Skip to content

Maybank Car Loan: Is it the best choice?

Most people buy a car through a car loan, which is the most straightforward way. But financing a car isn’t the best option for every car buyer. It will always depend on the car buyer’s income profile. 

Are you planning to apply for a car loan? Consider Maybank Car Loan to help you buy your desired automobile. Read up and discover what benefits you’ll reap if you acquire a car via a car loan!

Buying a car with Maybank car loan

What to Consider When Buying A Car?

Buying a car is one big purchase that you can make. It takes a significant amount of money to have one. That said, you have to think about it first. 

Know what type of car you will acquire that you can afford to pay. After you decide which car to buy, inspect the functions and features. Observe if everything’s functioning well. 

And one crucial thing, consider availing a Car Insurance. It’s better to protect against property damages you might need to cover in case of an accident. The coverage will include any bodily injury costs. 

The Benefits of Maybank Car Loan Singapore

Getting a loan won’t trouble you unless you take it without a proper assessment of your financial status. Besides, acquiring a vehicle through a Maybank Car Loan can benefit you! 

You can get a car loan that can finance a car up to 70% of the mobile’s purchase price. The bank offers a fixed interest rate incurred for monthly payments. Besides that, you’ll get repayment options from 12 months up to 84 months. 

Another benefit of getting a Maybank Car Loan is boosting your credit history. Just pay attention to the loan’s due dates. Paying debts on time might grant you a higher loan amount the next time you get a loan in the future.

Important Note: Maybank Car Loan doesn’t apply to imported and rental cars.

Maybank Auto Loan Eligibility Requirements

Each bank has its own set of eligibility requirements. Generally, banks consider a borrower as eligible when they are:

  • At least 21 years old
  • A Singaporean citizen or Singapore Permanent Resident. Foreigners are welcome to apply (must have an Employment Pass and a local guarantor)
  • Earning at least S$1,500 a month.

Aside from these requirements, Maybank checks borrowers’ income and credit history records. Credit history shows your past financial transactions. Thus, it gives financial institutions an impression of whether you’re a trusted borrower. 

Understanding Maybank Car Loan Interest Rates and Loan Tenures

Maybank can offer you a car loan depending on the mobile’s open market value. If the value is $20,000 or less, you can get up to 70% of the vehicle price or valuation price (whichever is lower). 

But if the open market value is worth more than S$20,000, you can get 60% of the purchase price or valuation (whichever is lower). 

It’s up to you how long you want to repay the loan. You can choose from Maybank Car Loan’s Loan Tenures from one year up to seven years.

Maybank Car Loan might not be the best rate in the market, but it can still be the best backup option. They have a fixed flat interest rate of 2.78% per annum. The bank hasn’t provided enough details regarding the car loan. And that made it difficult to know the affordability of the loan. 

Additionally, don’t rush to sign the loan contract. It’s best to fully understand your car loan’s terms and conditions.

Maybank Car Loan Penalty Charges

Maybank does not provide further details about the fees associated with the new or used car loans. But typically, Maybank has prices for the late payments or early settlement of the loan. 

Maybank Car Loan Application Process

All you need to do is submit an accomplished application form when you apply. Bring the necessary documents to help lenders assess your identity, income, and employment. 

Also, Maybank will require you to complete a hire purchase agreement form only if applicable.

Other documents you need to submit are:

  • A Photocopy of your Passport or NRIC
  • A Computerised payslip
  • A CPF Statement of the Account
  • Your latest Income Tax Notice of the Assessment and
  • A Transfer of your Vehicle Ownership (only if it is applicable) 

Maybank Car Loan Customer Service Hotlines

If you need immediate assistance regarding car loans, you can reach Maybank through these hotlines:

Maybank Customer Service:

  • 1800-629 2265 (1800 OF Maybank)
  • For the Overseas you can call (65) 65335229

Auto Finance:

  • 6550 7880
  • (65) 65500 7888 (for overseas)

Merchant Acquiring:

  • 1800-629 2265 (1800 for Maybank)
  • (65) 65335229 for the Overseas

The bank operates every Monday to Friday, 9 am to 6 pm, except for every Public Holiday.

Maybank Car Loan Payment Methods

Maybank has different payment methods. That includes Interbank GIRO, cheques, and cash.

Paying Car Loan through Interbank Giro

Download the GIRO application form and fill out the form. After, you send it to the Crawford Post Office. It might take four to six weeks. So to avoid late payment fees, you can pay via other available payment methods. 

Paying Car Loan through Cheque

Drop a cheque at the Fast Cheque Deposit Box at any Maybank branch. Or, mail it to the Crawford Post Office. Make the check payable to “Maybank”. And don’t forget to write the following on the back of your cheque:

  • Your Hire Purchase or Car Loan account number
  • The vehicle number
  • Your contact number 

Important Note: Never pay a post-dated cheque to Maybank.

Paying Car Loan through Cash 

Simply deposit the cash at any machine of Maybank cash deposit. You can do it over the counter at any branch of Maybank. 

Follow these simple steps:

  • Select cash deposit or Payment
  • Select hire purchase repayment 
  • Enter the last seven digits of your HP account number
  • Provide your mobile number 

Important Note: Round up your monthly instalment payment to the nearest whole. Because Maybank’s cash deposit machines only accept selected denominations.

In conclusion

Maybank has been in service for years, meeting all the financial needs of Singaporeans. May it be Maybank Personal Loans or Maybank Education Loan. There’s more you can discover about Maybank.

But if you’re looking for a short-term instant cash loan, you can find it in licensed money lending companies in Singapore. Not only that you can get the cash loan instantly, you’ll enjoy low-interest rates without any collateral requirement. 

Search on the official list of moneylenders of Registry of Moneylenders Singapore. All lenders listed are legit and trusted by many Singaporeans, including Cash Mart Singapore. 

Get your low-interest personal loan in no-time with Cash Mart!