Hire purchase – the easy way to finance your company cars

Make the finance arrangements conveniently at the car dealership – ask your seller about your finance options

Get finance directly from the car dealership

Hire purchase finance is available at car dealerships. Once you have found a company car you like, the salesperson will take care of applying for and opening the credit for you. You only have to pay the down payment or trade in your current company car.

You can get hire purchase finance on either a new or a used car regardless of the make or model. We do not require separate security, either, as the vehicle you buy serves as security. 

The car dealership calculates the monthly payment to suit your budget, and you can get a repayment period of up to five years. You can also put down your current company car as the down payment.

You always have the option of paying off your entire hire purchase agreement early. When you have paid off your debt in full, the ownership of the car is transferred to your company. 

Näistä voi olla hyötyä

  • Osamaksurahoituksen hinnaston näet tämän sivun alalaidasta
  • Osamaksurahoituksen lomakkeet löydät tämän sivun alalaidasta
  • Yhteystietomme

Features

  • For new and used cars
  • Fixed monthly payments
  • Repayment period of 1–5 years
  • Down payment or a trade-in worth 20–30% of the cash price

Benefits

  • Car serves as security
  • Pay in instalments that suit your budget
  • Instant credit decision at the dealership
  • Pay off your debt any time

How hire purchase finance works

We have calculated a couple of examples of hire purchase finance for you.

Example 1: Price of the car EUR 18,000

  • Price of the car EUR 18,000, down payment EUR 3,000, financed amount EUR 15,180.
  • Monthly payment EUR 301 per month with a 5-year repayment period.

This calculation has been made with an interest rate of 5.9%. The credit opening fee of EUR 180 and the processing fee of EUR 8 per month are included in the monthly payment. The annual percentage rate of charge in accordance with the Consumer Protection Act on EUR 15,180 of outstanding credit with a repayment period of 60 months is 7.79% and the price of credit is EUR 21,046 (May 2019).

Example 2: Price of the car EUR 48,000

  • Price of the car EUR 48,000, down payment EUR 9,600, financed amount EUR 38,580.
  • Monthly payment EUR 904 per month with a 4-year repayment period.

This calculation has been made with an interest rate of 5.9%. The credit opening fee of EUR 180 and the processing fee of EUR 8 per month are included in the monthly payment. The annual percentage rate of charge in accordance with the Consumer Protection Act on EUR 38,580 of outstanding credit with a repayment period of 48 months is 6.79% and the price of credit is EUR 53,390 (May 2019).

Please note that these calculations are examples only. The final calculation is made at the car dealership in connection with the finance offer. 

Taking your car abroad

Are you taking your car out of the country?

If your car has been financed under a finance agreement, you will need written permission from us to take the vehicle out of the country. Remember to order the document about two weeks before leaving for abroad. We also recommend contacting your insurance company well in advance to make sure that your car insurance covers travelling abroad.

When taking your vehicle to abroad or to Åland, you must bring with you the technical part of the registration certificate which you can order directly from Traficom’s e-Services or a vehicle inspection facility.

Permission to take a vehicle abroad can be granted for:

  • Travelling in Europe (subject to the restrictions below)
  • The duration of the trip (maximum 6 months)
  • Permission to take a vehicle abroad is not granted for trips outside Europe.

You are entitled to get permission if:

  • The monthly payments under your finance agreement are up to date
  • You have valid motor liability insurance and comprehensive motor vehicle insurance policies
  • Your insurance premium payments are up to date
  • Your insurance covers damage to the vehicle for which permission is requested and damage to the vehicle of the other party involved in your destination.

If your destination is Russia, Belarus, Ukraine, Moldova, Kosovo or Turkey, please contact our Customer Service. In addition, your insurance company must provide us with a written confirmation of the validity of your comprehensive motor vehicle insurance if your insurance policy or the theft insurance included in your comprehensive insurance is not automatically valid in these countries.

Finnish motor liability insurance policies are valid in Russia after it joined the Green Card system in 2009. However, with motor liability insurance, the payout is usually low in Russia despite the Green Card system, as compensation for damage is paid out in accordance with the local laws. In order to ensure sufficient insurance cover, we may also require taking out a voluntary motor liability insurance policy.

For further information about the Green Card needed for travelling abroad, the Nordic countries excluded, please contact your insurance company or visit Insurance Centre’s website at www.vakes.fi Green Card is an international certificate of valid motor liability insurance. You can order it for free from your insurance company.

Permission to take your vehicle abroad is subject to a fee set in our tariff. Please note that if such permission is ordered and needed within the same day, you will be charged a fee set in our tariff.

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