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. For Green Car - new electric or hybrid cars with emissions <50g CO2/km, the interest rate is 0,.25% lower than the interest rate offered for other Bank of Cyprus Car Hire Purchase schemes for new cars 
• Option for fixed or variable interest rate
• No personal guarantees
• Car pledged as the object of the hire-purchase
• Maximum repayment period 7 years.  For Green Car - new electric or hybrid cars with emissions <50g CO2/km, the maximum repayment period is 8 years
• No initial bank fees

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. For Green Car - new electric or hybrid cars with emissions <50g CO2/km, the maximum repayment period is 8 years
• Minimum own contribution 15%
• Favorable interest rate depending on the contribution. For Green Car -  new electric or hybrid cars with emissions <50g CO2/km, the interest rate is 0,25% lower than the interest rate offered for other Bank of Cyprus Car Hire Purchase schemes for new cars 
• Option for 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%
• Favourable interest rate depending on the contribution
• Option for fixed or variable interest rate
• With personal guarantees
• Car pledged as the object of the hire-purchase
• No initial bank fees

Permanent residents of the Republic of Cyprus who need a solution for every financing need. If you are not a permanent resident of the Republic of Cyprus or if you have not resided in the Republic of Cyprus for the last one (1) year, contact a Relationship Officer in our Branch Network to find out your options.

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:

• Up to 7 years for a new car.  For Green Car - new electric or hybrid cars with emissions <50g CO2/km the maximum duration is 8 years
• Up to 5 years for a used car.

Minimum contribution of 15% of the car purchase price for a new car and 20% for a used car.

You can benefit 0,10% lower interest rate of the Fil-eco Energy Loan, for the purchase and installation of electric charging points, if you have already been approved for Green Car Hire Purchase.

Yes. In the case of financing for an electric or hybrid vehicle with emissions <50g CO2/Km, you benefit from a favorable interest rate (find out about the interest rates here) and the possibility of a longer financing duration.

Financing with Hire Purchase:

• When your application is approved the car ownership is transferred to Bank of Cyprus and to your name and the seller is paid 
• When the financing amount is fully repaid, the car ownership 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 Branch Network.

Learn more on out interest rates here.

The Annual Percentage Rate (APR) is the total cost of the financing to the consumer. The APR includes all financing expenses paid by the client to either the Bank or to third parties (e.g. government fees, valuation expenses, insurance etc).

The APR is considered to be the best tool for comparing the real cost for the customer as it includes all the financing expenses. It helps you form a complete picture and to compare the Bank’s schemes with the schemes of other banks.

How can I check the status of my application?

You will be informed of your application status via a message on your mobile or via 1bank.

Can I add a joint lessee to the facility?

QuickCar products are available to one lessee. You can apply with a joint lessee through yor 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 initial 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. 

Find out about all Bank fees from the Table of Commissions and Charges

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). You can learn more in the Bank’s Privacy Statement.

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 a period of 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, but before the expiration of the decision, as mentioned in the relevant notification letter. This does not affect your other rights regarding the processing of your personal data.

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.

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, 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. The use of digital signatures is not possible for QuickCar Hire Purchase.

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. 

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 Internet Banking or the BoC Mobile app.