Financing options for purchasing a vehicle

Hire purchase finance

• Hire purchase is a flexible and safe way of acquiring a vehicle because the vehicle itself serves as collateral. 
• The interest rate and costs of the hire purchase finance are fixed, so you’ll know all the costs of the financing in advance. 
• When buying a vehicle, you usually have to make a down payment ranging from 0% to 20% of the vehicle’s price including taxes. 
• The repayment period is tailored to your company’s needs and can be up to 6 years.
• You can repay the entirety of the hire purchase finance before the end of the contract period without any additional cost if, for example, your company no longer needs the vehicle or ceases its operations. 
• Once the financing has been repaid, your company will take ownership of the vehicle. 

Please note that you must take out statutory third-party liability insurance and comprehensive insurance (kasko) on the vehicle. Hire purchase agreements are regulated by the Finnish act on hire purchase.

Benefits of hire purchase for your company:

• Hire purchase is an economic option especially in cases where you don’t want or can’t afford to tie up too much capital in acquiring a vehicle because of other ongoing investments.  
• With hire purchase, the costs of the vehicle are spread over a longer period of time. As a result, the risks involved in the acquisition decrease, although the interest paid and the other related costs slightly increase the total cost of the vehicle.
• Fixed monthly payments enable you to budget your spending and create a long-term plan for your financing needs. 
• The interest on the hire purchase payments is tax deductible, and you can deduct the value added tax for the entire transaction price of the vehicle. 
• Ownership of the vehicle will be transferred to your company after you have made the final payment.
• We will provide you with the necessary documents and submit a change of ownership declaration and the associated digital certificate to the Finnish Transport and Communications Agency Traficom.

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Full Service Leasing

• The Full Service Leasing solutions for Nordea’s corporate customers are provided by our affiliate, NF Fleet. 
• Full Service Leasing is a good alternative for companies of all types and sizes.
• When you obtain a vehicle on a Full Service Lease, you make monthly payments for using it. The vehicle servicing, repairs and value depreciation are included in the monthly payment according to the mileage agreed in the contract.  The risk involved in the vehicle’s residual value is borne by our affiliate NF Fleet, which finances the Full Service Leasing vehicles. 
• In addition to the monthly lease payments, you will only pay for fuelling or charging your vehicle as well as insurance and vehicle tax.

A Full Service Leasing contract is typically 3 to 5 years long and includes an agreed mileage limit.

At the end of the contract period, all you have to do is return the vehicle in a condition corresponding to its age and mileage.  Please also make sure that you have reported any damage that occurred during the contract period to the insurance company.

Benefits of Full Service Leasing for your company:

Even if buying a vehicle feels more familiar and cheaper, we urge you to take a look at the benefits of Full Service Leasing.

Get better control of your finances

When you choose Full Service Leasing, you don’t tie up capital in vehicles, and you can forecast the costs of your fleet. Repairs and other unpleasant surprises are included in the fixed monthly payment. You can also add a competitively priced comprehensive insurance (kasko), tyre storage and fuelling and charging services to the contract.

Get the car or van you want

You can conclude a Full Service Leasing contract for any new car or van priced in Finland. We’ll make you the best possible offer through our network of carefully selected partners, but you can also request an offer through the dealership of your choice. It’s up to you. Pick your vehicle and we’ll sort out the rest.

Seasonal service, maintenance and repairs are included

Need to change tyres for the winter? Got a dent in the bumper? Time for the 20,000 km check? Don’t worry, everything you need is included in the lease. You have no extra costs other than the possible insurance deductible.

Financial leasing

• Leasing means long-term rental of vehicles.
• Mileage of more than 30,000 kilometres a year. 
• The financed asset serves as collateral.
• No capital tied up in ownership – your company only pays for using the vehicle.
• Enables up-to-date fleet management.
• Easier budgeting and financial planning.
• You can deduct the lease payments in taxation.

Benefits of financial leasing for your company:

• With financial leasing, you don’t need to provide your company’s assets as collateral because the financed vehicle will serve as the primary collateral. 
• A residual value valid the end of the lease period is determined for the vehicle. You can sell the vehicle after the lease period, and you may get a refund of lease payments if the selling price is higher than the predetermined residual value. 
• You can extend the lease period, if necessary.
• The monthly lease payment depends on whether you pay a larger first instalment and on the residual value of the vehicle. 
• The maximum lease period is 5 years. 
• The lease payments are debited by using the annuity principle in advance at one or three month intervals, according to your choice.

You must take out statutory third-party liability insurance and comprehensive insurance (kasko) on the vehicle.