Hire purchase is a simple and safe option when you are buying a car from a private seller. 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 don’t need separate collateral for the loan. OP retains ownership of the car until you’ve paid the final instalment – exactly the same as a hire purchase scheme from a car dealership. Each monthly repayment is of the same amount and includes interest at a fixed rate. This makes the scheme safer for the buyer.
In order to qualify for OP Financial Group’s hire purchase financing, your vehicle must not be more than 14 years old and you must own it outright. Ask the seller about the ownership of the car before you complete the sale. If you are looking to buy a car that is older than 14 years, you can apply for OP Special Consumer Credit or OP Bank Loan to finance it.
Learn more about different types of financing
How to buy a car from a private seller
Apply for a financing offer
When you’ve found your car, you can apply for a preliminary financing decision.
Take the car for a test drive
Arrange a test drive with the seller.
Inspection and completing the sale
A-Katsastus will inspect the condition of the vehicle and complete the sale.