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5 Facts To Know About Maybank Car Loan

Maybank is known for its easy banking for individuals and corporates. Also, it offers competitive loans like Maybank Car Loan. Learn more about it here.

Maybank has started its venture in 1960. Currently, it has been recognized as one of the domestic systemically important banks in the city-state. The extensive financial products range from insurance to investments.

Maybank Car Loan Eligibility

Maybank offers car loans to Singapore Citizens, Permanent Residents, and foreigners who have valid Employment Pass. Aside from this, foreigners must also have a local guarantor. In addition, all applicants for the car loan must be at least 21 years old.

So do you think you are qualified? Before applying for the Maybank Car Loan, you need to know these five (5) facts.

Maybank Car Loan in Singapore

Maybank Car Loan Amount

The actual amount of the loan will significantly depend on the Open Market Valuation (OMV) of the car you want to purchase.

If the vehicle’s open market value is less than or equal to $20,000, you can borrow as much as 70% of the purchase price. However, if the car costs more than $20,000, you can only get up to 60% of the purchase price.

If you’ve got some discount, rebate or any other benefits offered by Maybank, these will be the first deduction from the OMV. Then, the loanable amount will depend on the remaining OMV.

Maybank Car Loan Tenure

Maybank also gives car loans to those who want to buy used cars. One thing that can affect your loan tenure is the car’s age. If the vehicles are less than 10 years upon loan maturation, your loan tenure can stretch up to seven (7) years.

If the vehicle is older than 10 years of age upon the maturity of the loan, the tenure you can get is maximum of four (4) years for revalidated COE of five (5) years. If the COE is revalidated by 10 years, then the loan tenure can be up to seven (7) years.

Take note that the age of the vehicle must not exceed 20 years upon the settlement of the loan.’

Maybank Car Loan Interest Rate

Maybank Car Loan has a fixed interest rate as low as 3.25% per annum. To calculate your monthly hire purchase instalments with the flat rate of interest, you need to follow these steps:

  • Multiply the principal amount of finance by the interest rate. For example, let’s say your loan amount is $15,000 with an interest rate of 3.25%. Your loan tenure is 7 years.

$15,000 x 3.25% = $487.5 x 7 = $3,412.5

  • Add the figure you’ve got with the principal amount. It will be your total amount payable.

$15,000 + $3,412.5 = $18,412.5

  • Divide the total amount payable by your tenure (in months)

$18,412.5 / 84 months = $219.20 a month

Maybank does not allow partial redemption

Partial redemption is not allowed by Maybank, but you can do early settlement. However, take note that there are certain conditions.

  • If you opt for an early settlement, you must pay 20% of the total term charges.
  • Also, aside from the 20% charge, you will have to settle the prepayment fee of 1% of the original loan amount of the loan.
  • Plus, you must send a 30-day notice before the settlement date.

Your classification might not be under the Hire Purchase Act

If the COE deduction from the purchase price and the amount does not exceed $55,000, then you will be classified under the Hire Purchase Act. But if the amount is higher than $55,000, your classification is under the common law and not the Hire Purchase Act.

The Hire Purchase is a transaction that gives you the right to use the car even if the whole amount still needs payment in instalments. Therefore, you can immediately enjoy the vehicle while paying through monthly instalments. Upon the loan settlement, they can then transfer the ownership to you.

Getting a car is not just looking for the vehicle unit. You must find the best car loan to finance your vehicle to make sure you can purchase it without sacrificing your basic needs.

Maybank car loan may be a good choice for some, but it is not a one-size-fits-all. Take the time to shop around for other options and consider the additional fees involved. Ask questions as much as possible to know all the facts you need.

If you need additional cash for the down payment, Cash Mart can help you out. Call Cash Mart today to find out how.