Maybank Car Loan: Is it the best choice?
Most people buy a car through a car loan which is the most straightforward way to do it. 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 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 decided 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 give you trouble unless you took it without a proper assessment of your financial status. Besides, acquiring a vehicle through 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 fixed interest rate incurred to monthly payments. Besides that, you’ll get repayment options from 12 months up to 84 months.
Another benefit if you get Maybank Car Loan is your can boost up 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 cars 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 with a local guarantor)
- Earning at least S$1,500 a month.
Aside from these mentioned requirements, Maybank checks the income and credit history records of borrowers. Credit history shows your past financial transactions. Thus, it gives financial institutions an impression of whether you’re a trusted borrower or not.
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 S$20,000 or lesser, 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 the best rate offered in the market, but it still can 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 car loan. And that made it difficult to know the affordability of the loan.
Additionally, don’t rush signing the loan contract. It’s best to understand the terms and conditions of your car loan fully.
Maybank Car Loan Penalty Charges
Maybank does not provide further details about their 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
When you apply, all you need to do is submit an accomplished application form. Bring also the necessary documents that will 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
- 6550 7880
- (65) 65500 7888 (for overseas)
- 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, Cheque, 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 if you want 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 at 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.
You only have to follow these simple steps:
- You must Select cash deposit or Payment
- You select hire purchase repayment
- Simply Enter the last seven digits of your HP account number
- You 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.
But if you’re looking for a short-term instant cash loans, 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!