteligente") adds a large final payment (also called guaranteed minimum future value) that the customer can pay, refinance or cover by trading in the car. Monthly payments are lower, but the total cost is usually higher, because interest accrues on a large balance for the whole term.
- Down payment: secured loans usually require one; the larger it is, the less interest you pay.
- Car insurance: if the car is pledged, the lender normally requires damage insurance for the life of the loan.
- Prepayment: the law allows early repayment; on peso loans the prepayment fee is capped by law, which is worth checking in the summary sheet.
Which car loan suits each profile
- Those prioritizing the lowest total cost: in this example, Bice, Scotiabank and Banco Internacional report the lowest CAEs (16.49% to 21.22%), but each bank assesses income and credit history before approving.
- Cooperative members: Capual, Oriencoop, Coopeuch and Ahorrocoop charge near-zero fees, although their rates are not the lowest.
- Members of a caja de compensación: cajas offer payroll-deducted loans, but in this comparator their CAEs are among the highest.
- Those already carrying expensive debt: before adding a loan, check whether debt consolidation lowers the monthly burden.
The way to compare is the same as for any consumer loan: ask at least three lenders for the written summary sheet and choose by total cost of credit, not by the payment. The law requires the CAE and total cost to be disclosed in every quote and ad.
Frequently asked questions about car loans
Which bank has the cheapest car loan in 2026?
In Sernac's comparator as of November 8, 2026, Bice reported the lowest total cost for CLP 7,000,000 over 36, 48 and 60 installments, with CAEs of 16.43% to 16.86%. It is an indicative simulation: the final rate depends on each customer's assessment.
What is the maximum rate for a car loan?
It depends on the amount. Since October 15, 2026, the TMC is 34.02% a year between UF 50 and 200 and 30.03% between UF 200 and 5,000, according to the CMF.
Is credit life insurance mandatory on a car loan?
On consumer loans it is voluntary and the customer may decline it or buy it elsewhere; some lenders only quote with insurance.
Is a down payment worth it?
A larger down payment reduces the amount financed and therefore the interest. Above UF 200 the loan also moves to a bracket with a lower maximum rate.
This information is journalistic and educational, not financial advice. Check the conditions and the total cost (CAE) with the institution before signing up.
