Personal > Loans > Hire Purchase for Cars/Motorcycles > Hire Purchase for New Car

Purpose: Acquisition of a New Car.
Maximum Facility Amount:> € 100.000
Minimum Customer Contribution:> 10% of the purchase price.
Maximum Repayment period:> Seven (7) years.
Applies to: Permanent residents of Cyprus aged 18-65 years old.
Currency: Euro
Hire Purchase Charges: Fixed Rate for the entire facility period according to the level of the customer contribution as follows:
 
Contribution Fixed Interest Rate Annual Percentage Rate of Charge (APRC) Estimated Monthly Instalment Total Payment Amount
10.00% - 19.99% 5,00% 5,61% €283,07 €16.984,11
20.00% - 49.99% 4,50% 5,08% €279,65 €16.778,72
Above 50% 4,00% 4,56% €276,25 €16.574,87

The APRC has been calculated for the acquisition ofa new car, with hire purchase amount €15.000, repayment period 5 years and with initial bank fees (arrangement, documentation and stamps duty). For APR calculation purposes the cost of Life and Motor Insurance are not included.

Arrangement& Documentation Fees: 1% on facility amount (The fees can be included on the facility amount)

Penalty Fees for early repayment: None

Securities

  • At least one (1) personal guarantee.
  • Debtor’s Life Insurance assigned to the Bank, upon the Bank’s request.
  • Full Comprehensive Car Insurance assigned to the Bank.

Notes

  • The facility is granted based on a HIRE PURCHASE AGREEMENT.
  • The approval of car hire purchase is subject to USB Bank obtaining satisfactory guarantees/securities.
  • Terms & conditions apply.
  • The approval or rejection of any application is under the absolute discretion of the Bank.
  • The Bank reserves the right to withdraw or amend the product at any time.

For more information about the product, terms & conditions, you can refer to any USB Bank Branch, or Customer Teleservice Center