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
  • Over 10,000 euros - 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. 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.

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.

Bank Loan is a one-off loan. The effective interest rate for the loan of 10,000 euros with a 5-year loan term is 4.5%, when the loan interest rate is a 12-month Euribor + 3.85% (3.36% September/2021), the monthly service fee is 2.50 euros and the one-off origination fee charged at the loan drawdown is 120 euros. 

The estimated total amount payable is 11,134 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 183.56 euros every month.

The loan is granted by OP cooperative bank

Special Consumer Credit is a one-off loan: the effective interest rate for a 7,000-euro loan with a 5-year payback period would be 9.58% if the credit interest rate were the 3-month Euribor + 7.95% (7.4% in September 2021) and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 8,755.09 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 also assumes that the loan is repaid in monthly instalments of 146 euros all the way to the final instalment.

The loan is granted by OP Retail Customers Plc

Hire purchase financing is a one-off credit. Effective interest rate on a credit of 10,000 euros with a 5-year credit period amounts to 6.595% when the interest rate on financing is 3.9% (5/18), the establishment fee is 190 euros and the invoicing fee is 8 euros per month. The estimated total cost of credit is 11,712.60 euros, paid in 60 instalments of 195.21 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

OP cooperative bank owner-customers earn OP bonuses from:

  • Funds in savings accounts

  • Home loans, student loans and secured bank loans

  • Mutual funds and unit-linked insurance assets

  • Insurance premiums paid, such as home and motor vehicle insurance and continuous travel insurance

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

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