No. You can buy a car with a government loan if you meet the following criteria. A car loan for a new car cannot come from an individual.
A deposit of at least 2 percent of the value of the car is required. The deposit may also be in one or more of 10 different currencies.
Can people buy a car from an individual?
No . You need to apply for a government loan to buy a car from an individual.
Can you buy a car from an individual in Finland with an IMI loan?
No. The individual must hold an IMI car loan.
If an individual in Finland wants to buy a new car on behalf of others, the person may only apply for the Car Loan Scheme if they hold an IMI car loan.
How do I apply for a car loan?
You submit a loan application form, available for download here.
The lender’s decision is made by reviewing the application and taking into account what you have already bought with your money in the past. They’ll ask you some questions to make sure that all aspects of your life and finances are covered, including income, financial situation, insurance, tax and debts. The lender will also check to make sure that you have enough funds in the bank. You then have to wait for their decision before you can buy a car!
It’s important to ask yourself how much you would buy (for you and for others) with IMI money.
When are the eligibility periods?
There are two eligibility periods for car loans:
IMI loans: 6 years for new cars, and 12 years for older models,
Car loans: 30 years for models with a value of €100,000 or more and older vehicles of €50,000 or less. See the list of eligible vehicles here.
How does the lender decide what category a car will be?
Lenders apply their own criteria. For most new cars there are two categories:
the Basic category (basic price is €30,000)
the Standard category (price ranges from €30,000 to €80,000 to allow the car to be taken for a short test drive)
For basic cars, the seller is paid a €5,000 deposit plus a 10 percent deposit (10% of the price of new cars).
The seller pays a deposit of at least €5,000 when they start selling the vehicle.
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