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Best Car Loan in Hong Kong 2021

Planning to purchase your dream car? Compare car loans in Hong Kong on MoneySmart now! Read More
100,000 personal loan Paid over 12 Months
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We found 4 Personal Loans for you!
Recommended
邦民日本財務 logo

Monthly Payment

HK$8,533

Welcome Offer
Approval on Sundays

Promise Easy Loan

APR*
4.49%
Total Amount Payable
HK$102,400
Total Interest Payable
HK$2,400
Monthly Payment
HK$8,533
Welcome Offer:
Up to HK$8,000 cash reward to new customers▲! Welcome Hong Kong non-permanent residents with 3 months and above working visa validity※
Valid until 03 Oct 2021 - See more details below
Apply Now
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WeLend logo

Monthly Payment

HK$8,458

MoneySmart Exclusive
Income proof free for designated loan amount

WeLend Personal Loan

APR*
2.79%
Total Amount Payable
HK$101,500
Total Interest Payable
HK$1,500
Monthly Payment
HK$8,458

Selected customer who successfully applied can get HK$500 supermarket cash coupon, no matter the loan is approved or not! You can receive up to $5,000 Cash Rebate upon successful draw down!

Valid until 01 Nov 2021 - See more details below
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Citibank 花旗銀行 logo

Monthly payment

HK$8,413

MoneySmart Exclusive

Citi Speedy Cash

APR*
1.78%
Total Amount Payable
HK$100,960
Total Interest Payable
HK$960
Monthly payment
HK$8,413

【Limited Time Offer】New customer who successfully apply and drawdown Citi Speedy Cash or Citi Card Debt Consolidation Loan can get up to HK$4,000 Cash Voucher + Extra iPhone 12 Pro / PS 5 / Galaxy S21 5G / Switch Lite / up to HK$8,000 Voucher!!!

Valid until 30 Sep 2021 - See more details below
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DBS 星展銀行 logo

Monthly Payment

HK$8,343

MoneySmart Exclusive
1-minute approval and same day disbursement

DBS Personal Instalment Loan

APR
4.04%
Total Amount Payable
HK$100,120
Total Interest Payable
HK$120
Monthly Payment
HK$8,343

Customer who successfully apply and drawdown DBS Personal Instalment Loan can get up to HK$2,500  “InstaRedeem” + Extra up to HK$7,800 SupermarketCash Voucher/Apple Gift Card!!

Valid until 30 Sep 2021 - See more details below
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Best Car Loan Rates in HK

Car LoanAPRFeatures
Citi Speedy Cash1.78%Tenor up to 60months
WeLend Personal Loan2.79%no limitation on vehicle type, vehicle usage (private or commercial) and not taking hold of your vehicle license
DBS Personal Instalment Loan1.56%Up to HK$10,000 reward
Promise Easy Loan4.49%Loan calculates in daily interest

Car Loan VS Personal Loan

To get yourself a new set of wheels while keeping your cash flow, applying for car loans can be the best strategy even if you are in a position to pay in full. In the past, car leasing may be the most common option, but with more car loans available, you have more choices than you thought! MoneySmart has summarised your available options when it comes to buying a car:

Car Loans

  • The vehicle registration document will be kept by the car dealer
  • Required to pay deposit upfront (applicable to rental)
  • Required to purchase comprehensive insurance
  • Restrictions on car types and ages

Personal Loans

  • The final loan amount and interest rates will be affected by your credit scores
  • Car buyers can keep the vehicle registration document
  • No restrictions on car types and ages

Should I go for car loans or personal loans?

The application of car loans is simple. It is often taken care of by the car dealer. but the interest rate is less transparent compared to car loans and it has restrictions on the car’s age. Applicants are required to buy comprehensive car insurance and the vehicle registration document will be kept by the car dealer, which is inconvenient. Conversely, if you go for personal loans, it provides you with greater flexibility with no restrictions on the types and the ages of the car. Moreover, you can keep your own vehicle registration document. You can also make use of MoneySmart website to compare the different loan products available before you make a final decision.

Used Car Loans

Prospective buyers may be worried that the car’s age may have a negative effect on the loan application. But this concern is not necessary. Car loans do not have restrictions on the car’s age. In other words, no matter if the car you would like to purchase is a brand new or second hand one, it really does not affect your application. But your application will be affected by your credit scores.

Car Loan FAQ

Is it wise to repay car loans earlier?

It depends on the car loans that you have applied for. In general, you are required to pay an early repayment charge, which makes it unwise to repay earlier.

Should I buy a car with a personal loan?

Buying a car in Hong Kong can cost a fortune from monthly repayment, insurance, maintenance fee, etc. If you don’t have enough funds to pay in full, it is wise to take off some financial pressure by taking out a loan with a low-interest rate to fund your purchase. A personal loan offers better flexibility when compared to car loans, you can also enjoy cash rebates for applying a personal loan through MoneySmart.

What documents are required to apply for car loans in Hong Kong?

You are required to provide proof of identification, proof of residential address, bank statement and car buyer's purchase contract to apply for a car loan.