By: Barometer of Car Credit in Portugal — pilot edition, Q3 2026. A quarterly review of official data prepared by the Clara Carros Operations team.
The quarter's verdict for Portugal
In car credit, the run of rate cuts has stalled. The maximum rates set by the Banco de Portugal rose across most categories for the third quarter of 2026 — the ones in force as this edition goes out — tracking the turn in Euribor after the ECB raised rates again in June. New-lending volume is holding steady, with a median contract value above 14,000 euros. The Q4 caps will be published by the Banco de Portugal in mid-September; until then, the Q3 limits below apply.
Maximum APR (TAEG) on car credit
Every quarter the Banco de Portugal sets the maximum admissible APR for each type of consumer credit. These are legal ceilings for new contracts, not the price a borrower gets — the effective rate is usually lower. For the third quarter of 2026 (July to September):
| Product | Max APR Q3 2026 | Change vs Q2 2026 |
|---|---|---|
| Financial leasing / ALD — new cars | 5.1% | ↑ up (was 4.8%) |
| Financial leasing / ALD — used cars | 6.6% | ↑ up (was 6.3%) |
| Purchase with retention of title — new | 10.9% | ↑ up (was 10.8%) |
| Purchase with retention of title — used | 14.1% | ↓ down (was 14.2%) |
| Personal credit — other purposes (context) | 15.3% | ↓ down (was 15.6%) |
| Cards, credit lines and overdrafts (context) | 18.5% | ↓ down (was 19.0%) |
Reading: the products tied to buying the car went up (leasing for new and used, and retention-of-title financing for new vehicles), while retention-of-title financing on used cars eased by a tenth. That is consistent with the cost of money: six-month Euribor, the dominant reference in Portugal, stood at 2.737% on 22 August 2026, after the European Central Bank raised its policy rates by 0.25 percentage points on 12 June — its first increase since 2023. Euribor's 2026 average is around 2.40%, above the prior year.
Maximum APR on car credit in Portugal, third quarter of 2026Leasing/ALD: 5.1% new and 6.6% used. Purchase with retention of title: 10.9% new and 14.1% used.5,1%6,6%10,9%14,1%Leasing / ALDPurchase w/ retentionNewUsedRate source: Banco de Portugal, maximum-rate regime for consumer credit, third quarter of 2026. Euribor: market series as of 22/08/2026.
Car-credit volume in Portugal
The latest Consumer Credit statistics (INE, based on Banco de Portugal data) show a steady market. In February 2026, around 17,500 new car-credit contracts were signed, for a total close to 284.7 million euros. Car credit carries the highest median value of all consumer credit: half of February's contracts were for 14,857 euros or more (14,750 euros in March). The average term was about 7.5 years — 6.6 years for new cars and 7.7 years for used ones.
In plain terms: stretching a seven-and-a-half-year loan over a car that depreciates quickly is what shrinks the monthly payment — and what inflates the total interest bill. The larger the financed amount and the longer the term, the more every tenth of a percentage point of APR weighs.
Car insurance
Compulsory third-party motor insurance remains under upward pressure. The average annual premium per vehicle was 285.6 euros in 2024, roughly 7.1% above the year before, according to sector data; in the same year, the technical result of the compulsory line was negative by 144.1 million euros, according to the ASF, Portugal's insurance and pension-fund supervisor. A line running technical losses tends to pass costs through, so the direction for 2026 is a moderate rise, driven by more expensive repairs and on-board electronics. The exact size of the 2026 change remains to be confirmed against the ASF's final figures; we withhold unsettled numbers here.
Market context
Portugal's car market grew at the start of 2026 (up 9.1% in March, ACAP data) and keeps electrifying fast: electrified vehicles made up about 69.5% of new passenger-car sales in the first quarter, and fully electric cars (BEVs) reached a 25.3% share in the first half, with 34,700 units registered (up 38.7% on 2025). On the used side, the shift is slower but visible: electric cars accounted for 16.35% of used sales in July, per INDICATA's Market Watch. Used cars remain the bulk of the market for budget-conscious buyers.
What it means for buyers in Portugal
With no promises about the rate any given bank will offer — that depends on each buyer's profile — the data supports three sober readings:
- The rate wind has turned again. After several quarters of relief, car-credit ceilings rose in Q3 2026. Anyone weighing "buy now or wait" no longer has the assurance that next quarter will be cheaper.
- The term is where the cost is decided. On a median seven-and-a-half-year contract, every tenth of APR and every extra month of term adds up. Modelling the total cost, not just the monthly payment, is what separates a good decision from an expensive one.
- Importing a 2-to-3-year-old used car can be cheaper than financing a new one. A car that has already absorbed the steepest early depreciation, financed over a smaller principal, tends to compare well with a new car at the maximum rate. It depends on the model and the tax — worth running the numbers case by case.
To estimate the payment and the total cost, use our car-credit simulator. To compare with bringing the car in from abroad, see how car importing works and calculate the two taxes that weigh on the total: the ISV (Vehicle Tax) on entry and the annual IUC (Road Tax).
Clara Carros is a car import and sourcing company in Portugal. It is not a credit institution, a credit intermediary or an insurance mediator. This barometer is informational, compiles public official data and does not constitute financial advice; figures are approximate as of the source date.
FAQ
Is the Banco de Portugal maximum rate the rate I will pay on my car loan?
No. It is the legal ceiling (APR) that no new contract may exceed in that quarter. The rate each borrower actually gets depends on the bank, the term, the down payment and the risk profile, and typically sits below the ceiling.
With rates rising, is it worth importing a used car instead of financing a new one?
It can be. A 2-to-3-year-old used car is financed over a smaller principal and has already passed the steepest depreciation, which reduces the interest burden. The advantage depends on the model, the origin price and the import taxes (ISV and IUC) — so the decision should rest on the modelled total cost, not the monthly payment alone.
