Frequently Asked Questions - Car Financing

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Car Financing

1. What is "flat rate" and "effective interest rate"?
2. What are the types of HP Agreements?
3. How do I calculate the interest rate and the monthly instalment for the car financing?
4. What age must I be before I can to take up a car financing?
5. Is there a minimum income required to qualify for a finatiQ Car Financing?
6. Will I be entitled to interest rebates if I decide to repay the hire purchase before the end of the financing period?
7. Is the calculation of interest rebates under Act and Non-Act car financing the same?
8. Do I have to give advance notice if I want to repay my hire purchase before the end of the financing period?
9. Will I incur any penalty if I repay my finatiQ Car Financing before the end of the financing period?
10. Will I be able to purchase insurance for my car through finatiQ?
11. What do you mean by ‘Person to Person’?
12. How long does it take for settlement & transfer of ownership to be completed if I am purchasing the car directly from the owner?
13. After signing the hire purchase documents, how long does it take to prepare the cashier order for the seller?
14. Why must the seller and buyer be present to sign the hire purchase agreements?
15. If I buy a car through an authorised dealer, should I inform the dealer that I will be securing car financing through finatiQ?
16. Does finatiQ provide financing for commercial vehicles?
17. Will I be able to secure a car hire purchase financing if the age of the car is more than 10 years old (COE cars)?

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