The general rule is that loans are accepted for vehicles whose age is not older than 10 years. In the event that the vehicle you intend purchasing is older, possibly a classic vehicle, you are kindly requested to contact our team by sending an email to [email protected]

Interest & Fees

• The general interest rate is of 9% per annum but is discounted for specific offers and products offered by Finance House plc. Current special interest rate offers start from a reduced Interest rate of 6.99% per annum, subject to terms and conditions.
• 2.75% Banking Fee charged to client on loan value subject to a Standing Order and/or Direct Debit instructions for automated monthly payments. This may rise up to 4.75% if such Standing Order and/or Direct Debit is not affected in favour of Finance House plc.
• €10 HP Bill Fee charged to client per bill.

Representative example:

• The Annual Percentage Rate of Charge (APRC) on a loan of €10,000, repayable over 5 years at a fixed borrowing rate of 9% per annum, will be 13.46%. The loan will be repayable in 60 equal monthly instalments of €229.90. The total amount paid after 5 years will be €13,793.93.

• The Annual Percentage Rate of Charge (APRC) on a loan of €10,000, repayable over 5 years at a fixed borrowing rate of 6.99% per annum, will be 10.57%. The loan will be repayable in 60 equal monthly instalments of €215.29. The total amount paid after 5 years will be €12,917.20.

Fees may be added to loan amount and financed as part of monthly bills.

Other Fees

• Customers wishing to pay up the account in full may be required to pay a fee subject to the closing of value due. This can only be determined at the point of closure as the amount is calculated on the value outstanding.
• A late payment fee of two euro (€2) per day, when the borrower’s account features in the Lender’s overdue reports. The fee will be charged to the borrower’s account until the borrower’s account is fully regularised, and this includes the payment of any outstanding fees of whatsoever nature.
• A monthly charge of five euro (€5) per month that shall become due on the issue of the Monthly Overdue Statement. This fee will continue to be levied until the borrower’s account is fully regularised, including the payment of any outstanding fees of whatsoever nature.
• A charge of twenty-five euro (€25) each time a legal letter is issued in the event of default in payments.

Repayments

Clients are obliged to settle their monthly dues by providing a Direct Debit Mandate/Standing Order to the Financing Company.

To apply for a loan, the following documentation is required

• Copy of a valid Identity Document (ID Card or Passport).
• Proof of permanent residential address if this is not evident on identity document, which can be in the form of a Utility Bill, Bank Statement or correspondence from local Government authority department.
• Residence Rental agreement if applicable.
• Copies of the latest three payslips and FS3 for previous year. In the case of self-employed individuals, we will request copies of your Profit and Loss Accounts and Tax Statements issued by the Inland Revenue Department for the last two years.
• Non-Maltese nationals may be required to provide additional information in respect of their residency status, occupation and permanency in Malta as proof that they have been residing in Malta for more than five years.
• Copy of the latest bank statement where salary/income is being transacted (3 months history).
• Other documentation may be requested at point of loan application review.

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