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Requirements for the vehicle and lessee


We offer car leasing for new and used vehicles, if:

  • The financed amount of the price exceeds 5,000 euros
  • The age of the car upon expiry of the lease period is less than 16 years
  • The mileage of the car at the moment of purchase is less than 250,000 km
  • If the car dealer is not a partner of SEB, a valuation report prepared by a partner of SEB is to be submitted
  • Before conclusion of the lease contract, the car must be registered with the regional office of the Road Administration
  • The leased vehicle must have a valid motor own damage insurance cover throughout the lease period. The motor third party liability insurance is the responsibility of the lessee

If the needed credit amount for financing the purchase of a car is less than 5,000 euros, could be suitable for you the SEB Car loan. In case of loan there is no obligation for motor own damage insurance and valuation report and there are no restrictions to the age or mileage of the car.

  • You are an adult citizen of the Republic of Estonia or have a long-term residence permit
  • You have a permanent job with at least 6 months’ length of employment with regularly received monthly remuneration
  • Your income is sufficient for the payment of current loan, leasing and hire purchase obligations and daily subsistence. As permanent income, we consider remuneration and other regular certified income (rent, lease, allowance, scholarship, etc.).
  • Your total amount of all monthly credit obligations together with the new planned lease is up to 30-50% of your net income. The exact rate depends on your income and number of dependants

You may apply for the leasing together with your spouse or partner, who will provide surety to the performance of lease obligations. In this case, we shall take into account the earnings and obligations of both persons.

The initial annual percentage rate of charge of car leasing (financial lease) is 3.66% under the following sample conditions:

  • price of vehicle, EUR 20,000 (VAT included);
  • down-payment EUR 2,000 (10% of the cost of vehicle);
  • residual value 0% of the cost of vehicle;
  • total amount of credit taken into use EUR 18,000 (VAT included);
  • interest rate 2.99% p/a on credit balance (the interest rate consists of 6 month EURIBOR and a margin of 2.99%; as at 23 March 2021 the 6 month EURIBOR rate was –0.518% (when calculating the interest, the negative EURIBOR value is considered equal to zero); the EURIBOR fixed in the contract may change every 6 months, the margin is fixed until the end of the contract);
  • repayment within 5 years in 60 monthly annuity payments;
  • contract fee EUR 225 is paid upon conclusion of the contract.

The total monthly fees of the bank's current account and payment order are 0.46 euros. The total amount of repayments payable by the client is EUR 19,423.42 and total amount is EUR 21,676.48.

The vehicle shall have comprehensive insurance and third party liability insurance cover throughout the lease period. Costs of insuring, possible property registration costs, state fees and price of the valuation report were not considered in the APR calculations.

Power of attorney for using the vehicle

  • If the user of the vehicle is not stated on the registration certificate, the responsible user of the car can apply to SEB for

    • an unattested proxy to drive within the Republic of Estonia
    • a notarised power of attorney to take the vehicle abroad
  • A notarised power of attorney is always required for taking the vehicle to CIS countries. In addition, a supplementary policy to optional motor insurance has to be concluded (if the current optional motor vehicle insurance is not valid in the CIS countries).

A responsible user of the car may apply to SEB Leasing for a power of attorney for necessary procedures at the ARK (e.g. if you would like to add or change users on the registration certificate, need a new licence plate, etc).

Please submit us your application for a power of attorney in good time (for a notarised power of attorney at least three working days in advance), so that we could issue the power of attorney on time.

To make amendments to the contract, submit us a written application.

We shall send the lease invoices to Internet Bank or e-mail. Inform us of your preferred choice in a letter.

For more convenient payment of lease invoices we recommend e-invoice with automated standing order service.

You will find information on your current lease contract and payment schedule in Internet Bank.

  • The lease term shall end with payment of the last lease payment. After all lease payments have been made and if, according to our knowledge, there are no additional claims against the vehicle (e.g. parking fine, fine for speeding), we shall send you a document for terminating the lease contract. On the basis of this document you have to reregister the vehicle in ARK and become the owner of the car.
  • If you have concluded financial lease with residual value, you will pay the residual value together with last payment. It is possible to apply for extension of the lease term for the payment of residual value in instalments. To submit an application, send us a letter.
  • Upon expiry of the lease term you must return the vehicle.
  • Please examine the Instructions for Normal and Abnormal Wear and Tear of Vehicles. This contains detailed information on the quality requirements of vehicles upon returning. In case of an operating lease with redemption obligation, present the vehicle to the repurchaser for inspection before expiry of the contract.