Not everyone with a full-time job can get a loan in Norway. This applies, for example, to an application for a consumer loan. No bank will provide financing for a person under 23 years of age. There are some offers for young people between the ages of 18 and 23, but the maximum amount does not exceed NOK 100,000.
It is somewhat easier to get a car loan. Some financial institutions don’t even require a down payment and may even grant a loan of 100 per cent of the car’s value. It’s worth noting that this solution is slightly cheaper than a consumer loan, as the interest rate on it is about 5%. Banks also impose restrictions and generally do not lend on cars older than 13 years. So if you are buying a 13-year-old car, the maximum repayment period is 3 years.