Car loan

A car loan is the answer when you need to finance a car, whether new or used. OP car finance is always safe and flexible.

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
Learn more

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. 15,000 euros
  • Interest rate 7.95 % + 3-month Euribor
Learn more

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%
Learn more
new

The new
OP Tailored Consumer Credit

A new unsecured loan of 2 000–30 000 euros with a personal interest rate. Interest of 3,5% + the 3-month Euribor rate. Request a loan decision to view your personal interest rate.

Many ways to finance a car – from us you can get a car loan that is perfect for you

You can apply for three different types of car loan from OP. They differ from each other in terms of collateral, interest rate and maximum loan amount. You can choose between a secured car loan, an unsecured car loan and a car hire purchase. We can definitely offer you the most suitable way to finance a car.

Applying for a car loan from OP is smart. We never apply hidden interest or other charges. 

 

Secured car loan – choose bank Loan

You can apply for a secured loan starting from 10,000 euros, with no upper limit, alone or together with another person. The interest rate for a secured loan is typically lower than that for an unsecured loan because collateral helps secure loan repayment to the bank. The loan interest is determined separately for each customer.

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.

Did you know that as OP cooperative bank’s owner-customer you will earn OP bonuses on a secured loan?

 

Unsecured car loan – choose Special Consumer Credit

You can apply for unsecured Special Consumer Credit conveniently online and close the deal on a car wherever you want. 

You can get a car loan of up to 15,000 euros without collateral. Only OP customers can apply for the unsecured Special Consumer Credit. The credit interest rate is 7.95 % + 3-month Euribor. 

Fill in an online application and get a credit decision within two banking days at the latest. You’ll get the money to your account after accepting the credit agreement.

With hire purchase, you can buy a car from a car dealer smoothly

When you buy a car with hire purchase, the car to be bought serves as collateral for the financing. You do not need any additional collateral or guarantors. OP will own the car until the last hire-purchase instalment has been paid.

Make a preliminary calculation of hire purchase in our service for car buyers

What is the cheapest car loan?

When choosing a car loan, take note of the final overall costs. There’s more to loans than the interest rate or establishment fee. Typically, you will be charged a credit establishment fee, a handling fee and interest, and these should not be compared separately.  A loan with the lowest establishment fee is not necessarily the cheapest option over time.

Use the OP car loan calculator to easily see the total interest and expenses of your car loan. The calculator helps you plan a loan period that is suitable for you and calculates the effective interest rate for each car loan alternative. 

Compare loans with the loan calculator

What affects the interest rate and price of a car loan? 

The interest rate and price of your car loan are affected by the loan amount and whether you opt for a loan with or without collateral. The interest rate on the secured car loan is often lower than that on the unsecured car loan.

 

Apply for a car loan conveniently online   

No matter which type of car financing you choose, fill in and submit the loan application online. You’ll get a decision on the car loan within two banking days, at the latest.

 

Example calculation for Bank Loan

A bank loan is one-off credit. If the 12-month Euribor is 4.091% (August 18, 2023) 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 7.9%. 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 12,046.06 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 196.28 euros each month. The bank loan is granted by an OP cooperative bank.

Example calculation for Special Consumer Credit

Special Consumer Credit is a one-off loan: the effective interest rate for a 6,000-euro loan with a 5-year payback period would be 14.01 % if the credit interest rate were the 3-month Euribor + 7.95% (11.75 % in September 2023) and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 8,249.19 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 145 euros all the way to the final instalment.

The loan is granted by OP Retail Customers Plc

Example calculation of hire purchase financing

Hire purchase financing is a one-off credit. Effective interest rate on a credit of 20,000 euros with a 5-year credit period amounts to 7.6% when the interest rate on financing is 6% (7/23), the establishment fee is 190 euros and the invoicing fee is 9 euros per month. The estimated total cost of credit is 23,959.10 euros, paid in 60 instalments of 399.40 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 OP Tailored Consumer Credit

Example calculation for a loan of 10 000 euros:

Loan with a personal margin of 4,5 per cent + a 3-month Euribor (3,795 %, 6.9.2023)

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 9,58 % if the personal margin were 4,5 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 12 533,57 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 220 euros up to and including the final instalment.

Loan with a personal margin of 7,5 per cent + a 3-month Euribor

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 12,70 % if the personal margin were 7,5 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 13 389,07 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 235 euros up to and including the final instalment.

Loan with a personal margin of 12,95 per cent + a 3-month Euribor

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 18,55 % if the personal margin were 12,95 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 14 996,38 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 265 euros up to and including the final instalment.

The loan is granted by OP Retail Customers Plc

What kind of loan do you need?

Manage your personal finances in a smart way and apply for a loan with OP. Learn more about all OP loan options!
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When is an unsecured loan the best option?

An unsecured loan is a convenient way of financing many kinds of purchases. Read more about why an unsecured loan could be the best option for you.
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Don’t forget to insure your car

Insure your new car easily from the same place. See our recommendation and check the price!
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Need information about your car's hire purchase?

If you have financed a car with hire purchase, you can view its details in OP's online financing service (in Finnish).

Owner-customer's OP bonuses and benefits from banking services

As an OP cooperative bank owner-customer, you get OP bonuses that decrease your banking and insurance service charges. In 2023, you will earn 30% extra OP bonuses, and in 2024, up to 40% more 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.

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 2024 and interest on your Current Account. Furthermore, you'll enjoy lower saving and investing costs than usual.

Terms and conditions, and forms

Take a look at the terms and conditions governing loans, pledges and guarantees. You will accept the terms and conditions of the loan and collateral agreement at the time of signature.

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