Who can apply for AffinBank Conventional Hire Purchase?
You'll be eligible as long as you are over 18 years of age, provided that you've got a valid driving license. If you're below the age of 21, the bank might consider you as a high risk individual, so be prepared to provide them with a guarantor for your car loan.
What kinds of cars can be financed with this product?
It doesn't matter if you're eyeing a new, used, or unregistered reconditioned car, either foreign or local, as they all can be financed with the Affin Bank Conventional Hire Purchase. AffinBank can finance up to 90% of your car's value for up to nine years.
What are my monthly repayments like?
Affin Bank calculates your installments using a flat interest rate. This means that over the course of your borrowing period you'll pay the same amount of interest regardless of how much of your debt has been paid to date. Simple, easy, fixed monthly payments.
Well, can I settle my car loan earlier?
Of course you can! Not only that, if you pay off your loan amount in a one lump sum payment you'll be given a rebate on the remaining interest charges.
What happens when I fail to pay my installments?
The bank will not hesitate to repossess your car if you fail to pay your monthly installments for two months in a row, as set out in the Hire Purchase Act 1967. But if you do not default and are just a little overdue for a payment, you'll certainly get a late penalty charge.
What documents do I need to apply for this car loan?
- Photocopy of NRIC/Passport and valid driving license;
- Latest 3 months (without overtime) pay slips / salary vouchers; or
- Latest 6 months (with overtime) pay slips / salary vouchers; or
- Latest 6 months commission statements (for commission earners); or
- Latest EA Form or Borang B supported by tax payment receipt or e-Filing supported by acknowledgement
- Photocopy of NRIC/Passport and valid driving license; and
- Certificate of Business Registration (Sole-proprietorship/Partnership); or
- Partnership agreement (if any); or
- Certificate of practice for professional (professional bodies); or
- Certificate of Incorporation, Memorandum and Articles of Association (Private/Public Limited Company); or
- Latest 6 months bank statements; or
- Latest EA Form or Borang B supported by tax payment receipt or e-Filing supported by acknowledgement; or
- Latest Financial Statements or Management Accounts; and
- Contracts in hand; or
- Sales vouchers (for agro-based sector); or
- Deposits / Investment / Unit trust