Frequently asked questions about car finance
On this page, you will find frequently asked questions about trade-ins, insurance, taking your vehicle abroad and making changes to your vehicle registration.
Taking your car abroad
“I want to take my car abroad.”
If your car has been financed under a hire-purchase agreement, you will need an export licence to take the vehicle out of the country, as it is still officially owned by Nordea Finance Finland. To get the licence, your car must have sufficient insurance cover in your destination and the repayments under your financing agreement must be up to date.
Contact your insurance company well in advance and order the export licence by clicking this linkOpens new window or calling our Customer Service. In Europe, the export licence is valid for three months under certain restrictions, but no longer than six months. If you are travelling outside Europe, please contact your insurance company to check the extent of your cover, as the insurance terms and conditions may vary by country.
When taking your vehicle abroad or to Åland, you also need the technical part of the registration certificate which you can order directly from Traficom’s My e-ServicesOpens new window or from a vehicle inspection facility.
Repayments under your financing agreement
“I want to change the due date and repayment schedule.”
If there are changes in your life, you can adjust the due date and repayment schedule or make other changes to your hire-purchase agreement by calling our Customer Service.
As a Nordea customer, you can also send us customer mail in Netbank. Due to bank secrecy, we cannot discuss credit-related matters via email.
“I want to make an overpayment.”
You can make an overpayment on your credit, which automatically reduces your outstanding debt and thus the total interest payable. It is therefore not an advance payment towards the next monthly payment.
If you want the overpayment to be counted as an advance payment towards the next monthly payment, please contact our Customer Service before making the overpayment. We can make this change without any hassle or additional costs.
“I want to repay my credit in full in the middle of the agreement period.”
You can repay your credit whenever you like without any extra costs. Check your outstanding debt in the My pagesOpens new window or contact our Customer ServiceOpens new window. The interest is always calculated until the due date of the next repayment. You can repay your outstanding debt using the same account number and reference number you have used to make the repayments under your hire-purchase agreement.
If you have a lease agreement, you have the option of making all of your lease payments at once. To enquire about future lease payments or get instructions on making your lease payments, please contact our Customer Service.
“I want to pay with an e-invoice.”
You can get the convenient e-invoice to the online banking service regardless of your bank. Next time you are paying a paper invoice in the online banking service of your bank, select e-invoice as the delivery method and from then on you will get our invoices pre-filled to your online banking service once a month. You will no longer get a paper invoice by post and will be able to check and confirm the e-invoices in your online banking service.
Amending the agreement and checking information
“I want to terminate my hire-purchase agreement.”
You can terminate your agreement in three ways: by repaying your outstanding credit in full, by selling the car and repaying the outstanding credit in full in connection with the sale, or by transferring the car in another person’s or company’s name. As credit is always tied to the vehicle under the financing agreement, you are liable for the debt until it has been repaid in full.
Assigning your agreement requires that the new borrower or lessee has been granted a favourable credit decision by Nordea Finance. For further information about selling and trading in your vehicle and assigning your agreement, click here.Opens new window
“I want to check my credit details.”
You can monitor your credit information by logging in to the My pages with any bank's online banking codes. Using a secure connection, you can view your repayment schedule, upcoming payments and your outstanding debt, among others. Log in to the services hereOpens new window.
If you are a Nordea customer, you can also see your credit details in Nordea Netbank after you have added your credit there.
“I want to terminate my lease agreement.”
You cannot terminate a financial leasing agreement in the middle of the agreement period but you can sell the car or assign the agreement in another person’s or company’s name. See further information about selling the car below or click hereOpens new window to find more information about assigning your agreement.
Termination of financial leasing agreement
Find a new buyer who is offering to buy the car at a fair market price. The offer must specify the car and include the purchase price. Both you as the keeper of the car and the new buyer must sign the offer to approve it.
The offer is sent to Nordea Finance Customer Service for approval. If the offer is approved, Nordea Finance will send a counter-offer to the buyer. If the purchase price exceeds Nordea Finance’s receivable, you are entitled to a refund to cover the difference. If the purchase price is lower than Nordea Finance’s receivable, the difference is charged to you. The notification part of the registration certificate will be sent to the new owner after the purchase price has been paid to Nordea Finance in full.
Termination of a full-service leasing agreement
If you want to rescind your lease agreement in the middle of the agreement period, please contact the car dealership. The seller will inspect the car and fill in a form regarding the rescission of your agreement. Nordea Finance will make a calculation which will determine the costs arising from the rescission of the agreement.Car insurance
“My car suffered damage.”
If your car has been financed under a hire-purchase agreement, file a claim to your insurance company without delay and get your car fixed at an authorised repair shop, which will invoice your insurance company directly.
Powers of attorney regarding cash settlements are not issued for passenger cars.
“I want to switch to another insurance company.”
Switching to another insurance company in the middle of the agreement period is easy. Just follow the steps below:
Fill in an insurance application with the insurance company of your choice.
The insurance company will make the change to your vehicle registration for you and inform Nordea Finance that you have a new insurance company.
“Can my insurance be in someone else’s name?”
If your car has been financed under a hire-purchase agreement, the policyholder can be the signatory of the agreement or someone in your household, such as a marital spouse or a family member living at the same address, or your business name.
If your vehicle has been financed under a lease agreement, the policyholder must be the signatory of the agreement, ie the lessee.
Changes to your vehicle registration
“How do I register a new car in my name?”
Nordea Finance will send the ownership certificate to the new owner of the vehicle by post after:
- the hire-purchase agreement has been repaid in full, and
- you have delivered a copy of the deed of transfer or deed of sale to Nordea Finance.
For further information, click hereOpens new window.
“Registration changes during the agreement period"
Changes are subject to a fee in accordance with our tariff. See the tariff here.
You can remove the vehicle from traffic use and enable traffic use on the Traficom -pages with your own online banking credentials at traficom.fiOpens new window . In further questions you can also contact our customer service.
If you need to make changes to the owner information of the vehicle registration extract, please contact our customer service. The co-holder is not required to have any contractual relationship with Nordea Finance. If you make a request for a change via Nordea Omaposti, or with a message from Nordea's online or mobile bank, remember to also state the name, social security number and reason for the addition/deletion of the person to be added or removed from the register.
Read more about adding a co-holder.
Registration after the loan has been repaid
Once the loan has been repaid in full, we will assign the title to the vehicle to you with a notification of transfer. Nordea Finance will send you a digital certificate with which you need to register yourself as the owner of the car in Traficom’sOpens new window online service. You will receive a text message or an email about this.
Trade-ins
“I want to get a new car but my current car was financed under a financing agreement which is still valid. What should I do?”
You can sell or trade in your vehicle mid-term either through a car dealership or privately. The car dealership will submit the request on your behalf.
Nordea Finance will own the asset until your debt has been repaid in full. The financed asset serves as collateral for the loan. If you want to sell or trade in your car, you can repay the outstanding debt in full yourself, or it can also be repaid by the new buyer – whether a car dealership or a private person.
You can use our car loan calculator to work out the right monthly payment for you. To be granted a loan, you must receive an approved credit decision from us. The credit decision will include the precise terms and conditions of the loan. Link to the calculator.
Change of address
“How do I change my address?”
Nordea Finance gets notifications of changes to addresses directly from the Digital and Population Data Services Agency. For more information about changes of address, please visit Digital and population data services agency Opens new windowand www.posti.fiOpens new window.
Companies must inform our Customer Service of any changes in their contact details.
Accessories
“Can I install accessories in my car?”
You are allowed to install accessories (such as a trailer hitch or a hands-free car kit) in a vehicle financed with hire purchase.
You are also allowed to install accessories in a car financed under a lease agreement. However, the accessories must be such that they can be removed when returning the vehicle. If the accessory cannot be removed, it is considered as part of the vehicle’s basic level of equipment.
Driving instruction permit
“May I teach driving with a financed car?”
Yes, but you will need Nordea Finance’s permission to get a driving instruction permit and install the dual brake pedal. Please contact our Customer ServiceOpens new window to request permission.
Before granting permission, we will check that your vehicle has sufficient insurance cover and the repayments under your financing agreement are up to date.
Hire purchase's Tariff
| Change to repayment plan (max. 20 € per year) | 5 € |
| Assignment of an agreement | 200 € |
Registration changes (registration costs subject to Traficom’s currently valid tariff are added to the price) | 30 € |
| Copy of receipts or agreements | 30 € |
| Itemisation of payments, interest statement; in accordance with section 4a of the Finnish Debt Collection Act, one itemisation per year free of charge, subsequent itemisations | 30 € |
| Driving instruction permit | 30 € |
Export registration urgent, same-day processing | 30 € 55 € |
| Power of attorney regarding cash settlement to the insurance company | 50 € |
| Investigations/alterations agreed on separately, hourly rate in euros, min. 75 € | 75 € |
| Exceptional re-allocation of a payment | 75 € |
| Reminder letter | 5 € |
The prices are exempt from value added tax. Deviations may be made from this tariff by virtue of the agreement terms and conditions. In addition, any external expenses incurred by Nordea Finance Finland from a measure are charged. | |