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  2. Auto Financing

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Frequently Asked Questions

The market practice is typically to charge what is known as a “flat” or “applied” interest rate. This rate is derived by assuming that the Amount Financed is constant throughout the hire period.

However, the Amount Financed reduces over time so the Effective Interest Rate (“EIR”) is higher than the “flat” or “applied” interest rate. An example of flat interest rate calculation:
Amount financed: S$50,000
Hire period: 60 months (5 years)
Flat interest rate: 2.78%
EIR: 5.24%
Total interest payable: 2.78% x $50,000 x 5 = $6,950
Rental charges/ monthly instalment = $(50,000 + 6,950) / 60 = $949.17

Note: the amount of interest you pay via your monthly instalment reduces over time while the amount of principal you pay via your monthly instalment increases to keep the amount of your monthly instalments unchanged. This is in line with market practice and is commonly known as ‘Rule of 78’

If you choose to complete the purchase of your vehicle before the expiry of the hire period, an early completion fee will be calculated as follows:

• If your date of completion is less than 12 months from the commencement date, the early completion fee is 20% of outstanding interest + 1.5% of balance payable
• If your date of completion is 12 months or more from the commencement date, the early completion fee is 20% of outstanding interest + 1.5% of balance payable.

“Outstanding Interest” at any time is calculated as [n(n+1) x TI] / [N(N+1)]
where:
(a) n is the number of months remaining in the hire period
(b) N is the total number of months in the hire period
(c) TI is the Total Interest

You can pay via any of the following channels:

• GIRO – To apply, simply mail the completed GIRO form to us.
• Online Banking or internet transfer from any other bank
• Pay by NETS at AXS stations or Self-service Automated Machine (S.A.M.) located island wide.
• Cheque – Write your Hire Purchase Agreement Number, NRIC and contact number on the reverse side of the cheque. Cheques should be crossed and made payable to your repayment account. You may deposit the cheque at any of our branches.
• Cash payment at our Cash Deposit Machines

You may either submit your request via a dealer if you are purchasing a new vehicle, or call us for a quote.

Yes, this is however subject to approval and your total tenure, which may be bound by regulatory guidelines.