Straight2Bank
PERSONAL INSTALMENT LOAN
| CAR LOAN (HIRE PURCHASE)
| CAR LOAN (LEASING)
| |
|---|---|---|---|
| Collateral | No collateral required | The vehicle owner must provide the registration document as collateral in which will be returned once the auto loan is fully repaid | |
| Loan amount | Personal Instalment Loan can be up to 18X monthly salary or HKD4 million | Not higher than the car price and no down payment required | Not higher than the car price and a down payment is required |
| Interest rate | Determined based on applicant’s income and credit history | The interest rate is generally higher and is affected by the car’s model, age, and specifications | The interest rate is generally lower compared to auto loans under hire purchase and is affected by the car model, age and specification |
| Car age limit | No | Yes | Yes |
| Car insurance | No required | A comprehensive car insurance is required | A comprehensive car insurance is required |
Your 1-minute guide for the ‘One-for-One’ scheme
The “One-for-One” scheme has been extended until 31 March 2026. Under this scheme, you can enjoy tax relief if you de-register and scrap an old private vehicle in your name and register a fully electric, zero-emission replacement vehicle.
There are no restrictions on the fuel type of the old private vehicle—whether it’s petrol, diesel, plug-in or non-plug-in hybrid or even an electric vehicle.
Am I eligible for the “One-for-One” Scheme?
You are eligible if you meet the following criteria:
-Your old vehicle must be at least 6 years old: At the time of de-registration, the old private vehicle must have been registered in Hong Kong for at least 6 years.
-You must have owned the old vehicle for 18 consecutive months or more: At the time of de-registration, you must have been the registered owner of the old private vehicle for at least 18 consecutive months.
-The old vehicle must have had a valid vehicle license for at least 10 months: In the 12 months prior to de-registration, the old private vehicle must have had a valid vehicle license for at least 10 months (304 days or more), either continuously or otherwise.
-Eligible private vehicle owners can also enjoy a First Registration Tax (FRT) Concession of up to HKD172,500, provided the pre-tax price of the replacement electric vehicle does not exceed HKD500,000.
Please refer to FIRST REGISTRATION TAX CONCESSIONS FOR ELECTRIC VEHICLES.
