Car finance – apply for financing for a car

Choose the car finance that best suits your needs. You can apply for a loan with or without collateral or choose hire purchase. Apply online – you will get a financing decision right away or in a few days.

Bank Loan

Most affordable interest rate

  • Owner-occupied apartment or other assets as collateral
  • For all banks' customers
  • No predetermined maximum amount
  • Typical interest rate 3 – 5 %

Consumer Credit

The fastest option – money into your account immediately

  • No need for collateral or guarantors
  • Only for OP customers
  • Max. 15,000 euros
  • Typical interest rate 6 – 8 %

Hire Purchase

For all banks' customers

  • The car to be bought as collateral for financing
  • For all banks' customers
  • No predetermined maximum amount
  • Typical interest rate 2 – 7%

Do you first wish to calculate the monthly repayment of your car loan?

Go to loan calculator

Three ways to finance a car – choose the best one for you

A bank loan is a sensible choice if you want a low interest rate and you have collateral available. OP cooperative banks’ owner-customers earn OP bonuses through secured bank loans. With a bank loan, you will become the car’s owner right away. As collateral, you can use, for example, a home that you own if it is debt-free or if you have repaid your home loan for a few years. When applying for a bank loan, you don’t need to decide yet what collateral you want to use. We will recommend which collateral to use after you have submitted a loan application. As a general rule, a bank loan is the cheapest way to finance a car purchase. You can apply for a bank loan even if you are not an OP customer.

Special Consumer Credit is a good option if you need less than 15,000 euros of financing. You can apply for Special Consumer Credit without collateral. Fill in a Special Consumer Credit application online. You will get a financing decision right away.

With hire purchase financing, you can buy a car from a car dealer or a private person. The car serves as collateral for the loan, so you don’t need other collateral. Hire purchase finance has a fixed monthly instalment and interest so you will know the exact cost of financing throughout the loan period. Customers of all banks can apply for hire purchase.

Car finance interest rate

The interest rate depends on which type of finance you choose. A typical interest rate for car financing is 2–8 %. If you buy a car from a car dealer with hire purchase financing, the interest rate will be determined on a case-by-case basis.

Can I apply for car finance at a car dealer?

If you buy a car from a car dealer in Finland, you can, as a rule, finance it with OP’s hire purchase. You can apply for a preliminary finance offer easily online, in the service for car buyers (Auton ostajan apuri).

Applying is free of charge and will not obligate you to take out the loan. The final price for hire purchase financing is always set by the car dealer.

Card dealers offer several financing options. If you are an OP customer and want OP’s hire purchase financing, remember to ask for an offer for OP’s hire purchase. The salesperson fills in the agreement and credit application for you. Quick and easy!

Down payment, payment term and costs of car finance

When you buy on hire purchase, you usually need to offer down payment: either a trade-in car or cash. The down payment for a new car is normally about 10–20%. However, car finance can also be granted without a down payment. For used cars, the down payment tends to be about 20–30% of the car’s purchase price.

The repayment period of OP’s hire purchase is 1 to 6 years, depending on your choice. The repayment period is determined by the age of the car, among other things. In hire purchase, the last instalment amount may be higher than the previous ones, if you have chosen to pay smaller monthly instalments.

You can find out about the costs and interest rates of OP’s hire purchase financing in our service for car buyers (Auton ostajan apuri) or from a car dealer. The interest rate under the agreement is fixed throughout the agreement period, so you know the amount of your instalments in advance, and the interest rate remains the same throughout the loan period.

OP bonuses

As an owner-customer, you will earn OP bonuses for example from:

  • loans
  • savings and investments
  • purchases you have paid with credit
  • insurance premiums for home, family and motor vehicle policies.

From 1 November 2020, OP bonuses will accrue from:

  • home loans, secured bank loans, student loans
  • savings and investment accounts
  • mutual fund units and unit-linked insurance
  • non-life insurance bills

The change on 1 November 2020 means that no OP bonuses will accrue from:

  • deposits in current accounts
  • unsecured consumer loans (Flexible Consumer Credit, Special Consumer Credit, One-off Credit and Overdraft Facility)
  • OP hire purchase
  • Purchases paid using OP Visa as a credit card, the balance of credit with interest of OP-Visa and OP-Mastercard cards

OP bonuses are used for the bank’s service charges and insurance premiums.

The financing is granted by OP Card Company plc, OP Corporate Bank plc or OP cooperative bank, depending on the financing product.