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Three fast steps to your dream car:
1. Apply online in a few minutes
2. Receive offers from multiple lenders
3. Compare offers and select online
4. Sign the agreement and get the money
Our goal is to make your loan application process quicker, simpler and more transparent. As Hong Kong's only true personal loan comparison service, we support you all the way from application to disbursement. Click below to read more about Lendela and how we empower thousands of loan-seeking Hongkongers every month.
Loan is one of the most popular ways to buy vehicle in Hong Kong. Although there are numerous facilities available for public transport still some people prefer to buy their own car. There are different options available when buying a car through a loan. Basic types of loan are
Personal loans are comparatively more flexible and are easily available online, at local banks. They also offer comparatively lower interest rates. A car loan is actually a variation of personal loan and it requires you to make a down payment to purchase the car.
Personal loan works in similar way as car loans in Hong Kong but they have a noticeable difference. In personal loan, you can borrow a higher amount than the actual value of your car. You don’t need to disclose the information of your car. Once you receive the loan amount you can use it to finance your car or any other purpose. Your car is not collateral in personal loan; in case of insolvency you can sell your car to pay off your debt amount.
Personal loan can be with collateral or without collateral. Interest rates are comparatively low on secured loans. In Hong Kong, loan amount can vary from HKD3,000 to HKD1,000,000. Once you sign the agreement, you agree to pay the loan amount, plus the agreed interest rate.
To apply for a personal loan for a car, first of all, you need to compare options as to which type of loan you want. Whether you want to go for secured loans, unsecured loans or auto loans. Once you decide on the loan type you need to follow the following steps for further process.