”Do I need to make a down payment?”
Usually yes. In general, the down payment is 10-20 % of the car’s cash price. It is possible to cover the entire down payment or a part of it by trading in your old car.
”What about security?”
The car itself serves as security for the finance so there is no need for separate security.
”How long is the agreement period?”
Hire purchase agreements can be made for 1–6 years, depending on your needs.
”At which point will the car be mine?”
Hire purchase finance is tied to the car financed under the agreement. As the borrower, you are liable for the debt until it has been paid off in full. The ownership of the asset will be transferred to you on the expiry of the hire purchase agreement.
”Can I trade in the car in the middle of the agreement period?”
You can trade in the car at the same dealership as long as you pay off the remainder of your hire purchase agreement when closing the deal.
”Can I take the car abroad before my hire purchase agreement has been paid off?”
Sure. All you need is written permission to take your vehicle abroad.
”Where can I make a hire purchase agreement?”
At any car dealership which has partnered with Nordea Finance.