More information

• Who is eligible for this product?

  Physical persons, permanent residents of Cyprus, who need a solution for every financing need.

  For further information, please contact the Service Officers of our branch network online, by phone or by written application.

• How much can I borrow?

  Minimum amount:

  • €2.500

  Maximum amount:

  • €35.000 -  QuickCar Hire Purchase
  • €60.000 – Other financing options through Internet Banking or Boc Mobile app or our branch network
• What is the repayment period?

  Minimum duration

  • 12 months for financing with variable interest rate
  • 3 years for financing with fixed interest rate

  Maximum duration:

  • Up to 8 years

   

• Is there a customer contribution?

  Minimum contribution of 15% of the car purchase price

• Are there any other benefits?

  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.

• Are there additional benefits for buying an electric or hybrid car?

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

• What is the financing method?

  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.
• What is the interest rate?

  You have the opiton fro fixed or variable interest rate.

  Learn more on our interest rates here.

• What is the Annual Percentage Rate (APR)?

  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.

• FAQs for Quick Car - Hire Purchase

  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 your 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. 

• Term & conditions for participation in Genikes Insurance discount

  TERMS AND CONDITIONS FOR PARTICIPATION in the 'Hire-Purchase of Green Car' promotional action

   

  As part of celebrations marking its 125 years of robust activity and contribution to the country's economy, Bank of Cyprus Public Company Ltd ("Bank of Cyprus" or "the Bank") is organising a special promotional action ("the Promotional Action") with rewards for the first 125 customers ("the Beneficiaries") to apply and be approved for the Hire-Purchase of a Green Car under the following terms and conditions. The date on which the Promotional Action takes effect is set as 29/05/2024 while the expiry date will be the date on which the number of 125 Beneficiaries is completed.

  Beneficiaries can get a discount on insurance premiums for comprehensive insurance cover on their new private and/or commercial vehicle with Genikes Insurance. Specifically, a 25% discount in the first year of the insurance policy, 10% at first renewal, and 5% on the second renewal ("the Reward"), provided that the following are met:

  1. The Reward will apply to motor insurance policies to be entered into via the Bank's network of branches (Bancassurance) only, and not via other Bank channels such as the BoC Mobile App.
  2. The Reward shall be applied to the overall amount of the premiums as these are calculated based on the pricing policy of Genikes Insurance that is applicable at any given time.
  3. The overall amount of the insurance premiums for the new private vehicle that will arise after implementation of the Reward, cannot be less than the minimum premiums amount as set by Genikes Insurance from time to time; currently this amount comes to €309 for the Comprehensive Plus plan, and €353 for the Comprehensive Superior plan. In such an event, the final premiums amount will be that which corresponds to the minimum premium amount set by Genikes Insurance per category.
  4. The Reward shall apply provided that the Beneficiary has not been involved in an accident during the last 3 years.
  5. The Reward shall apply for 12 months from the date of approval of the Hire-Purchase for a Green Car.
  6. The Reward cannot run concurrently with any other discount offered via any other promotional action.
  7. The decision to accept the Beneficiaries, for insuring their new private and/or commercial vehicles, is at the sole discretion of Genikes Insurance, based on the underwriting criteria of Genikes Insurance
  8. The Bank may at its discretion bar any participant or not allow a person to be further involved in the Promotional Action if that person in any way interferes with the participation process or the smooth functioning of the Promotional Action, or breaches any of these Terms and Conditions.
  9. Beneficiaries participate in this Promotional Action on condition that they fully and unreservedly agree to these Terms and Conditions.
  10. These Terms and Conditions shall be governed by the laws of the Republic of Cyprus.