The Hong Leong Bank offers an Automobile Loan to those who want to buy a car irrespective of its brand, make or model. The Hong Leong Bank Car Loan is a very popular financial product in Malaysia. The interest rate on these loans is flat and is decided by the bank while applying for the loan. It is a great option for anyone who is living in Malaysia and has been dreaming about buying a car, that too without any worries about hefty amount of credit.
At least 21 years old
Less than 70 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Loan capped @
Up to 90% of the ex-showroom price
Installments of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 9 years
|Margin of Finance||Up to 90%|
The Hong Leong Auto Loans are a quick convenient way of securing additional financing for the purchase of a car. The rates offered are competitive and the finance margin is based on the age and type of car.
The Hong Leong Bank offers an Auto Loan for the financing of new as well as used or second hand cars. The maximum tenure of the loan is up to 9 years or 108 months which is the maximum loan tenure available for any car loan in the industry. Moreover, the bank also provides a motor insurance coverage and renewal of road tax is absolutely free with the loan. This loan ensures that the customer walks home with a car of his/her choice at the appropriate funding rate. With its long tenure, it is also an ideal option for people who have just started out on a job and want to buy their first car.
The bank provides different loan options for the financing of passenger & commercial vehicles as below-
Passenger Vehicle Loan: This loan is for the individuals who want to buy a vehicle for personal use. The margin of finance available on these loans is 90% for the new vehicles with the loan tenure of up to 108 months. On the other hand, the finance margin on used/old vehicles is up to 85% and the loan tenure is up to 84 months and 108 months for the vehicles which are upto 5 years old and 6-10 years old respectively.
Commercial Van Loan: This is an ideal funding option for individuals who wish to buy a vehicle for commercial or business purposes. The margin of finance for the purchase of a new commercial van is up to 90% with the loan duration of upto 84 months while for a vehicle which is upto 3 years old, the finance margin is 70% with the duration of the loan upto 36 months.
Any individual aged 21 years old or above and below 70 years can apply for this car loan. The individual must have a minimum annual income of RM 24000 to pass the criteria. Hong Leong Bank offers these loans to all the Malaysian residents irrespective of their race, religion or nationality i.e. even a non-Malaysian can apply.
The individuals applying for the Car Loan need to complete the following steps:
The bank allows numerous methods for the easy payment of the monthly installments such as online banking, ATMs, cash deposits, cheque payments, Interbank GIRO and standing instruction to bank facilities at any branch of the Hong Leong Bank located nationwide.
Those who can afford to pay off the entire loan earlier than the due loan tenure can choose do to so and will be offered a rebate on the interest for the remaining tenure. But there is also a penalty of 2% on the overdue amount in case the individuals fail to pay the installments on the date. In cases of payment default for 2 consecutive months, the bank has the right to repossess the automobile.
Car loan applicants in Malaysia can easily figure out their interest rate and monthly installment by using the car loan installment calculator tool. The calculator is available on Bbazaar.my website where you can put in details like loan amount, interest rate and tenure of prepayment and can know what your monthly instalment will be if you take a car loan from Hong Leong. The tool also yield the repayment schedule which can show you where you stand in terms of repayment at any particular time during the car loan term.
Apart from offering Car Loan, Hong Leong offers other products and services which include:
Yes, the bank offers car loans for commercial vehicles.
The following categories of borrowers can avail this loan:
The minimum age required for availing this loan is 21 years.
The maximum age of an applicant should be 70 years.
Yes, a self-employed individual can also apply for Hong Leong Bank Car Loans.
The bank may ask a borrower to submit the following documents:
You can get finance up to 90% to purchase your chosen car.
The bank offers loan repayment tenure up to 108 months within which you need to repay your car loan. This is applicable for private vehicles only. For commercial vehicles, the maximum loan repayment tenure is 84 months.
The bank offers two car loan schemes which include- Hong Leong Auto Loan and Hong Leong Hire Purchase Financing-i.
Yes, you can choose flat interest rate in your car loan.
Yes, the bank charges a penalty fees of 2% for defaulting payment.
The bank's interest rates on car loans range between 2.8% to 3.78%. However, these rates are subject to change.
Yes, you need to pay RM10 as Stamp Duty fees.
The bank offers the following schemes –