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Hire Purchase

Hire Purchase
Hire Purchase

For Brand New Car, the loan can be borrowed with the maximum term of 5 years hire purchase and the loan can be borrowed with maximum term of 3 years for a used car.

The Disciplines for Hire Purchase

  • The same amount of interest and capital must be paid monthly with Amoritization Method with 13% interest rate per annum.
  • Hire purchaser has to pay 0.5% of the borrowed amount that described in the hire purchase contract for taxation.
  • Annually Comprehensive Insurance for Car must be done.
  • Monthly Installment Payment must be paid with the first (7) days of every month. If the payment will be defaulted to pay within the period, 0.05% rate per day on the installment payment must be paid as late fee.
  • 1% sale commission on the borrowed money must be paid by the Dealer.

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