How is the Cruise Control Car Loan different from other car loans?
The Mach Cruise Control Car Loan offers flexible repayments using your Drive Account, this is a little bit different from other conventional car loans that follow a fixed repayment schedule. This means you'll be able to pay money onto the principal loan amount, reducing interest charges and speeding up the process of owning your car, just like a fully-flexible home loan.
If you think getting back to you in three working days is fast, Hong Leong Mach will be able to give you a conditional approval in 15 minutes!
How do I know if I am eligible for this car loan?
Someone as young as 18 years old can apply for this loan. Of course, your application is still dependent on your credit rating. If you think you are not financially sound, it might be a good idea to find someone to go guarantor for your car loan.
What are my monthly repayments?
Your car loan repayments are calculated based on your borrowing amount and your chosen financing period. You can pay extra on top of your installments to fully benefit from the Cruise Control Car Loan, especially convenient if you compliment it with a debit card from Hong Leong Mach.
Otherwise, it might be better to have a flat rate car loan with a lower fixed interest rate. But bear in mind that to set up the Drive account, you will need to pay a set-up fee of RM200 and a monthly fee of RM10.
And if i do not pay off my installments?
You will be charged an additional 2% above your car loan interest rate. Keep missing your payments and the bank has the authority to repossess your car.
On top of flexible repayments, can I pay a lump sum at any period for early settlement?
Yes you can! And, there's no charge for an early repayment. You might be better off paying extra gradually to reduce interest charges and principal amount, instead of paying it all off in one go!
What documents do I need when applying?
Here are the documents needed, on top of your MyKad and driving license.
Latest 3 months salary slip
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 comission statements