A car loan applicant asks how much opening a loan costs, whether a loan can be obtained without being a customer, how long a loan term is available and whether the real cost of the loan can be seen before applying. These decide 50 points out of a hundred.
s-pankki.fi · S-Pankki Oyj (business ID (Y-tunnus) 2557308-3), Finnish bank, part of the S Group
86.8SCORE
Opening or setup fee100
Applying without being a customer100
Maximum loan term100
Example calculation with the actual annual percentage rate100
Basic metrics · 73.6
Digital quality68
Transparency85
Reachability62
AI quality score75
+ The interest rate is stated as a structure: 3-month Euribor + customer-specific margin of 4.50-14.99%, and the maximum possible effective annual interest rate of 25.005% is shown openly
santanderconsumer.fi · Santander Consumer Finance Oy (business ID (Y-tunnus) 2076455-0), Finland's leading car finance company (formerly Suomen Autorahoitus / GE Capital Autorahoitus), part of the Spanish Banco Santander group
80.5SCORE
Opening or setup fee88
Applying without being a customer100
Maximum loan term14
Example calculation with the actual annual percentage rate100
Basic metrics · 83.5
Digital quality74
Transparency95
Reachability82
AI quality score82
+ The effective annual interest rate is stated both as a range (4.19-20%) and as four representative examples for different loan amounts (7.97% / 50,000 euros, 10.75% / 40,000 euros, 12.26% / 20,000 euros, 15.61% / 5,000 euros)
nordea.fi · Nordea Rahoitus Suomi Oy (business ID (Y-tunnus) 0112305-3, formerly Merita Rahoitus), finance company of the Nordic Nordea banking group
79.7SCORE
Opening or setup fee100
Applying without being a customer50
Maximum loan term43
Example calculation with the actual annual percentage rate100
Basic metrics · 82.9
Digital quality77
Transparency90
Reachability85
AI quality score80
+ The effective annual interest rate is given as representative examples for an 8,000 euro loan and tiered by customer relationship (8.7% / 11.8% / 15.0%), margin 2.9-8.9%
poppankki.fi · POP Pankki group, a group of independent cooperative banks whose central credit institution is Bonum Pankki Oyj (business ID (Y-tunnus) 2192977-5); the car loan is granted by the local POP Pankki
60.0SCORE
Opening or setup fee25
Applying without being a customer100
Maximum loan term0
Example calculation with the actual annual percentage rate100
Basic metrics · 73.0
Digital quality70
Transparency65
Reachability92
AI quality score69
+ The product page has a representative example: 6-month Euribor 2.619% + margin 4.50%, nominal interest rate 7.119% and annual percentage rate 9.020% for a 10,000 euro loan over 84 months
Basic metrics: 73.0, rank 4 · no change
– Maximum loan term: The loan term is not stated on the car loan page, only 84 months in the example calculation.
omasp.fi · Oma Säästöpankki Oyj (business ID (Y-tunnus) 2231936-2), listed Finnish savings bank
28.6SCORE
Opening or setup fee0
Applying without being a customer0
Maximum loan term0
Example calculation with the actual annual percentage rate0
Basic metrics · 57.3
Digital quality72
Transparency25
Reachability85
AI quality score56
+ The collateral model is explained clearly: a home or deposits, for example, can be used as security for a car loan, and the car is registered in the buyer's name straight away
Basic metrics: 57.3, rank 5 · no change
– Opening or set-up fee: The opening fee is not stated on the car loan page.
saastopankki.fi · Säästöpankkiryhmä, a group of independent savings banks whose central bank is Säästöpankkien Keskuspankki Suomi Oyj (business ID (Y-tunnus) 2238752-5); the car loan is granted by the local Säästöpankki
25.4SCORE
Opening or setup fee0
Applying without being a customer0
Maximum loan term0
Example calculation with the actual annual percentage rate0
Basic metrics · 50.9
Digital quality86
Transparency8
Reachability62
AI quality score51
+ Collateral option mentioned: a car loan can be taken as secured or unsecured
Basic metrics: 50.9, rank 6 · no change
– Opening or set-up fee: The opening fee is not stated on the car loan page.
One-off opening or set-up fee for a car loan in euros on the bank's own page.
€0 = 100 points, €400 or more = 0, in between directly proportional.
22 p
Applying without being a customer
QUESTIONCan I apply for a loan even if I am not a customer of the bank?
Whether the bank states that car financing can be applied for without being a customer.
A loan can be applied for without being a customer = 100, only some financing types = 50, only as a customer = 0.
12 p
Maximum loan term
QUESTIONHow long a loan term can I get?
The longest loan term in years for unsecured car financing or car financing granted without additional collateral.
12 years or more = 100 points, 5 years or less = 0, in between directly proportional.
10 p
Example calculation with the actual annual percentage rate
QUESTIONCan I see the real cost of the loan before applying?
Whether the bank publishes the effective annual interest rate figure on its car loan page.
Effective annual interest rate given = 100, not given = 0.
6 p
Basic metrics
Digital quality, transparency, reachability and AI quality score
Basic metrics × 0.5
50 p
Notes
This is not an interest rate comparison. The interest rate on a car loan is determined per customer, so the points measure what the bank states publicly before the application.
The opening fees are from the banks' own example calculations and product pages. The banks of the Säästöpankki group price independently, and the car loan pages of Oma Säästöpankki and Säästöpankki do not state fees, loan period or an example calculation, so they remain without points in these respects.
The loan term is compared against an unsecured loan or financing granted without separate additional collateral. Information that the bank does not publish is marked as missing, with the reason.
About this comparison
We scored 6 banks and finance companies that finance car purchases in Finland on 20 metrics. The key question: are the interest rate, effective annual interest rate, fees and collateral model publicly visible before the application, or is the price only revealed in the offer?
In car purchase financing, the biggest difference comes from whether you see the interest rate, the annual percentage rate and the costs already before applying or only in the offer. We compared six banks and finance companies in Finland offering car loans and car financing by how openly they state the price, costs and collateral model. We do not broker loan applications or give financial advice.
What transparency means in this category
Interest rate/margin and effective annual rate displayed as a representative example (25), arrangement/opening fee and account management fee itemised (15), loan amount and repayment period range displayed (15), collateral model stated (car as collateral, other collateral or unsecured) (15), instalment, down payment or residual value model stated (10), terms of early repayment stated (10), business ID (Y-tunnus) or operating company displayed (10)
How to read the comparison correctly: Half of the points come from buyer's questions, i.e. things the buyer finds out before deciding. The other half measures how openly the company publishes its prices, terms and contact details. Clear differences in points indicate a genuine difference: one tells you the price immediately, another only after logging in. Close scores should not be read as a ranking order, because every measurement has a margin of variation. The measurement accuracy and the full calculation formula are open in the methodology.
Customer experience is brought into the assessment separately. We also collect customer feedback and customer experiences about companies through separate surveys. The survey results will be added to the overall assessment later.
This page compares car purchase financing for consumers, not general consumer credit or private leasing. The metrics concern the public transparency of car loan price and terms: is the interest rate or margin and the annual percentage rate shown as a representative example, are the arrangement fee and account management fee itemised, is the loan amount and repayment period range stated, the security model (car as collateral, other collateral or unsecured), instalment or residual value models and early repayment terms before application. We do not broker loan applications and do not give financial advice.
The effective interest rate is always customer-specific. The price of a car loan depends on the loan amount, loan term, collateral and creditworthiness, so the public interest rate is at best a representative example or a range. Some operators state it openly (Santander's representative examples 7.97–15.61% and range 4.19–20%, POP Pankki's example 9.020%), others only at the bank or in a quote. Always compare loans by the annual percentage rate (APR), since it also includes fees.
Electric car residual values and the propulsion tax changed in 2025–2026. The decline in residual values and changes in taxation have complicated the total cost of car financing, which makes transparency of the interest rate and residual value terms even more important for the buyer.
Comparison guide
What to consider in the comparison
Always compare using the effective annual rate, not the nominal interest rate. The effective annual rate also includes opening and account management fees, so it tells you the true price of the loan. Two loans can have the same nominal rate but very different effective annual rates.
A car loan, hire purchase and private leasing are different things. A car loan is an ordinary loan with which you pay for the car yourself straight away; in hire purchase the financier keeps the car as security until it has been paid for; in private leasing the car is rented, not bought. This page compares loans and financing intended for buying a car.
Collateral affects the interest rate. An unsecured loan is usually more expensive than a secured one, where the collateral is, for example, a home or the car being bought. Some providers offer only unsecured consumer credit, others also secured.
The interest rate is always customer-specific. Even at best, a public rate is a representative example or range; your own rate depends on the loan amount, loan term, collateral and creditworthiness.
Electric car residual values and motive power taxation changed in 2025-2026. The decline in residual values and the tax changes have complicated the total cost of car financing, so transparency about the interest rate and residual-value terms matters more than before.
How Suomen Paras assesses and scores
Every company is measured with the same public formula: half of the points come from buyer's questions and half from basic metrics, which have four pillars: technical quality, transparency, reachability and AI quality score. Ranking cannot be bought, and you can see the origin of each point on the company's profile. Read the full methodology →
Expert tips
Look at the actual annual interest rate and total cost, not just the monthly instalment. A long loan term reduces the monthly instalment but increases the total amount of interest and fees paid.
Find out the opening fee and the account management fee separately. These vary a lot: for some the opening fee is 0 euros, for others several hundred euros, and the account management fee accrues every month for the whole loan term.
Ask whether a car or other property can be given as collateral. A secured loan is typically cheaper than an unsecured one.
Check the terms for early repayment. A consumer has a statutory right to repay a loan early; check whether any fees are charged for it.
Get competing quotes for the financing separately from the car purchase. Financing offered by the dealership is not automatically the cheapest, so also ask for a quote directly from a bank or finance company.
Frequently asked questions
What is the APR and why does it matter?
The annual percentage rate of charge (APR) is the cost of the loan as a percentage per year, calculated to include, in addition to the nominal interest rate, all costs such as opening and account management fees. It is the only figure with which loans can be compared fairly against each other.
What is the difference between a car loan and hire purchase?
With a car loan you buy the car outright for yourself and repay the loan to the bank. With hire purchase, a finance company funds the car and keeps it as security until the last instalment has been paid. In both cases you can use the car straight away, but the security and ownership terms differ.
Does a car loan need collateral?
Not always. Some offer an unsecured car loan, in which case the car is in your name immediately and no separate collateral is needed. A secured loan, where the collateral is, for example, a home or the car being bought, usually has a lower interest rate.
Can a car loan be paid off early?
Yes. The Consumer Protection Act gives you the right to repay a consumer credit before the due date. Check with the lender whether any fees are charged for early repayment and under what conditions it is possible.
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