AMD 10 Million Car Loan for 48 Months: Rates, CASCO and the Real Choice

Summary. The lowest advertised rate does not automatically mean the lowest total cost of a new-car loan. Official terms from Inecobank, Evocabank and Ameriabank differ not only by rate, but also by term, down payment, CASCO treatment and whether the rate may later be revised.

Published: 7 November 2026. Data checked: 7 November 2026.

What we compare

We use published terms for buying a new vehicle from a partner dealership. The common calculation is an AMD 10,000,000 loan for 48 months, annuity repayment, documented income and at least a 30% down payment. That means a car price of roughly AMD 14.29 million and about AMD 4.29 million of the buyer's own funds.

This is illustrative mathematics, not an individual offer. A bank may set a different rate based on credit history, income, vehicle, dealership, insurance and internal underwriting.

How the three offers are structured

Inecobank

With documented income and a down payment of at least 30%, the published fixed nominal rate is 14.25%, while the maximum fixed-rate term is 48 months. The published APR range for the documented-income option is 14.09–15.83%. Loans range from AMD 2 million to AMD 50 million, the minimum down payment is 10%, and there is no one-off origination fee. The bank normally arranges CASCO throughout the term, but CASCO may be waived when the down payment is at least 30% and the loan does not exceed AMD 10 million. The published nominal rate is then one percentage point lower.

Evocabank

For the primary market, the published nominal range is 13–17% and the APR range is 13.86–20.88%. Fixed-rate terms run from 36 to 60 months, and loan amounts from AMD 4 million to AMD 50 million. The minimum down payment for a new car is 10% with income analysis and 30% without it. CASCO is required for the full term; it may be paid by the bank, while customer-paid CASCO reduces the nominal rate by one percentage point. No early-repayment penalty applies.

Ameriabank

The published new-car loan runs from AMD 3 million to AMD 100 million, with a 5% minimum down payment and an 84-month term. Its adjustable fixed rate equals a 6.9% fixed component plus the bank's base rate and may change from month 37. The published APR is 15.95–15.98%, including property insurance. Customer-arranged insurance lowers the rate by one percentage point. Because this is an 84-month adjustable structure, forcing it into the 48-month fixed comparison would be misleading.

The AMD 10 million, 48-month calculation

Using a simple annuity formula and excluding CASCO, registration, account and other possible costs:

At a 13% nominal rate, the monthly payment is about AMD 268,275, total payments AMD 12,877,198, including about AMD 2,877,198 of interest.
At 14.25%, the monthly payment is about AMD 274,520, total payments AMD 13,176,984, including about AMD 3,176,984 of interest.
At 17%, the monthly payment is about AMD 288,550, total payments AMD 13,850,420, including about AMD 3,850,420 of interest.

The gap between the 13% and 17% endpoints is about AMD 20,275 a month and AMD 973,222 over 48 months. That does not identify the cheapest bank: the client's point inside Evocabank's range and the full CASCO cost become known only in an approved quote. We do not calculate an Ameriabank payment from APR because APR is not the contractual nominal rate used to derive an annuity payment.

CASCO can change the ranking

Insurance is not a side note. When the bank pays CASCO and reflects the cost in the rate structure, a higher nominal rate may partly offset insurance the customer does not pay separately. When the customer pays CASCO and receives a one-point rate reduction, compare two complete totals: all interest plus all annual CASCO premiums. “Minus 1%” alone is not enough.

Main risks

Rate reset: a longer or adjustable loan may change after month 37.
Depreciation: a car usually loses market value while the loan balance declines slowly at first.
Collateral risk: missed payments can lead to repossession, and an insufficient sale value may not erase the remaining debt.
Running costs: CASCO, compulsory insurance, registration, maintenance, tyres, fuel or charging and repairs.
Credit history: late payments can be reported and make future financing more expensive.

What this means for the reader

Do not compare headline rates alone. Ask every bank for a personalised quote for the same car, down payment and term, showing the nominal rate, APR, monthly payment, total repayable amount and exact CASCO cost. Then test whether the payment still works in a month when income is 20% lower or the car needs an unexpected repair.

Conclusion. In the AMD 10 million/48-month scenario, the mathematical payment at the published rate endpoints is roughly AMD 268,000–289,000. The real decision depends on the whole package. A fixed 48-month structure is easier to compare; a longer adjustable loan needs a rate stress test. Before signing, request the full repayment schedule and compare APR, CASCO and all mandatory fees together.

This material is educational, not personal financial advice. Terms can change; recheck the bank's official page and your individual quote on the application date.