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Car Hire Purchase

Your new car (brand new conventional or eco-friendly, second-hand)

  • Interest rate according to the down payment

    The higher the down payment, the lower the interest rate.

  • No initial bank charges

    No initial bank charges for HP transactions through dealers. If you are purchasing from an individual, bank fees are charged normally.

Financing options:

  • Apply for financing and instantly receive a decision digitally. The process is straightforward - use the BoC Mobile App or Internet Banking. Your financing has the following features:

    • Amount up to €15,000 (minimum €2,500) for the purchase of a new car
    • Minimum own contribution 15%
    • Favourable interest rate depending on the contribution
    • Fixed or variable interest rate (for hybrids/electrical cars, only a variable interest rate is available)
    • No personal guarantees
    • Car pledged as the object of the hire-purchase
    • Maximum repayment period 7 years
    • No initial bank fees

    QuickCar - Hire Purchase is currently available to a limited number of customers.

     

  • New car

    You can apply through Internet Banking or BoC Mobile app. A Bank officer will contact you shortly, to complete your application process. Your financing has the following features:

    • Amount up to €50,000 for the purchase of a new car
    • Maximum repayment period 7 years
    • Minimum own contribution 15%
    • More favorable interest rate depending on the contribution
    • Fixed or variable interest rate
    • With personal guarantees
    • Car pledged as the object of the hire-purchase
    • No initial bank fees

    For any option other than those listed above (such as for a greater amount) please contact any of our branches.

    Second-hand car

    Please contact any of our branches. Your financing has the following features:

    • Minimum amount €2,500
    • Maximum repayment period 5 years
    • Minimum own contribution 20%
    • More favourable interest rate depending on the contribution
    • Fixed or variable interest rate
    • With personal guarantees
    • Car pledged as the object of the hire-purchase
    • No initial bank fees

Calculate your indicative installment

IMPORTANT NOTE - PLEASE READ:

Apply online for a QuickCar - Hire Purchase

Amount

up to €15,000

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More information

  • The repayment period depends on the type of car. Up to 7 years for a new car and 5 years for a used car.

  • Minimum contribution of 15% for a new car and 20% for a used car.

  • Yes, you may repay the financing earlier at no charge.

  • Financing with Hire Purchase.

    • When your application is approved the car is transferred to the Bank of Cyprus and to your name and the seller is paid 
    • When the financing amount is fully repaid, the car is transferred to you after you pay the amount of €50 to the Bank for the right to purchase. The right to purchase is incorporated in the last installment. 
  • There are Hire Purchase options available for the purchase of equipment or motorcycle (new or used). For more information contact any Relationship Officer in our Brach Network.

  • Learn more on out interest rates here.

  • How do I know if I am eligible to apply?

    The facility is offered to permanent residents of Cyprus only. If you are not a permanent resident of Cyprus for the last year, contact your servicing Branch to find out your options.

    How can I check the status of my application?

    You will be informed via a message on your mobile of your application status.

    Can I add a joint lessee to the facility?

    QuickCar products are available to one lessee. You can apply with a joint lessee through your servicing Branch.

    What supporting documents do I have to submit?

    You must submit the car invoice / quotation. A proof of income may be requested within the online procedure.

    Do I have to cover my car hire purchase with an insurance?

    No, you don’t have to. However, if you are interested in doing so, contact your servicing Branch. Terms and conditions apply.

    Are there any fees associated with the application?

    QuickCar products are offered without any initial bank charges (arrangement or documentation fees). You will have to pay stamp duty as per the relevant legislation which applies from time to time. 

    What does the automated assessment of my application, the automated decision-making and the automated processing of my personal data and profiling involve?

    Applications for QuickCar products are assessed electronically based on your creditworthiness, repayment ability and the Bank’s credit policy as applicable from time to time.

    The decision for the approval or rejection of the online credit application will be reached by processing your personal data using solely automated means (including profiling), without human involvement, and only after we have your explicit consent to do so.

    Profiling under this procedure involves the automated processing of your personal data to analyze, evaluate and predict your creditworthiness and ability to repay the facility.

    The Bank will use only the necessary information that will allow the assessment of your creditworthiness and repayment ability and to make responsible, fair and informed lending decisions.

    The Bank will use information that you provide, as well as information derived from the Bank’s internal sources (that is your personal and contact details, employment, income, expenses, family structure, spending habits, conduct on other accounts / facilities / guarantees / securities, payment arrears on other accounts / facilities, judgement debts, whether your personal data has been verified and updates for anti-money laundering purposes) and external sources (that is bankruptcy records, i.e. arrears, non-performing facilities and judgement debts at other banks from Artemis Credit Bureau).

    The application may also be automatically referred to the Bank for further evaluation by an officer.

    Do I have the right to object to the automated decision?

    Yes, you have the right to request re-examination of the application by a Bank’s officer by contacting your servicing Branch. 

    Can I withdraw from the application process at any time before submitting it or after a decision is reached by the Bank?

    You can withdraw your application at any time. If you have entered any information, you have the choice to save it and resume with the application at a later stage or discard it. If you choose to discard it, the information you entered will not be saved. Your application will be automatically discarded if you remain inactive for 15 days.

    If a decision is reached by the Bank, you can still withdraw your application at any time before entering into a contract for the granting of the facility. This does not affect your other rights regarding the processing of your personal data.

    How is Bank of Cyprus protecting my privacy and handling my personal data?

    The Bank is committed to protecting your privacy and handling your data in an open and transparent manner. You can learn more in the Bank’s Privacy Statement, where you can also find further details on your rights, for example your right of access, right to request correction / rectification, the right to lodge a complaint etc. 

    What happens after approval?

    After approval you will be notified for the preparation of the contractual documentation for the granting of the facility via a message on your mobile. The signing of the contractual documentation will take place at your servicing Branch, unless indicated otherwise.

    How will the dealer be paid?

    The Bank will deposit the amount of the hire purchase facility directly into the account of the car dealer. 

    Can I change my mind?

    Once the contractual documentation is signed and the amount of the hire purchase facility is used to pay the car dealer, you cannot withdraw from the contract.

    What is the Annual Percentage Rate (APR)?

    The Annual Percentage Rate of interest (APR) is the total cost of the credit facility expressed as an annual percentage. The APR is provided to help you to compare different offers. The APR includes all credit facility expenses paid by the client to either the Bank or to third parties (e.g., government fees etc.).

    I am not a customer of the Bank. Can I still apply?

    Yes. You can download the BoC mobile app and register. Then, you will be able to connect to 1Bank (Terms and conditions apply). You can apply for this facility either via 1Bank or via the BoC mobile app.

Warning:

The financing is based on a Hire Purchase Agreement.  The Bank reserves the right to reject any application, at its discretion and to withdraw any scheme at any time. In case of variable interest rates, the instalment amount (lease payments) and total cost of the facility may increase or decrease depending on variations in the base rate.

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+35722128000 from abroad
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