• Hong Leong Finance Car loan

    Car Loan BYTES FROM OUR KITCHEN

    Hong Leong Car Loan Singapore

    Looking for a car loan to purchase that vehicle you’ve been wishing to get your hands on for like, ever? Car loans are amongst the most popular types of loans in Singapore after personal loans and the car market in Singapore is one of the leading markets in Southeast Asia. There are several banks and financial institutions offering car loans to Singaporean citizens, Permanent Residents and Foreigners as well. Among the various financial institutions offering car loans, Hong Leong Finance is one of them.

    Hong Leong Finance is a leading financial institutions that offers a spate of banking and financial products to Singaporean citizens, Permanent Residents and Foreigners. HLF offers personal loans, home loans, refinancing options, car loans, and more. So, if you are looking for the ideal financial institution to help finance your vehicle’s purchase, Hong Leong Finance might very well be your go-to source.

    Let us look at various aspects of the car loan product offered by Hong Leong Finance in Singapore. Note that Hong Leong Finance offers loans for both used cars as well as new cars. As much as the new car market has grown in Singapore, the used car market has posted a near equivalent growth trajectory.


    You’re probably eligible for an HLF Car Loan if you are

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    HLF Car Loan Minimum Age

    Atleast 21 years old

    HLF Car Loan Maximum Age

    Above 21 years

    HLF Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    HLF Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your HLF Car Loan amount eligibility is based on these factors

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    HLF Car Loan Minimum Salary

    No Info

    HLF Car Loan Maximum Loan to Value

    Maximum Loan up to 70%

    HLF Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible HLF Car Loan amount by these steps

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    HLF Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    HLF Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an HLF Car Loan

    • 1.Documentary proof of income (IRAS tax returns or salary slip)
    • 2.Insurance documentation, which can be arranged through us
    • 3.Copy of NRIC.

    HLF Car Loan DetailsUpdated on 18 Oct 2017

    HLF Car Loan Details
    Interest Rate 2.78%
    Margin of Finance Upto 70% of the purchase price
    Loan Tenure 1 year to 7 years
    Guarantor Requirement Guarantor is required for foreigners

    Types of Car loans offered by Hong Leong Finance

    There are basically two types of loans offered by Hong Leong Finance in Singapore. They’re:

    • The Hong Leong New Car Loan
    • The Hong Leong Used Car Loan

    Let us look at some salient features of each of these loan product offerings:

    Hong Leong New Car Loan

    • The Hong Leong New Car Loan comes with an interest rate of 2.78% p.a. The loan can only be used to purchase a new car in Singapore.
    • The loan is available to Singaporean citizens, Permanent Residents and Foreigners.
    • The tenure of the loan offered by HLF can stretch from 1 year to 7 years. 7 years is the maximum tenure that is available.
    • Hong Leong provides up to 70% financing against the cost of the vehicle. In most cases, this depends on the cost of the vehicle.

    Hong Leong Used Car Loan

    • The Used Car Loan from Hong Leong is similar to the new car loan – the tenure is a maximum of 7 years.
    • Financing of up to 70% loan is available on used cars.
    • To determine the loan amount, the vehicle’s open market value and the vehicle’s age are considered.

    Features and Benefits of Hong Leong Car Loan

    The Hong Leong car loan comes with an array of features and benefits. Let us take a look at the most prominent features:

    • Hong Leong Finance offers loans for both used cars as well as new cars in Singapore.
    • Loan tenures stretch form 1 year to 7 years.
    • Car insurance can be purchased along with the purchase of the vehicle.
    • Higher the tenure of the loan, lower the interest rate. However, higher the interest payment. In the case of short loan tenures, it is the opposite.
    • Interest rates for used car loans are slightly higher than rates for new car loans.
    • In the case of used cars, while determining the loan amount, the vehicle’s Open Market Value, along with the age of the vehicle, are considered.
    • Up to 70% of the vehicle’s cost will be funded by Hong Leong Finance.

    Hong Leong Car Loan Interest Rates

    HLF New Car Loan Interest Rate:

    Tenure of your car loan Applied Interest Rate (AIR)
    1 year 2.78% p.a.
    2 years 2.78% p.a.
    3 years 2.78% p.a.
    4 years 2.78% p.a.
    5 years 2.78% p.a.
    6 years 2.78% p.a.
    7 years 2.78% p.a.

    HLF Used Car Loan Interest Rate:

    Tenure of your car loan Applied Interest Rate (AIR)
    1 year 2.98% p.a.
    2 years 2.98% p.a.
    3 years 2.98% p.a.
    4 years 2.98% p.a.
    5 years 2.98% p.a.
    6 years 2.98% p.a.
    7 years 2.98% p.a.

    Hong Leong Car Loan Eligibility Parameters

    The following eligibility parameters need to be met in order to eligible for a Hong Leong Car Loan:

    • The applicant needs to be a Singaporean citizen, a Permanent Resident or a Foreigner.
    • The applicant needs to be a minimum of 21 years of age.
    • All documents as required by the bank need to be submitted.

    How to apply for a Hong Leong Car Loan?

    • You can apply for the Hong Leong Car loan by visiting the official Hong Leong website and filling out the online loan application form.
    • You will also need to upload your relevant documents – your identity and income documents.
    • An executive from Hong Leong will then get in touch with you and help you complete your loan application.

    Hong Leong Car Loan for Foreigners

    Even foreigners can apply for the Hong Leong Car Loan. If you are a foreigner who wishes to apply for the Hong Leong Car Loan, you will need to submit your work permit, your employment pass, latest payslips, and a copy of your Passport. You will also be required to have a minimum work experience of 2 years in Singapore.

    HLF Car Loan Calculator

    The HLF Car Loan Calculator comes in handy if you wish to apply for a car loan and calculate your monthly payments. The car loan calculator requires you to enter the loan amount, the down payment you intend to make towards your loan, your loan interest and your chosen tenure. Accordingly, the calculator will compute your monthly payments that remain fixed through the course of your tenure.

    Hong Leong Car Loan Documents Required

    If you wish to apply for a car loan, you are required to submit the following documents along with your duly-filled application form.

    • Front and back copy of your NRIC.
    • Income documents:
      • latest computerized payslips.
      • CPF statement for the last 1 year.
      • Income Tax Notice of Assessment.
    • Foreigners must submit a copy of their employment letter and their employment pass.

    Hong Leong Car Loan Hotline

    If you have any questions on your car loan and the application process, you can call the HLF hotline on +6579 6738 · 6323.

    Hong Leong Car Loan FAQs

    1. Will I get a car loan if I have a low credit score?
    2. Car loans are secured loans, as the vehicle itself behaves like collateral for the bank. If your income is at a decent level (meets the bank’s norms) and your employment stability is satisfactory, your loan application will be approved even if you are lacking slightly in the credit score front. However, your credit score needs to meet the minimum value (usually varies from bank to bank).

    3. Are repayments fixed throughout the tenure of the loan?
    4. Car loan interest rates are fixed interest rates. Repayments, thus, remain fixed throughout the tenure of the loan.

    5. Can I purchase a car insurance from Hong Leong along with my loan application?
    6. You can purchase the car insurance from your dealer directly. All new cars come with an insurance policy that is provided to the buyer by the car dealership. If you are purchasing a used car and the insurance is almost expiring, you can purchase a Hong Leong car insurance.

    7. Can I opt to refinance my loan through HLF?
    8. Yes, if you wish to refinance your car loan, you will need to contact the Hong Leong Finance. Refinancing of car loans are done on a case to case basis.

    9. Can I close my car loan before its tenure ends?
    10. Yes, you can close your car loan before the end of your tenure. However, you will be required to pay a pre-closing charge that depends on your total tenure and the number of years completed.

    News About Hong Leong Car Loan

    • Nissan presents the Nissan LEAF to Whitlock as a token of appreciation

      Nissan has presented the gymnastics sensation Max Whitlock with the all gold, 100% electric Nissan leaf as a token of appreciation for bringing home two gold medals at the RIO 2016 Olympic games.Whitlock will be presented with the keys to a Nissan Leaf completely wrapped in bright gold on his return to the U.K. Max Whitlock is the first individual from the Team Great Britain athletes to be presented with this limited edition model. Nissan is the official automotive partner of Team GB and Paralympics GB and will present the athletes of the same with the new Nissan Leaf.

      22nd August 2016

       
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