Hyundai New Car Financing Rates
Hyundai New Car Financing Rates – Car prices in Singapore are notoriously high, making it difficult for the average Singaporean to buy a car without financial assistance. This is where car loans from banks and financial institutions come in handy.
Most car loans in Singapore have similar features. You can borrow up to 70% of the open market value (OMV) of your vehicle and choose between lease terms of 5 to 7 years. The biggest difference is interest. Remember, a 0.5% difference in interest rates can add up to thousands of dollars in additional interest payments.
Hyundai New Car Financing Rates
But what is a good interest rate on a car loan? Car loan interest rates in Singapore typically range from 2.28% to 2.88% and can vary for new and used cars. Let’s take a look at the best car loans in Singapore.
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Before you sign on the dotted line, it’s always a good idea to determine your best car loan options and look at the most competitive car buying terms and interest rates to make the car purchase as comfortable as possible.
In our analysis, we compared the most popular banks in the country and these car loan products were able to offer the best loans in terms of competitive interest rates, loan amount, ease of application and repayment terms. Let’s consider what makes each of them attractive.
With an interest rate of 2.28%, OCBC Car Loan has become Singapore’s most competitive bank financing for easy new car purchases. OCBC also stands out with its advanced instant approval service (within 1 minute), and customers can apply for a car loan even before choosing the car of their choice; Which you won’t get easily with other competitors.
DBS offers the lowest interest rate of 1.99% for used car purchases in Singapore and borrowers can enjoy interest savings thanks to their 6-month interest discount promotion. To qualify for this promotional offer, customers must meet a minimum loan amount of $10,000 and a loan tenure of at least 3 years.
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If borrowers cannot qualify for OCBC and DBS car loans, the following banks are worth considering for their competitive interest rates and car loan terms.
With a significant percentage difference on OCBC’s new car offer, the UOB Car Loan’s fixed interest rate of 2.68% makes it an attractive financing option. Let’s say you took out a $30,000 loan that can be repaid over 7 years and the $427 monthly payment is still competitive.
It might not be the best car loan in terms of interest rates, but at 2.78%, it’s about average and a good backup if you can’t get approved from other lenders. They share the same loan tenure and loan amount as other top banks in the list.
It would have been a double win for OCBC on new or used car loans if they had matched or offered more competitive interest rates than DBS. However, OCBC offers the next best option at 2.28% and the fast 1-minute approval service makes the car loan experience as easy as possible.
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If an OCBC new car loan isn’t right for you, Hong Leong Finance should be your next best option. Compared to other leading banks, Hong Leong Finance offers one of the lowest interest rates at 2.48% p.a. A fixed interest rate for the purchase of a new car and for any loan term.
Now that we’ve talked about your best car loan options, let’s talk about other important things you should know when taking out a loan.
One of the biggest factors affecting the maximum car loan rate is the car’s market value (OMV). OMV is the purchase or estimated value of the vehicle, excluding Singapore-specific taxes and duties.
It only shows the maximum amount you can borrow. Banks and other financial institutions will consider other factors that may affect the prime rate of the loan. Therefore, the bank will evaluate your income, other financial obligations and credit.
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The down payment is the maximum amount remaining from the car loan received from the bank. This will be paid in cash.
Let’s say you are approved for 70% financing on a new car worth S$80,000 This means you have to pay the remaining 30% deposit, which is S$24,000 in cash.
According to MAS, the maximum repayment period for car loans is 7 years. Remember that the longer the loan term, the more expensive your interest will be in the long run.
However, you can choose a short internship. This will lead to lower total interest payments. Just make sure that the monthly car loan installments are affordable.
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If you are getting a loan for an old used car, the maximum car loan tenure will be determined by the date of vehicle registration.
In Singapore, car loans are generally available for vehicles less than 10 years old from the date of original registration. So, if you are buying a 7-year-old car, your maximum repayment period is 3 years, because the car has only 3 years of useful life left.
One of the easiest ways to get financing is through an in-house car dealer financing package. With this option, you will be able to buy and finance a car under one roof Additionally, you may be able to negotiate a sale price.
A car dealer may offer you a deal where you can borrow 70% of the car’s OMV, even if it is worth more than S$20,000. This means you only need to pay 30% down payment.
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However, you must consider whether you can afford to pay the principal and interest on the loan.
Car dealers also offer bank loans through major Singapore banks such as DBS, OCBC and UOB. This option can be more convenient as the car dealer will make the transaction seamless and hassle free
So what do car dealers get with this financing option? Banks pay commission to car dealers if you apply for a bank loan through them.
Another option is to get a personal loan from an approved lender. Make sure that legitimate lenders in Singapore are regulated by the Lenders Register. You can verify a moneylender’s license and creditworthiness by checking the full list of approved lenders on the MinLaw website.
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Unlike banks where you can borrow up to 70% of the car’s OMV, with Legal Lenders you can borrow up to 6 times your monthly income. See the table below:
However, lenders in Singapore can charge up to 4% interest per month. In addition, they also charge the following charges:
Singapore is known for having the most expensive car prices in the world. Because of this, most buyers are turning to financial assistance to buy. Even if you are approved for a car loan with 70% financing, you will still need to arrange a large down payment.
In addition to the down payment, you also need to consider whether you can afford the monthly installments for the life of the loan.
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Most car dealers in Singapore can offer discounts, all you have to do is ask. You can get free credits for services or add-ons at significantly lower prices.
The contract should contain detailed information including vehicle model, engine displacement, color, year of manufacture and more.
Are you ready to buy your own car? There are various financing options from banks to domestic car loan packages, licensed lenders. But before deciding which car loan to take, compare different interest rates, terms and other loan terms.
Do you want to compare loans before making a decision? Loan Advisor is a financial directory comparison site trusted by over 1,000 Singaporeans. They provide free, unbiased and up-to-date information on the best loans with the lowest interest rates from the best licensed lenders. Request up to three loan offers today!
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Enter your details and get up to 3 loan offers from the best approved lenders selected by Loan Adviso Whether you’re buying a new car, buying a used car or looking to upgrade your car’s COE or refinance your car – we’ve got you covered. ! Below is the car loan promotion we currently offer. We offer you the lowest interest rates and the most flexible terms for your loan!
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Keep your car current to save more money! Practical options such as COE updates are needed now more than ever.
Let us help you renew your vehicle’s COE and offer you an incentive interest rate starting at 2.88%!
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What is your current car interest rate? How long will it take you to pay off the loan?
If you think your interest rate is in the high range, a car refinance can be a good way to lower your monthly payment or get a longer repayment period to reduce costs or financial burden.
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