HJQ Group

A car loan is a type of personal loan specifically designed for purchasing a new or used vehicle. You can borrow a specified amount from major banks or other lenders for a set period, typically ranging from 1 to 5 years. You have the option to make a down payment or include a balloon (residual) amount to reduce your regular payments. At the end of the term, you must either pay off the balloon amount or consider refinancing it.

Car loans are generally secured loans, meaning that the bank may repossess your car if you fail to make payments. Secured loans usually have lower interest rates compared to unsecured loans.

The interest rate is often fixed, so you know your exact payment amounts from the outset. If you decide to pay off your loan early, there may be a small early termination fee imposed by the bank.

Securing a good deal on your vehicle is just as crucial as finding the right loan product. We offer a Car Selection Service to assist our clients in finding the best vehicle for their needs.