Maybank's car loan rates are not particularly competitive compared to those of other loans available in Singapore, due to its high interest rate of 3.25%. Therefore, it is best to view the bank as a backup option if you are not approved for other sources of vehicle financing.
|Summary of Maybank Car Loans|
|High Interest Rates: 3.25% p.a.|
|Loan Tenure: 1 to 7 years|
|Maximum Loan Amount: Up to 60% or 70% of vehicle price|
Table of Contents
What Makes Maybank's Car Loans Stand Out to Borrowers
Maybank charges a much higher interest rate of 3.25% for its car loans than other lenders in Singapore, making it a less affordable option. For example, over the course of a 5-year S$50,000 loan, Maybank's car loan costs S$1,175 more than typical car loan with a 2.78% interest rate. With that said, borrowers that are unable to obtain a car loan from other banks may want to keep Maybank in mind as a an alternative to other lenders. It is also worth noting that Maybank offers Islamic auto financing, which may be of interest to prospective borrowers. However, Maybank does not provide additional details about this product on its website, making it difficult to assess its affordability compared to other loans.
Total Cost of Maybank's Car Loans
|Duration (Years)||Flat Rate||Monthly Payment||Total Interest Cost|
Who Can Apply: Eligibility Criteria
Maybank offers its car loans to Singaporean Citizens, Permanent Residents and foreigners residing in Singapore. Applicants must be at least 21 years old. Foreigners applying for a car loan from Maybank must apply with a local guarantor. Additionally, Maybank offers the largest loans for new and used cars possible under MAS rules, with principals of 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
Maybank does not provide details of any fees associated with its new or used car loans. Typically, lenders charge fees for late payments or for fully repaying a loan before the end of its tenure. We strongly recommend that you understand the fees associated with any financial product before applying. This also true for car loans, as expensive fees can increase the total effective cost of owning your vehicle.
How to Apply: Application Process
Individuals interested in applying for Maybank's car loans must complete an application form and provide documents proving their identity, income and employment. Maybank also requires applicants to complete a hire purchase agreement form, if applicable.
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)