Hong Leong Bank Berhad is a Malaysia-based regional financial services firm with offices in Singapore, Hong Kong, Vietnam, Cambodia, and China. The Bank emphasises the development of financial capabilities to serve its clients across five continents and is technology-focused. Hong Leong Bank Berhad (“HLB” or “the Bank”) is a subsidiary of the Hong Leong Group and is listed on Bursa Malaysia.
When you buy a car, one of your expenses is the car loan cost. A car loan is a type of loan that lets you borrow money to pay for a car. You can use a car loan to buy a new or used car. The terms of a car loan typically depend on the age and value of the car and your credit history.
Hong Leong Bank offers 2 types of car loans, which are:
Interest rate for new cars
From 2.80% to 3.24% p.a., depending on the car brand, borrowing amount, and period
Interest rate for used cars
From as low as 3.78% p.a., depending on the car brand, borrowing amount, and period
Early settlement fee
Late penalty fee
8% of the outstanding balance (1% in arrears (Ta’widh) for Hong Leong Islamic Auto Financing-i)
The bank offers a variety of payment options, including Hong Leong Bank online banking service, interbank GIRO, and even paying monthly payments in person at a Hong Leong Bank branch. Your payments are based on a fixed interest rate, so you will not have to worry about your payments fluctuating over the term of your loan.
Yes. The car must have insurance coverage. You must maintain the car covered by comprehensive insurance throughout the financing duration.
This form of loan, also known as a title loan, uses the equity you have in your vehicle in return for your title. You get a cash loan, and the lender returns your car title once you’ve paid it back.
A balloon payment reduces monthly payments on a vehicle loan, but it necessitates a hefty amount after the term.
When buying a new or used automobile, the buyer may be given the option of lowering their car loan’s interest rate.
A form of refinance loan that allows you to utilise the equity in your automobile to get cash while refinancing it.
A term that refers to your credit history and can help determine whether you will be able to repay a car loan.
The interest rate is the percentage that the bank will charge on top of the principal amount or the amount that must be repaid.
The upfront payment for a car covering a portion of the cost. It is typically 10% of the total cost of a new car and 20% of the total cost of a used car.
The loan amount granted by the financial institution is expressed as a percentage of the property’s value pledged to secure the loan.
The total number of months or years required to pay off your loan.
Someone who is legally obligated to repay your loan if you cannot do so.
The monthly payment you must pay to the bank to pay off your loan.
The borrower violates the loan agreement, most commonly by failing to make the agreed-upon monthly payments.