I just turned 21, can I apply for this loan?
You are very fortunate, as only individuals aged 21 to 70 years old can apply for this loan! For someone who's just started a career, or who doesn't have a credit history, it would be best to find a guarantor.
How much can I borrow to finance my car?
That really depends on the type of car and it's current condition. Hong Leong can finance up to 90% for a new car's market worth but only 85% for cars aged between six and ten years old.
The absolute maximum amount of time you can take to pay off your car loan is nine years. As an added benefit, Hong Leong also has their own insurance and road tax renewal services, which can save precious time when you're rushing to get everything organised.
Convenient payment options you say?
Yes, we are all rushed for time, that is why the bank allows for alternate ways to pay monthly installments such as the Hong Leong's very own online banking service, interbank GIRO, or even over-the-counter at your local Hong Leong branch.
Your repayments are based on a flat interest rate, which means you do not have to worry about your payments changing over the course of your loan.
What if I somehow forget to pay?
That would prove to be detrimental to your wallet! You'll have to pay 2% on the overdue amount for your forgetfulness. Not only that, if you are super forgetful, the bank might even repossess your car if it's found that you default on your payments for two consecutive months. So please stay up to date with your loan bills!
Scary, but how about early settlement?
Yes, you may choose to pay off your loan at anytime if you think you will have enough funds for the months ahead after paying off all your debts in one fell swoop. You will be entitled to an interest rebate on the remaining financing period.
What documents do I need to apply?
Latest 3 months salary slips
Latest Borang BE (supported with tax payment receipt)
Latest EPF statement with at least 6 months contribution
Latest 3 months bank statement / saving passbook
Letter of employment
Latest 6 months bank statements or savings passbook.
Latest Borang B (supported with tax payment receipt)
Business Registration & Form D