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Hire-purchase

1. What should I do, if I want to use the hire-purchase option for buying goods or services?

First, submit an application to conclude a hire-purchase contract. You can do this at our business partner’s point of sale or on our website. Once we have reviewed your application, we will assign you a limit up to which you can conclude one or, if you wish, also several hire-purchase contracts. You may also have the credit transferred to your bank account in the form of a consumer loan.

2. Can I use the LHV hire-purchase option for buying goods or services from a company that is not a business partner of LHV?

You can let us know about your purchase needs here. We will get in touch with a representative of that company and, if possible, begin to do business with them, so that you can use the LHV hire-purchase option for purchases also from that merchant.

3. Who can apply for hire-purchase?

As a private person, you can apply for hire-purchase if:

  • your monthly income is at least EUR 250
  • you are aged 18 to 75
  • you are an Estonian citizen or have a residence permit valid for at least another year

A company, too, can apply for hire-purchase. For this, an application needs to be completed and submitted along with the balance sheet and the profit report as at the end of the last month.

4. In what case do I have to submit my account statement and how?

You only need to submit your account statement if this is requested by LHV Finance customer support.
When you submit a six month account statement, you yourself choose the appropriate format:

  • statement digitally certified by the bank (so-called digidoc format)
  • hard copy printout certified by the bank
  • statement printed out at an LHV Bank office

If your bank does not provide printouts in any other form, a PDF file will do as well.

E-mail the statement to finance@lhv.ee or drop it off at an LHV Bank office.

5. How can I conclude an LHV hire-purchase contract?

Once you have submitted an application, we will assign you a limit valid for 90 days. Up to this limit, you can conclude one or several hire-purchase contracts.

  1. From among our business partners, choose the merchant from which you would like to buy goods or services.
  2. Let the merchant know that you would like to use the LHV hire-purchase option to make a purchase.
  3. Together with the merchant, choose the contractual terms that suit you and review the contract.
  4. Sign the contract.

You can also use the LHV hire-purchase option to make a purchase from an online shop. In this case, the merchant will provide you with information about the contractual terms and then send you the contract to sign.

Some online shops have the LHV hire-purchase link. It works like a bank link: if you choose this payment method, you can apply for a limit and sign a contract online straight away.

6. I have concluded a hire-purchase contract. What is the amount of the first instalment, and when is it due?

We will forward the information about the amount of the first instalment and its due date to you by e-mail once a contract has been concluded. The amount of the instalment and the payment due date are also recorded in the payment schedule attached to your contract. Should you be unable to find the information you need, please call our customer support on 680 2700 or e-mail to finance@lhv.ee.

7. When will you send me an invoice for paying the first hire-purchase instalment, and who do I pay it to?

We will send you the invoice by e-mail or post every month, five days before the payment due date. If you have also requested an e-invoice, we will send it to the Internet bank of your choice.

Pay your instalments into the AS LHV Finance account EE707700771001062897. Indicate the number of your hire-purchase contract as the reference number.

The most convenient way to make your monthly payments is to use the automatic e-invoice standing order service. You can conclude a standing order agreement via the Internet bank of the same bank where you would like to make your monthly payments.

8. I have not received an invoice for the instalment this month. How can I make payment?

You do not have to wait for an invoice to arrive to pay an instalment. If you have not received an invoice, look up the exact amount on the payment schedule of your contract. Transfer this amount into the AS LHV Finance account EE707700771001062897.

9. Under my contract, the payment due date is the 10th day of the month. If I transfer payment promptly on the 10th day of the month, will it be received on time?

At the latest, the instalment must be received in the AS LHV Finance account on the payment due date set out in your contract. We therefore advise you to transfer payment before 4 pm on the business day preceding the payment due date at the latest. This way, you can make sure that the payment will be received by us on time.

10. I would like my monthly hire-purchase instalment to be debited to my bank account automatically. What do I have to do for this?

For your invoice to be paid automatically, conclude an e-invoice standing order agreement via the Internet bank of the bank where you would like to make your monthly payments. Going forward, you will no longer need to worry whether your invoice has been paid on time. It is important to just make sure that on the payment due date there are sufficient funds available in your bank account for paying the instalment.

Information that may be needed for requesting an e-invoice and concluding a standing order agreement:

  • Invoice issued by: AS LHV Finance
  • Account number: account from which you wish to make payments
  • Customer ID: agreement number
  • Expiry of order: leave this field blank
  • Invoice payment: select automatic payments
  • Standing order date: date of receipt of invoice
  • Limit: leave this field blank
11. I would like to amend my current hire-purchase contract. What do I have to do for this, and how much does it cost?

Your hire-purchase contract is easy to amend. All you have to do is e-mail your request to us at finance@lhv.ee. If needed, you can apply for a grace period or change the payment due date or the amount of the monthly instalment. It costs 10 euros to amend your contract. This amount will be added to your next invoice. If you pay the entire hire-purchase amount early, this will attract no service charge.

12. I would like to repay my hire-purchase amount early. What do I have to do for this, and how much does it cost?

It is free of charge to repay the entire hire-purchase amount early. E-mail your request to us at finance@lhv.ee.

13. Who should I contact if I have questions about hire-purchase?

Information is available from our customer support by calling 680 2700 or e-mailing to finance@lhv.ee. Customer support operates from 9 am to 9 pm daily.

14. May a company also use hire-purchase to make purchases?

Yes, companies are also eligible for hire-purchase. For this, an application needs to be completed and submitted along with the balance sheet and the profit report as at the end of the last month. Purchases from 500 euros will be financed.

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