Car Loan / Total Cost of Ownership Calculator

Owning a private car is a wish for many families in Hong Kong, but new cars often cost hundreds of thousands of dollars and used cars also require a significant outlay, so many car owners choose to apply for a car loan. Car loans are usually secured by the vehicle, with the loan amount typically a percentage of the car price and repayment terms from one to seven years. Compared with personal loans, car loan interest rates are usually lower, but the lender has the right to repossess the vehicle if repayments are not made on time.

In Hong Kong the phrase \"getting on\" is used not only for first-time homebuyers but also in the car world to describe owning your first private car. Whether buying new or used, you should carefully assess your repayment ability before applying for a car loan, including monthly payments, insurance, licensing fees, fuel, monthly parking and maintenance. The cost of keeping a car is often much higher than the cost of buying it.

HK FinBox 的汽車貸款 / 上車計算機，讓你輸入車價、首期、貸款利率、還款年期及相關費用，計算每月供款、總利息支出及養車總成本。計算機幫助你評估買車是否超出負擔能力，並選擇合適的貸款方案。

Try to make a larger down payment to reduce the loan amount and interest cost. Also check whether the loan contract uses the Rule of 78 for early repayment, to avoid extra costs if you later want to sell the car or refinance. Car insurance premiums vary greatly depending on driving experience, vehicle age and model, so remember to include this expense in your budget.