Maybank Car Loan Review: Is it Worth Considering?

Maybank Car Loan Review: Is it Worth Considering?

Maybank's car loans are not the cheapest, but worth considering as a backup option.

Good for

  • Individuals that are not approved for cheaper loans
  • Individuals interested in Islamic vehicle financing options

Bad for

  • Individuals seeking the cheapest car loan possible
  • Borrowers seeking to refinance their existing car loan

Editor's Rating

3.5/5.0

Maybank's car loan rates are about average compared to those of other loans available in Singapore, with an interest rate of 2.78%. 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
Interest Rates: 2.78% 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 an interest rate of 2.78%, which is not the best rate available in Singapore. For this reason, we recommend that prospective borrowers view the bank as a backup option. 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 RateMonthly PaymentTotal Interest Cost
12.78%S$5,996S$1,946
22.78%S$3,079$3,892
32.78%S$2,107S$5,838
42.78%S$1,621S$7,784
52.78%S$1,329S$9,730
62.78%S$1,134S$$11,676
72.78%S$996S$13,622
Assuming loan of S$70,000

Who Can Apply: Eligibility Criteria

Consider this if you are not able to obtain a cheaper car loan

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 ValueMaximum Loan
S$20,000 or less70% of the purchase price or valuation price, whichever is lower
Greater than S$20,00060% 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)
William Hofmann

William is a Product Manager at ValueChampion Singapore, focusing on banking and SMEs. He previously was an Economic Consultant at Industrial Economics Inc.

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