Financing options for purchasing a vehicle

Does your company need to replace some of its vehicles, but you’re unsure about the best form of financing for purchasing a vehicle or which factors affect how the vehicle is used?

Read more about our car finance options

The first thing you should consider is what purpose your company needs the vehicle for. After this it’s worth familiarising yourself with accounting and tax aspects, as the form of your company and the purpose of the vehicle can affect these in various ways.

If you don’t want to tie up your company’s capital in a vehicle, you should take a look below at our car financing alternatives before you decide which option represents the best way for your company to acquire a vehicle.

Use hire purchase to acquire vehicles

Whether you’re acquiring a new or used vehicle for your company, hire purchase is the most common form of financing. 

With hire purchase, no additional collateral is needed as the acquired vehicle serves as collateral and the monthly payments are tailored to your company’s finances. You can easily apply for hire purchase finance from the dealership selling the vehicle or directly through the Nordea Business online bank.

Apply for hire purchase finance.

Hire purchase finance

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

Use Full Service Leasing to get a leased vehicle, servicing included

Full Service Leasing is a care-free and risk-free full service solution. With Full Service Leasing, your company can obtain a new vehicle for a fixed monthly payment that covers nearly all the costs of using the vehicle, including servicing, repairs and depreciation in value.  If you wish, you can supplement your package with additional services, which makes it even easier for you to plan for the costs of using the vehicle. What’s more, you usually don’t need to make a down payment with Full Service Leasing. 

Request a Full Service Leasing offer from the car dealership or leave a contact request.

Full Service Leasing

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

With financial leasing, you’re paying for using the vehicle

Financial leasing may be the best solution if you prefer not to tie up your company’s assets in owned vehicles. Financial leasing is a long-term solution where you pay for using the vehicle and take responsibility for its servicing and maintenance. You can easily apply for financial leasing from the dealership selling the vehicle or directly through the Nordea Business online bank.

Apply for financial leasing for your company – fill in the application.

Financial leasing

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