Ruskeatakkinen miesoletettu ajaa autoa sateessa

Hire purchase for car transactions between private individuals

A convenient way to buy a car from a private vendor and pay in instalments. Hire purchase is available for customers of all banks.

A safe and convenient way to buy a car from a private vendor

Avoid unnecessary paperwork. Handle the vehicle inspection, papers, financing, registration and insurance in one go.

Expert inspection

Make sure you are buying a car in good condition. Impartial experts will inspect the car and help to finalise the transaction.

Preliminary financing offer online

Apply online and you will receive a preliminary financing offer immediately or within two banking days. Hire purchase is available for customers of all banks.

A safe choice when you are buying from a private vendor

Hire purchase is a simple and safe option when you are buying a car from a private vendor. A-Katsastus will check that the car is in good condition before you complete the purchase. You can also take care of all the other paperwork at the same time: the deed of sale, insurance and registration.

When you choose hire purchase, the car is the guarantee for the financing, so you do not need separate collateral for the loan. OP retains ownership of the car until you have paid the final instalment – exactly the same as a hire purchase scheme from a car dealership.

When you choose OP car finance, you know what you are buying. An impartial expert at A-Katsastus will inspect the car before you buy it. You will receive a clearly outlined report showing the condition of the car.

How to apply for financing

  1. Financing application

    When you have found a suitable car, apply for a preliminary financing offer using the Car Buyer’s Assistant.

    Please note: Hire purchase can only be used to buy a car owned by the vendor. You cannot buy a car owned by a financing company using hire purchase. Ask the vendor about the ownership of the car before you finalise the transaction.

  2. Vehicle inspection and transaction

    Make an appointment to finalise the transaction at A-Katsastus at a time suitable for you and the vendor: a-katsastus.fi/ajanvaraus. Select OP Inspection when you make your appointment. The transaction, paperwork, registration and insurance can all be handled in one go.

Checklist

  • The buyer and the vendor must have personal ID documents with photographs to finalise the transaction. In order to ensure legality, all of the vehicle’s owners must be present when the transaction is finalised (power of attorney cannot be used to finalise the transaction).
  • The buyer must bring a valid driving licence.
  • The buyer should also be prepared to access his/her online bank in order to pay a deposit if this is required.
  • The vendor should be prepared to access his/her online bank in order to create a digital certificate.
  • We recommend reviewing the deed of sale before finalising the transaction.
  • Find more information from frequently asked questions.

Frequently asked questions

Car buyers’ questions

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

Which types of vehicle sold by private vendors are suitable for financing with OP hire purchase financing?
You can apply for OP hire purchase financing for a vehicle sold by a private vendor if the vehicle passes a financing inspection and is not owned by a finance company. A financing inspection is conducted because the vehicle is the collateral for the hire purchase financing. You can receive financing for vehicles that are up to 14 years old.

Why is it a good idea to conduct a financing inspection when buying a vehicle from a private person?
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.

What should I look out for when I take the car for a test drive?
You should always take a car for a test drive before buying it. When you buy a car from a private vendor using OP hire purchase financing, we recommend taking the car out for a test drive before you finalise the transaction. This will help you ensure that the car is in good condition and meets your requirements before you take it for a financing 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 are working properly. Check the indicators and go through all of the electrical equipment.

Why finance a vehicle using OP hire purchase?
Hire purchase is a smart financing alternative when you buy a car from a private vendor. The car is inspected before you buy it, and an external expert will help you to 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 price remains the same throughout the contractual period.

You can also accrue valuable OP bonus when you use hire purchase financing. OP bonus can be used to pay fees such as insurance premiums.

Frequently asked questions

For car seller

Why does my car need to go through a financing inspection before I sell it?
One condition of hire purchase financing is that the car is inspected. This is because the car acts as collateral for the financing.

If I sell my car on a hire purchase plan, will I receive the full sale price immediately?
The buyer will pay the agreed deposit for the car in cash or by bank transfer when the transaction is finalised. You will receive the remainder of the sale price in a single payment from OP Corporate Bank plc.

My car has several owners. What do I need to do if I want to sell it on hire purchase?
All of the owners of the car must be present at A-Katsastus when the transaction is finalised. In order to ensure legality, it is not enough for owners of the vehicle to grant power of attorney.

I am selling a car that is owned by a finance company. Can the buyer buy it with hire purchase financing?
OP hire purchase financing is not granted for vehicles that are owned by finance companies. However, the buyer can apply for unsecured Special Consumer Credit or a secured bank loan from OP to buy the car.

What do I need to keep in mind when I hand over the car for a test drive?
Before you let anyone take a test drive, make sure they have a valid driving licence. It is also a good idea to ask for a deposit for the duration of the test drive.