Ruskeatakkinen miesoletettu ajaa autoa sateessa.

Hire purchase for car transactions between private individuals

Using hire purchase financing is a smooth way to buy a car from a private seller. Hire purchase is available for any bank's customers.

A smooth way to buy a car from a private person

Avoid unnecessary paperwork – with hire purchase, you can conveniently buy a car from a private seller. Handle the vehicle’s verification, documents, financing, registration and insurance in one go.

A professional will verify the vehicle

Neutral professionals will verify and photograph the vehicle and confirm its ownership.

Preliminary financing offer online

Apply online and you will receive a preliminary financing offer, either immediately or within two banking days. Hire purchase is available for any bank's customers.

OP hire purchase financing is an effective financing option when buying from a private seller

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. Each monthly repayment is of the same amount and includes interest at a fixed rate. To qualify for hire purchase financing, the purchased car may not be more than 14 years old.

If the car is financed and owned by a finance company, our partner Autoraha can act as an intermediary in the transaction: Autoraha buys the car, pays off the original financing and sells the car to you. After submitting the financing application, you will receive more instructions on how the transaction proceeds.

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.
Vehicle verification and transaction conclusion

A-Katsastus will verify the vehicle, take photographs and complete the sale.

Checklist for buying a car

Apply for financing

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

Take the car for a test drive

Arrange a time with the seller to go for a test drive.
When you take the car for a drive, check that it has a registration certificate.
While you’re driving, turn off the radio and 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.

Book an appointment at A-Katsastus

Book an appointment to have the car verified and photographed at A-Katsastus at a time suitable for you and the seller. Book the inspection at a-katsastus.fi/varaa-aika. Select “OP Car Finance” from the list of options. You can have your car verified and photographed and the sale completed during the same visit. This will take about two hours.

Get ready for completing the sale

Read the deed of sale before the transaction.
When you go to the appointment to complete the sale, take a valid photo ID with you.
Bring along your valid driving licence.
Bring your online banking identifiers and be prepared to access your online banking to pay a deposit if this is required. You will also need the online banking identifiers to electronically sign the financing agreement.
If the car is owned by a finance company, the transaction procedure differs from that described above. You will receive more instructions after submitting the financing application.

Any questions about financing the private purchase of a car?

Call our car finance experts in our customer service.

See our customer service contact information

Are you looking to buy a car from a dealership?

OP also has hire purchase financing available if you want to buy a car from a dealership.

Learn more about hire purchase financing

Learn more about car financing

OP Car Finance is granted by OP Corporate Bank plc.

Who can apply for OP Car Finance?

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 sellers are suitable for financing with OP hire purchase financing?

Financing may be granted for cars that are up to 14 years old. If the car is financed and owned by a finance company, our partner Autoraha must act as an intermediary in the transaction.

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 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 the car is in good condition and meets your requirements before you take it for verification and photography.

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.

Why finance a vehicle using hire purchase?

Hire purchase is a convenient financing alternative when buying a car from a private seller. The owner of the car to be purchased is verified, the vehicle is photographed, and an external expert will help you handle all the 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.

Can I use OP’s hire purchase financing to buy a car that is owned by a finance company?

Yes. If the car is financed and owned by a finance company, our partner Autoraha can act as an intermediary in the transaction: Autoraha buys the car, pays off the original financing and sells the car to you. After submitting the financing application, you will receive more instructions on how the transaction proceeds.

If the purchased car is financed by OP Corporate Bank, you can also contact our customer service to ask if the financing contract can be transferred from the car's current holder to you: Frequently asked questions about hire purchase car financing.

Costs of the credit interest rate, effective interest rate, invoicing fee, establishment fee

The costs of hire purchase financing consist of the interest, the invoicing fee and the establishment fee. The interest rate on credit is fixed throughout the agreement period.

When buying a car from a private person, the interest rate on hire purchase is 6.9%, the invoicing fee 9 euros per month, and the establishment fee 190 euros.

Example: Cash price of a car (incl. delivery costs) is 20,000 euros, and down payment 5,000 euros. Hire purchase financing is a one-off credit. An effective interest rate on a credit of 15,190 euros with a 5-year credit period amounts to 9.0% when the interest rate on financing is 6.9% (5/23), the establishment fee is 190 euros, and the invoicing fee is 9 euros per month. The estimated total cost of credit is 23,543.44 euros, paid in 60 instalments of 309.10 euros each. This calculation is based on the assumption that the entire credit is drawn down at the same time and that the interest on the loan and charges and fees remain unchanged throughout the loan term. The credit is granted by OP Corporate Bank plc, Gebhardinaukio 1, 00510 Helsinki.