We have a range of solutions to help you buy a new vehicle.
Leasing a car is simple:
- Choose the vehicle that you want and the type of lease.
The type of lease you should choose depends a lot on whether you only want to use the vehicle over an agreed period, or whether you want to own it when the lease period ends. You can read more about the lease conditions here.
- Fill in a lease application and submit it together with the required documents to us.
- We will make you an offer and if you accept it, we will sign a lease contract with you.
- After you have made the first payment and paid the contract fee, the seller of the vehicle will hand the car over to you and you can start driving it straight away.
If you want to know approximately how much your lease payments will be, you can use the lease calculator.
If you choose an operational lease, we will buy the vehicle of your choice and you can use it for an agreed time in exchange for lease payments.
An operational lease is right for you if you are not sure whether you want to buy the vehicle at its residual value when the lease ends, or whether you want to sell it to another buyer. For this reason the residual value that the car will have by the end of the lease is the last payment in the schedule of the lease payments.
When the lease ends you can:
- Continue using the car by renewing the lease contract (unless the car is too old)
- Replace the old car with a new one by choosing a new car for yourself and finding a buyer for the old one
- Become the owner of the vehicle by paying the residual value to lessor
If you return the vehicle to lessor, it has to be in good condition and its wear and tear must comply with the guidelines for identifying a vehicle's normal wear and tear (in Estonian).
You can learn more about the general conditions of an operational lease contract:
If you choose a financial lease, we will buy the car of your choice and you can use it for an agreed time in exchange for lease payments. If you have fulfilled the contract, you will become the owner of the car when the lease ends.
A financial lease is the right option for you if you want to own the leased car when the lease ends.
If you want your monthly lease payments to be smaller or to extend your lease contract when it ends, you can do this by making one larger additional payment at the end of the lease period.
You will become the owner of the car after you have made the last lease payment.
You can learn more about the general conditions of a financial lease contract:
Instalment payments is a form of financial lease that is used if no VAT is added to the purchase price of a vehicle. Such vehicles are usually second-hand and are sold without VAT by private individuals.
If you want to make smaller lease payments or intend to extend your lease contract when it ends, you can do this by making one larger additional payment at the end of the lease period.
You can learn more about the general conditions of a financial lease contract.
You can lease a new or a second-hand vehicle, and can choose between a car and a commercial vehicle.
- When the lease contract ends, the vehicle may not be more than 13 years old .
- The first payment must be for at least 10% of the vehicle's value.
- The interest rate of a lease can be floating and tied to the three-month or six-month Euribor with an added margin. You can also choose a fixed interest rate for the whole period of the contract.
- Leases can be for up to 60 months.
- You need to insure the vehicle throughout the whole of the lease with an insurance company (in Estonian).
- You must be at least 23 years old, and be an Estonian citizen or have a long-term residence permit in Estonia.
- You must have had a secure job and a stable income for at least six months.
- Your monthly lease and other loan payments may not exceed 40% of your or your family's income.
- You can apply for a lease together with your spouse or partner, who must guarantee that you will fulfil your obligations under the lease. In this case we will consider your joint income and debts.
- If you are younger than 23 or older than 65, you will need someone to provide surety who is a member of your household and who is accepted by the lessor.
Documents required for a lease application
- An application you can submit on paper.
- A statement from your bank account for the last six months. The statement must be complete and it has to show all withdrawals and deposits made over the six months. If your income is transferred to our bank in Estonia, you do not have to submit the account statement.
- An offer to sell a vehicle.
- For a second-hand vehicle, a valuation report from a partner accepted by lessor
- If the vehicle is coming from abroad, you need to submit the original purchase and sale contract and the payment order proving that the purchase price has been paid in full. You do not need to submit these documents if your vehicle has been registered in the Estonian traffic register for at least 3 months.
- When you negotiate the terms and conditions of a lease contract you can choose whether to sign it at a bank office (in Estonian), digitally with your ID-card, or at a car dealership (in Estonian).
- It is important that everybody concerned sign the contract in the same form. So if one of them cannot sign the contract digitally, then all the others need to sign it physically on paper.
|Fees for signing lease contracts||VAT added||Rate and fee|
|Contract fee for a car or a commercial vehicle||NO||1% of the purchase cost min 200 €|
|Fees for amending lease contracts||VAT added||Rate and fee|
|Amendments to a lease contract: Changing the type of contract, Changing the lease period, Changing the type of payment schedule, Making an additional down-payment, Transferring the contract to another lessee||NO||150 €|
|Changing the payment date in the contract's payment schedule||NO||50 €, on first 3 months of the contract the change is free of charge|
|Changing the obligation to insure the leased asset in the terms and conditions of a lease contract||NO||50 €|
|Changing other terms and conditions of a lease contract (including changing the base rate of a lease contract with a floating interest rate)||NO||50 €|
|Early termination of a lease contract, selling a leased asset at a higher price||VAT added||Rate and fee|
|Fixed-rate financial lease contract:
the contract expires in less than one year
|NO||0.5% of the credit sum that is repaid early|
|Fixed-rate financial lease contract:
the contract expires in more than one year
|NO||1% of the credit sum that is repaid early|
|Financial lease contract with a floating rate||NO||No premature termination fee|
|Operational lease contract with a fixed rate||NO||The sum of the scheduled rates calculated for the period from the early repayment until the expiry of the contract|
|Operational lease contract with a floating rate: the term for advance notice is three months||NO||No premature termination fee|
|Operational lease contract with a floating rate: the term for advance notice is less than three months||NO||The sum of three months’ interest payments. The fee will not exceed the sum of the scheduled rates for the period from the early repayment until the expiry of the contract.|
|Sale of an asset at a higher price than its residual value||NO||50 €|
|Other services||VAT added||Rate and fee|
|Issuing a power of attorney, a copy of a contract or invoice, bank statement, certificate or other document related to a contract at the customer’s request||YES||10 € (12 € including VAT)|
Drawing up a notarized authorization (including the notary fee and state fees)
|Issuing a written statement that confirms the right to sub-lease a leased asset||YES||25 € (30 € including VAT)|
|Release of the additional collateral of a lease contract||YES||50 € (60 € including VAT)|
|Paying state and local taxes and parking fines||YES||25 € (30 € including VAT) per claim plus actual costs incurred by the lease company (VAT is added only to the administration fee)|
|Breach of a contractual insurance obligation||NO||The contractual penalty set out in the contract|
|Compensation for delays in returning a vehicle on time (per day)||NO||30 €|
|Compensation for sending a notice regarding arrears or other outstanding obligations||NO||5 €|
|Signing a debt agreement||NO||150 €|
|Restoring a prematurely cancelled contract||NO||190 €|
|Sale of an asset following early termination of a lease contract||YES||200 € (240 € including VAT) plus actual costs|
|Issuing a statement to confirm a client's debt or the balance of the unpaid residual value at the lessee's request||NO||Free|
|Registration of ownership in Road Administration e-service to the new owner who is not contractual party to the lessor||YES||50 € (60 € including VAT) state fees will be added|
|Registration of the asset in Road Administration e-service in the name of the lessor by the employee of the lessor.||YES||50 € (60 € including VAT) state fees will be added|
Leasing customer service 1782
Telephone: +372 710 1300
Fax: +372 710 1301
Luminor Liising AS
Liivalaia 45, 10145 Tallinn
Telephone: +372 710 1300
Fax: +372 710 1301
Current accounts for paying lease bills
Current account in Estonia
Payee: Luminor Liising AS