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Car hire purchase

Buy a car from a car dealership or private person with a fixed monthly repayment. Hire purchase is a quick, reliable financing option.

You will receive a hire purchase offer immediately

Apply for financing from ”Autonostajan Apuri” (Car Buyer’s Assistant) and you will receive a preliminary financing offer online without waiting.

The car is sufficient as collateral

You can buy the car without collaterals. The car is the collateral for the hire purchase.

Easy, reliable financing

You will receive clear information on all financing costs in advance. There is a fixed interest rate in hire purchase.

You can apply for hire purchase when you have found a suitable car:

I will buy the car from a car dealership

Apply for hire purchase

I will buy the car from a private person

Read more and apply

How to apply for hire purchase when buying a car from a car dealership:

  1. Find a suitable car

    You can apply for hire purchase when you have found a suitable vehicle. Read the guidelines for buying a car from a private person using hire purchase.

  2. Apply for hire purchase in advance online

    You will receive a financing decision right away. The application does not bind you to take out the financing.

  3. Conclude a deal

    Take the financing decision with you to the car dealership. The final financing agreement will be signed at the dealership.

  4. When you have concluded the deal, you will receive a right of possession to the vehicle

    You will obtain ownership of the vehicle when you have paid the last hire purchase instalment.

Hire purchase gives you easy and safe financing for a car

Sometimes, you may need money for many other purchases besides a car. In such a case, you may want to consider buying a car using hire purchase.

Buying a car using hire purchase is easy and safe. The hire purchase agreement is concluded at the time of concluding the deal. Hire purchase financing has a fixed interest rate and the instalment remains the same throughout the contract period. You can buy a car on hire purchase with a 1–6 year payment period. Note that the hire purchase interest rate may vary at different car dealerships.

When you are buying a car from a car dealership, apply for a financing decision online and take the decision with you to the car dealership. The final financing agreement for hire purchase will be signed at the dealership. OP hire purchase financing is available at Finnish car dealerships that have a cooperation agreement with OP.

What if you plan to buy a car on hire purchase from a private person? You can use OP hire purchase for that, too.

Read more about hire purchase between private persons

What should you know before buying using hire purchase?

  • You do not need separate collateral for car hire purchase.
  • The ownership of the car remains with OP Corporate Bank until you have paid the last hire purchase instalment on the car.
  • As a rule, a down payment of approximately 10–20% is paid for the car upon conclusion of the deal.
  • You can apply for hire purchase when you have found a suitable car.
  • It is a good idea to apply for a financing decision online beforehand. You can calculate a suitable monthly repayment and quickly receive a financing decision.
  • You can also buy a car using hire purchase from a private person. Read more about buying a car from a private person using hire purchase.


How car hire purchase works

  • You will get the first bill for the car hire purchase a couple of weeks before the first due date.
  • Each month you will make a repayment of the vehicle to OP.
  • You can pay off the whole credit or part of it within a shorter period of time than agreed on. In such a case, always contact our customer service.
  • If you are going to drive the car elsewhere in Europe, outside of the Nordic countries, you need to have an authorisation to take the car abroad. Order the authorisation online at rahoitus.op.fi.
  • OP retains ownership of your vehicle. If you want to sell or trade the vehicle, for example, you must pay the remaining amount of financing when concluding the transaction.
     

I bought a car using hire purchase – where can I see my financing information?

If you’ve bought a car using hire purchase, you can view your financing information at the OP Financing online service. You can also order an authorisation to take the vehicle abroad and apply for a repayment holiday through the service. 
 
You can log in to the service using the online banking user ID and password of any bank.

Go to OP Financing online service

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% (10/21), 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

You can apply for OP hire purchase financing no matter which bank you normally use. The buyer must also have a valid driving licence.

You can apply for OP hire purchase financing for a vehicle sold by a private seller if the vehicle passes the condition inspection. A condition inspection is required, because the vehicle is the collateral for the hire purchase financing. Hire purchase financing may be granted for cars that are up to 14 years old.

Unlike when you buy from a car dealership, the Consumer Protection Act does not protect the buyer when the transaction is between two private persons. If any faults in the vehicle become apparent after the transaction, it can be complicated to resolve the matter.

Transactions between private persons are safer for both parties when external experts have inspected the car.

The vehicle will be inspected by A-Katsastus. See here for the locations of A-Katsastus that provide OP Car Finance.

You should always take a car for a test drive before buying it. When you buy a car from a private seller using OP hire purchase financing, we recommend taking the car out for a test drive before you complete the sale. This will help you ensure that the car is in good condition and meets your requirements before you take it for a condition inspection.

Turn the radio off when you go for a test drive. Listen to the sound of the engine at various speeds. Test the brakes and gears to make sure they’re working properly. Check the indicators and go through all the electrical equipment.

Hire purchase is a smart financing alternative when you buy a car from a private seller. The car is inspected before you buy it, and an external expert will help you handle all paperwork related to the transaction, such as registration and the necessary insurance policies. You will also know precisely how much you will pay in each instalment in advance – the instalment’s interest rate remains the same throughout the contract term.

Effective as of January/2022

Service Fee Person Company
Balance confirmations, interest certificates and lease liability reports €37.00 each x x
Separately agreed brief reports/other changes €25.00 x x
Separately agreed reports/other changes €100.00 per hour
minimum €50.00
x x
Copies of invoices and receipts €15.00 each x x
Copies of agreements and reprint the payment scheme or credit transfers €42.00 each
Private individuals €0
x x
Direct registration (amount charged by Traficom) Based on Traficom’s list of charges valid from time to time x x
Processing registration certificates: amount charged plus, e.g.,
- changes related to the registered keeper
- a new registration certificate
€42.00 each x x
Change to OP Corporate Bank’s group insurance €25.00 x x
Authorisation to take a motor vehicle abroad (max. 12 months) €42.00 x x
Authorisation to take a motor vehicle abroad (max. 12 months)
processed on the same business day
€58.00 x x
Driving instruction power of attorney €37.00 x  
Assignment of agreement      
- private individuals
  (incl. direct registration charge)
€190.00 per agreement x  
- companies
  (incl. direct registration charge)
0.30% of the receivable,
min. €400.00 per agreement
  x
Services related to a corporate merger or demerger €400.00   x
Change in repayment plan      
- private individuals €5.00/agreement, max €20.00 per year x  
- companies 0.30% of the receivable,
min. €275.00 per agreement
  x
Due date postponement      
- private individuals, repayment extension at least 14 days €5.00/agreement, max €20.00 per year x  
- companies €37.00   x
Preparing and printing the final invoice €37.00 x x
Payment reminder      
- private individuals €5.00 x  
- companies €12.00   x
Reminder €5.00 x  
Unaccepted bill of exchange €110.00   x
Impending remittance      
- private individuals €5.00 x  
- companies €12.00   x
Demand for payment €12.00   x
Notice of termination €30.00 x  
Order to retrieve the vehicle Based on actual costs, min. €220.00 x x

The financing is granted by OP Corporate Bank plc.