Romanian Government adopts new rules for First Car lending program

Romanians who want to purchase a car through the First Car program will be able to take five-year loans of up to RON 50,000 (over EUR 11,000), with half of the credit’s value subsidized, according to the implementing regulation for the First Car program. “A five-year lending period, a RON 50,000 (plus TVA) loan limit and half of the credit guaranteed,” said Government’s spokesman Corneliu Calota, quoted by Mediafax. The authorities previously announced that the program will have a seven-year lending period. An initial draft, introduced in late October, provided that persons between 18 and 35 who want to buy a car through the "First Car” program must make a 5% deposit of the purchased price, while those over 36 have to deposit at least 10%. editor@romania-insider.com