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 conveniently online.

Choose the best car loan for you from three different options

Bank Loan

Secured one-off loan with a typically lower interest rate

  • Owner-occupied apartment or other assets as collateral
  • For all banks' customers
  • Over 10,000 euros - No predetermined maximum amount
  • Typical interest rate 3–5% + 12-month Euribor

OP Tailored Consumer Credit

Apply for loan conveniently online and make a purchase wherever you want

  • No need for collateral or guarantors
  • Only for OP customers
  • Max. 30,000 euros
  • Personal interest rate 3.5–10.95% margin + 3-month Euribor

Hire Purchase

Buy a car with a fixed monthly interest rate and repayment

  • The car to be bought as collateral for financing
  • For all banks' customers
  • No predetermined maximum amount
  • Typical interest rate 5–8%

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

Car finance with collateral may be a smart option to buy a new car if you have spare collateral. Because collateral helps secure loan repayment to the bank, the car finance interest rate is typically lower than other options.

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. In general, residential property (such as an owner-occupied home, a buy-to-let home or a holiday home) is used as collateral. The home doesn’t need to be free from debt to be used as collateral for a loan. Other assets, like forest, investments or savings, can also be used as collateral. However, the car to be bought or consumer goods aren’t eligible as collateral.You can apply for a bank loan even if you are not an OP customer.

OP Tailored Consumer Credit is a good option if you need less than 30,000 euros of financing. You can apply for OP Tailored Consumer Credit without collateral. Submit the credit application in the op.fi service or OP-Mobile. You will get a financing decision within two banking days at the latest.

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, the car finance is typically and conveniently arranged through OP’s hire purchase. You can apply for a preliminary finance offer 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.

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.

A bank loan is one-off credit. If the 12-month Euribor is 3.701% (June 7, 2024) and the loan’s interest rate is a 3.9% margin plus the 12-month Euribor, the effective interest rate on a bank loan of 10,000 euros with a five-year repayment period will be 9.1%. A monthly servicing fee of 2.50 euros per month will be charged. An origination fee of 120 euros will be payable when the loan is drawn down. The estimated total amount payable will be 12,350.48 euros.

This calculation is based on the assumption that the entire loan has been drawn down, the loan interest rate, fees and charges are constant throughout the loan term, and the loan is repaid in equal instalments of 203,84 eur.s each month. The bank loan is granted by an OP cooperative bank.

Hire purchase financing is a one-off credit. Effective interest rate on a credit of 35,000 euros with a 6-year credit period amounts to 7.1% when the fixed interest rate on financing is 5,9% (6/24), the establishment fee is 299 euros and the invoicing fee is 12 euros per month. The estimated total cost of credit is 43,348.74 euros, paid in 72 instalments of 561.10 euros each. This calculation is based on the assumption that the entire credit is drawn down at the same time and that interest on the loan, and the charges and fees, remain unchanged throughout the loan term.

The credit is issued by OP Corporate Bank

Example calculation for a loan of 10 000 euros:

Loan with a personal margin of 3,5 per cent + a 3-month Euribor (3,47 %, 06.09.2024)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 8,24 % if the personal margin were 3,5 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 12 134,56 euros. This calculation is based on the assumption that the loan is drawn down in a lump sum and the loan interest and charges and fees remain unchanged throughout the loan term. It further assumes that the loan is repaid in monthly instalments of 210 euros up to and including the final instalment.

Loan with a personal margin of 6,5 per cent + a 3-month Euribor (3,47 %, 06.09.2024)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 11,33 % if the personal margin were 6,5 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 12 946,03 euros. This calculation is based on the assumption that the loan is drawn down in a lump sum and the loan interest and charges and fees remain unchanged throughout the loan term. It further assumes that the loan is repaid in monthly instalments of 225 euros up to and including the final instalment.

Loan with a personal margin of 10,95 per cent + a 3-month Euribor (3,47 %, 06.09.2024)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 16,04 % if the personal margin were 10,95 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 14 144,68 euros. This calculation is based on the assumption that the loan is drawn down in a lump sum and the loan interest and charges and fees remain unchanged throughout the loan term. It further assumes that the loan is repaid in monthly instalments of 250 euros up to and including the final instalment.

The loan is granted by OP Retail Customers Plc.

As an OP cooperative bank owner-customer, you get OP bonuses that decrease your banking and insurance service charges. In 2024, you will earn 40% more OP bonuses than normal.

OP bonuses come from

  • funds in savings accounts
  • home loans, student loans and secured bank loans
  • mutual fund units and unit-linked insurance
  • paid insurance premiums, such as home and motor vehicle insurance and continuous travel insurance.

OP bonuses are tax-free. Because of that they are automatically used for loan service and origination fees and insurance premiums, among other things.

Read more about OP bonuses

As an owner-customer, you also get significant benefits and discounts. For example, you will get daily banking services without monthly charges until the end of 2025 and interest on your Current Account. Furthermore, you'll enjoy lower saving and investing costs than usual.

See all owner-customer benefits
The financing is granted by OP Retail Customers plc, OP Corporate Bank plc or OP cooperative bank, depending on the financing product.