Hong Leong Finance provides Singapore's cheapest car loans for new vehicles. The lender's 2.48% interest rate for new car loans is the lowest available. Therefore, if you seek financing to purchase a new vehicle, we recommend that you consider Hong Leong Finance.
|Summary of Hong Leong Finance Car Loans|
|Affordable New Car Loan Interest Rates: 2.48% p.a.|
|Loan Tenure: 1 to 7 years|
|Maximum Loan Amount: Up to 60% or 70% of vehicle price|
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What Makes Hong Leong Finance's Car Loans Stand Out to Borrowers
Hong Leong Finance offers the cheapest car loans for new cars in Singapore, with an interest rate of 2.48% p.a. Therefore, if you need a car loan, we recommend that you consider Hong Leong Finance as it will be a relatively inexpensive financing option compared to many other lenders in Singapore. With that said, HLF's used car loan rates (2.68% p.a.) are less competitive, and should be viewed as a backup to other, more affordable options.
Total Cost of Hong Leong Finance's New Car Loans
|Duration (Years)||Flat Rate||EIR||Monthly Payment||Total Interest Cost|
Who Can Apply: Eligibility Criteria
Singaporeans, Singapore PRs and foreigners of at least 21 years old are eligible for car loans from Hong Leong. The bank offers used car loans for the purchase of vehicles that are 1 to 10 years old. Additionally, it offers the maximum car loan principals allowed by MAS at up to 60% or 70% of the vehicle's value.
Maximum Loan Principal
|Vehicle's Open Market Value||Maximum Loan|
|S$20,000 or less||70% of the purchase price or valuation price, whichever is lower|
|Greater than S$20,000||60% of the purchase price or valuation price, whichever is lower|
Other Charges and Fees
Hong Leong Finance does not detail their fees for their car loan products. However, other banks charge fees for late payments and repaying your loan in full before the end of the loan tenure. It is important to fully understand fees and other terms and conditions before applying from a loan from any bank, as fees can significantly impact your total cost of borrowing.
How to Apply: Application Process
Individuals that are interested in applying for one of Hong Leong Finance's car loans can apply by calling, visiting a branch or requesting more information online. Typically, car lenders require that applicants submit an application form as well as documents that prove the applicant's identity, income, employment and vehicle purchase.
Examples of Required Documents:
- Photocopy of NRIC/Passport
- Computerised payslip
- CPF Statement of Account
- Latest Income Tax Notice of Assessment
- Transfer of Vehicle Ownership (if applicable)