Yes it is. Most banks only issue loans for cars that are under 4 years old and from my experience they take the year of production registration into account. So now you can only get a car that was made in 2010 or newer.
It is cheaper to get the car loan as percentages are quite low often under 3% compared to around 6 for personal loans. You need a letter from your sponsor - it is called a standard letter.
Hope it helps