The Bank of Finland has published first quarter 2026 data showing that new vehicle lending to Finnish households by other financial institutions and banks totalled EUR 1.05 billion, down 14% from a year earlier. The decline was driven by a sharp contraction in lending by other financial institutions, while banks slightly increased their lending. New vehicle loans granted by other financial institutions fell to EUR 443 million, the lowest first quarter level since the statistics began at the end of 2020. Banks operating in Finland granted EUR 604 million of new vehicle loans in the quarter, up from EUR 574 million a year earlier, while other financial institutions fell from EUR 644 million to EUR 443 million. The average interest rate on new vehicle loans from other financial institutions was 4.30%, slightly below the 4.37% recorded a year earlier but above 4.07% in the previous quarter. Banks granted vehicle loans at a lower average interest rate of 3.59%. On an effective annual interest rate basis, which also includes other loan costs, other financial institutions stood at 6.21% and banks at 6.52%. Fixed-rate loans accounted for 75% of new vehicle loans from other financial institutions and 95% of those from banks. The next Bank of Finland news release on other financial institutions is scheduled for 2 September 2026.
Bank of Finland2026-06-03
Bank of Finland reports first quarter vehicle lending fell to EUR 1.05 billion as other financial institutions cut new loans 31%
The Bank of Finland reported that new vehicle lending to Finnish households in the first quarter of 2026 totalled EUR 1.05 billion, down 14% year-on-year, as lending by other financial institutions fell sharply while banks slightly increased lending. Other financial institutions’ new vehicle loans declined to EUR 443 million, the lowest first-quarter level since 2020, while banks’ lending rose to EUR 604 million, with average interest rates of 4.30% and 3.59% and effective annual interest rates of 6.21% and 6.52%.