the Car Leasing in Finland operates through local banks such as OP, Nordea Where S-Pankki, or directly at a dealership.
What is leasing?
the leasing, or lease, is an alternative to buying when your budget doesn't allow for it. You lease a vehicle for a set period and make monthly payments to a financing company for the use of the car. No large lump-sum payment is required, and the car remains new, covered by the manufacturer's warranty throughout the entire period.
This contract is binding on three parts :
- the renter (you, the person using the vehicle); ;
- the lender (the bank or financial institution); ;
- the supplier (the dealership that delivers the car).
When your contract ends, you have a choice: buy the vehicle at its residual value or return it. That’s why it’s sometimes called a “lease with an option to buy.” You drive first, then you decide.
The Finnish VAT is of 25,5 % since September 1, 2024. It is already included in the listed prices.
How do I lease a car?
In Finland, you can go through your bank or directly through a manufacturer via its network. The contract term is generally between 24 to 72 months. Here are the main organizations available:
- OP Car Leasing : the group's department OP Financial Group, open to both individuals and businesses.
- Nordea Rahoitus : the bank's auto financing Nordea, based in Helsinki.
- S-Pankki : offers the deal Etuauto Leasing, with maintenance included in the monthly payments.
- Toyota Rahoitus and other manufacturer financing options, available directly at the dealership.
Monthly Payments and Price
The amount of the monthly payments depends on the selected model, of the contract term and annual mileage allowed. This mileage is set in advance in the contract. If you exceed it, additional costs apply to the return of the vehicle.
Maintenance and Insurance
Depending on the offer, the’interview may be included in the monthly payments. This is particularly the case for the’Etuauto Leasing of S-Pankki, which covers all of the vehicle's routine expenses. The’insurance, on the other hand, is usually your responsibility. Be sure to check this before signing, just as you would for a Leasing in Ireland or in Latvia.
The Call Option
The contract specifies the residual value of the vehicle at the end of the rental period. This is the amount you’ll pay if you decide to buy the car. If you don’t want to buy it, you simply return it.
What are the requirements for leasing in Finland?
Organizations verify your financial situation and identity before accepting your application. Here’s what they typically ask for:
- A driver's license valid, Finnish, or European.
- A Finnish personal identification number (henkilötunnus), which is required for most offers.
- Regarding the stable income and the ability to make the monthly payments.
- A good credit history, verified with Suomen Asiakastieto or of Dun & Bradstreet Finland.
As for the documents, please prepare the following:
- Proof of identity: Finnish ID card (henkilökortti) or passport.
- Regarding the pay stubs or your Finnish tax return.
- A bank statement from a local bank (OP, Nordea, S-Pankki).
- A proof of residence in Finland.
If you are a resident but not a citizen, some organizations impose additional restrictions based on the length of your residence. If you are in a relationship, your spouse can be added as co-borrower to strengthen the case.
Finally, if you use the vehicle for business purposes, leasing is tax-deductible for self-employed individuals in Finland. The tax authority (Vero) requires a contract of more than 3 months and a vehicle used primarily for business purposes.
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