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Auto Loan |
Personal Loan |
|
|---|---|---|
Interest rate |
12% new car 15% used car |
From 18% |
Amount |
Up to 70% of the car’s price |
Up to $25,000 or ៛100 million |
Loan purpose |
New or used car purchase |
Any purpose including purchasing a car with license plate |
Disbursement |
After car purchase and security registration |
Before car purchase |
Collateral |
Purchased vehicle |
No security |
Auto insurance |
Auto insurance with comprehensive cover required |
Not required, but recommend for own protection |
Processing fee |
1% min $350 or ៛1,400,000 |
1% min $50 or ៛200,000 |
Processing time |
Additional time required for registration at Department of Transportation |
Quick |
Documentation |
Additional documents to register security interest |
Simple and short |
Settlement |
Lock-in for one year Prior notice before settlement |
Anytime without penalty |