Will I be eligible for Hong Leong Hire Purchase Financing-i?
If you are worried that you are ineligible for an Islamic financing, do not worry, anyone can apply. The only condition is that you must be between aged 21 to 70.
How is this different from a conventional auto financing?
Well, first of all, Hong Leong adopts the Syariah Principle of Al Ijarah Thumma Ai-Bai ( AITAB), which is basically a leasing contract between you and the bank. The leasing period can be stretched out for up to nine years.
Hong Leong will be able to finance for up to 90% of your brand new car's worth. Sadly, the same cannot be said for used cars, you may be quoted a lower financing amount, and less time to pay it back. Every offer depends on individual circumstance and outcome of a credit check.
What are my obligations?
On top of your fixed monthly rental payments for this Hong Leong car financing, there will be a final payment in the form of a sales contract during the final month of your lease. Don't worry, it's just the formal method of transferring car ownership to you.
What happens if I do not pay my installments?
Repossession is a possibility if you default on your payments for two successive months - so please keep up to date with your bills. If you are merely late for a repayment, Hong Leong Islamic Bank will fine you with a late penalty of 1% per year on the overdue amount.
Is early settlement an option?
It certainly is, and it is a very good option at that. You will receive a rebate on the unexpired hiring period.
Awesome! what documents do I need to apply?
Latest 3 months salary slips
Latest Borang BE (Supported by tax repayment receipt)
Latest 6 months EPF statement
Latest 3 months bank statement/saving passbook
Letter of employment
Latest 6 months bank statements/savings passbook
Latest Borang B( Supported with tax payment receipt)
Latest 6 months commission statements