CAR HIRE PURCHASE

EcoLogic FastAuto

From 0% Contribution

I AM INTERESTED
EcoLogic FastAuto

Why you should choose it

<p><span>From&nbsp;</span><mark><span>0% contribution</span></mark></p>

From 0% contribution

<p>Low Interest Rates</p> <p></p>

Low Interest Rates

<p>Discounts on Insurance Premiums&nbsp;</p>

Discounts on Insurance Premiums 

More on this product

Main Benefits
  • Decreased Interest Rate1 with interest rate margin from 3.25% for new cars and 4.00% for used cars.
  • From 0% contribution.
  • Up to 8 years repayment period
  • Discounts2 on Atlantic Insurance3 Motor Insurance Plans "Comprehensive" and "Comprehensive Executive", arranged through Bank's Insurance Agency:
        > 25% for the 1st year
        


  • No personal guarantee required.
  • No fees in case of early repayment.

Notes:

1. The interest rate is decreased by 0.25% in relation to the interest rate of the product FastAuto for non-ecologic cars.

2. Atlantic Insurance premium discounts, are subject to a minimum premium (after the application of the discount) of €270 with named drivers and €290 with Any Driver*  for ''Comprehensive'' and €320 with named drivers and €340 with Any Driver*  for ''Comprehensive Executive''.

3. Any application for any of the above mentioned insurance plans is subject to the assessment and approval of the respective Insurance Company and within their risk acceptance policy. Terms and Conditions apply.

* Any driver aged 24-70 with Cypriot or UK regular driving licence for at least 2 years.

Features

Eligible for: Physical persons, Cyprus permanent residents, aged from 22 years old and up to 65 years old at Hire Purchase maturity
Purpose: Financing of a new or used ecologic1 car for private use.
Amount: New Cars: From €10,000 to €50,000
Used Cars: From €10,000 to €30,000 
Duration: New Cars: From 3 and up to 8 years
Used Cars: From 3 and up to 8 years with max car age at Hire Purchase maturity 10 years
Contribution: From 0% (please see the interest rate section below for details)
Initial Bank Charges: Arrangement & Documentation Fees: 1% of the hire purchase amount.
Required Collaterals:
  • Co-ownership of the car under the Hire Purchase Legal Agreement.
  • Assignement of Full Comprehensive Car Insurance for the car's value, in favor of AstroBank.
  • Assignment of Life & Permanent Total Disability Insurance for the hire purchase amount and for the whole period of the hire purchase.

1Ecologic car:

(a) Hybrid vehicles / Electric vehicles, (b) Dual propulsion vehicles (i.e. vehicles powered by two energy sources such as natural gas, liquid gas, liquid fuel combined with electricity), also known as Fuel Flexible Vehicles (FFVs) and (c) Vehicles with lower CO2 emission (=<90g CO2/km).

Interest Rates

The interest rate is variable for the entire duration of the loan. Please find our interest rates and representative examples here.

Terms and Conditions
  • The product is granted based on a Hire Purchase Agreement.
  • Applications are subject to Bank’s approval pursuant to its lending policy being in force from time to time.
  • The Bank reserves the right to modify or withdraw the product at any time, in its absolute discretion.
  • The consumer has the right of withdrawal.
  • The Hire Purchase will be subject to further terms and conditions included within the Hire Purchase Agreement and/or any other agreements that shall be executed between the Bank and the customer in respect of the Hire Purchase. For more information, call us at 800 11 800 (24 hours) or visit any of our Branches.