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Car Loans

$
203,600

Total Repayment (as low as)

$
5,656

Monthly Repayment (as low as)

1.18
%

APR (as low as)

Monthly Flat Rate: 0.05%
$
219,440

Total Repayment (as low as)

$
6,096

Monthly Repayment (as low as)

1.85
%

APR (as low as)

Monthly Flat Rate: 0.27%
$
211,520

Total Repayment (as low as)

$
5,876

Monthly Repayment (as low as)

1.33
%

APR (as low as)

Monthly Flat Rate: 0.16%
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$
205,040

Total Repayment (as low as)

$
5,696

Monthly Repayment (as low as)

1.58
%

APR (as low as)

Monthly Flat Rate: 0.07%
$
205,148

Total Repayment (as low as)

$
5,699

Monthly Repayment (as low as)

1.68
%

APR (as low as)

Monthly Flat Rate: 0.07%
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$
205,760

Total Repayment (as low as)

$
5,716

Monthly Repayment (as low as)

1.78
%

APR (as low as)

Monthly Flat Rate: 0.08%
$
200,072

Total Repayment (as low as)

$
5,558

Monthly Repayment (as low as)

1.9
%

APR (as low as)

Monthly Flat Rate: 0%
$
209,360

Total Repayment (as low as)

$
5,816

Monthly Repayment (as low as)

2.99
%

APR (as low as)

Monthly Flat Rate: 0.13%
$
215,120

Total Repayment (as low as)

$
5,976

Monthly Repayment (as low as)

6.32
%

APR (as low as)

Monthly Flat Rate: 0.21%
$
215,840

Total Repayment (as low as)

$
5,996

Monthly Repayment (as low as)

6.55
%

APR (as low as)

Monthly Flat Rate: 0.22%
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By clicking “subscribe”, I consent to receive direct marketing material about the products and services of MoneyHero and/or its affiliates by email, phone and/or other electronic means. (Our newsletters are only available in Chinese at this time.)
MoneyHero compares loans that can be paid back over terms of between 12 and 84 months. The APR interest rate you will be charged will depend on your personal circumstances, and will be between APR: 2% and APR: 59%. This is a representative example of what it may cost: a Loan of HK$200,000 over 12 months at 7.02% APR and monthly interest rate at 0.31% would equate to monthly repayments of HK$17,287, and the total repayment of the loan that you pay back would be HK$207,444.
img_pl_faq_mobile.png
Need some help?
No worries, we've got you covered!

It costs at least HK$200,000 - $300,000 to buy a car in Hong Kong. For some luxury car brands, the price can be up to HK$500,000 or more. You also need to pay attention to the cost of your monthly payments, interest rates, toll fee, expenses on fuel, maintenance, parking, car insurance, registration and licensing, which cost at least HK$10,000 per month.

Buying and owning a car can be very expensive. Apart form the cost of monthly payments, you also need to pay for the fuel, maintenance package, daily toll fees, parking space, car insurance (such as third-party liability insurance and Comprehensive motor insurance), first registration tax and Hong Kong driving license. If you find that the money in your bank account is not enough to cover the full list price for your dream car, going for car financing can be one of your options.

Banks and car dealerships often provide car loan options tailor-made for paying off the cost of your vehicle. Most car dealers have their own in-house financing schemes. Some people take out car loans to finance their car, which are actually a variation of personal loans, structured to factor in the depreciation of a car's value over time.

Car loans often require you to make a sizable down payment earlier in the term. The bigger your deposit, the lower your monthly payments will be. Personal loans, meanwhile, can be either secured or unsecured: the former is backed by assets you already own for the lender's security, while the latter is determined solely on the basis of your credit status.

If you choose to apply for a personal loan, lenders are likely look into your credit score rating. This is to ensure them that you have the ability to make your payments on time. Should you have a less-than-ideal credit score, you will have better chances in getting a car loan than you would a personal loan. Either way, poor credit means you get saddled with a much higher interest rate. Ideally you should settle as much of your outstanding credit debt as you can before you begin applying for any kind of loans.

Normally you need Hong Kong Identity Card, residential address proof, bank statement and vehicle sales and purchase agreement to apply for a car loan. You should understand your ability to repay and compare the loans' interest rates and other terms before applying for a loan.

Have you thought of settling your loan early to ease your financial burden? Check your loan's conditions before you act! Since early repayment would affect the amount of interest earned by banks and financial institutions, many loans have stated in the contract that early repayment charges apply. Borrowers should read the terms carefully to avoid financial loss.

Confused about personal loan terms?

Glossary terms to know for first-time personal loan applicants