Hire purchase for car or equipment
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Interest rate depending on down-paymentOption for a variable or fixed interest rate depending on the type of the car (new or used) and the down-payment amount.
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Flexible repayment plans
Utilise our flexible payment plan offered to companies with seasonal income.
Answers to all of your questions
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Financing is carried out via a HIRE PURCHASE AGREEMENT. Under the hire purchase contract, the hire purchaser hires an item from the Bank of Cyprus for specific time at specified rent (instalment) with a right to buy this item if the contract terms are observed.
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Hire purchase is offered for the purchase of:
- new and used cars
- business vehicles
- heavy goods vehicles (HGVs)
- buses and coaches
- printing machines
- construction equipment
- office equipment and medical equipment
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You can contact our Branch Network or the Bank’s SME Centres. Applications may also be submitted to the seller’s shop.
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You can obtain the necessary information on our interest rates from Relationship Officers in our Branch Network or the SME Banking Centres.
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The repayment period depends on the type of car and interest rate.
Minimum duration
- 12 months for financing with variable interest rate
- 3 years for financing with fixed interest rate
Maximum duration:
New Cars
- 7 years for a new car.
- 8 years for Green Car - new electric or plug-in hybrid or hybrid cars with emissions <=50g CO2/km
Used Cars
- 7 years for conventional cars or hybrid or plug-in hybrid cars with emissions <=50g CO2/km and age less than 3 years
- 5 years for conventional cars or hybrid or plug-in hybrid cars with emissions <=50g CO2/km and age more than 3 years
- 5 years for electric cars