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Tokyo Century Leasing Car Loans

Get into your dream car and enjoy a competitive interest rate when you secure finance with Tokyo Century Leasing.

Established in 1979, Tokyo Century Leasing Singapore Pte Ltd (TCL) is a reputable financial institution specialising in car finance and leasing services for both corporate and individual customers. To date, TCL has serviced over 20,000 customers and has over $20 million paid up capital, strengthening the company’s position as one of the major players in the car leasing industry. TCL also has a wide dealers network. If you’re in the market for a new or used car from one of its authorised dealers, you may want to consider taking up a car loan from TCL.

Read the review below to find out more about how it works.

What kind of car loans can you apply for?

TCL’s new and used vehicles financing is provided through its authorised car agents and dealers.

  • New car loans. According to the Monetary Authority of Singapore (MAS) regulations, the loan amount for the vehicle is dependent on the vehicle’s Open Market Value (OMV). If the OMV of the vehicle is lower than $20,000, TCL may finance up to a maximum of 70% of the vehicle price. If the OMV of the vehicle is more than $20,000, the loan amount will be capped at 60% of the vehicle cost. Loan tenures can stretch from 1 year to 7 years.
  • Used car loans. TCL has a wide network of used car dealers where you can purchase a used car bundled with its flexible financing. Loan tenures can range from 1 year to 7 years, depending on the vehicle lifespan at the point of financing.
  • Balloon scheme financing. TCL is one of the few financial institutions in Singapore that offer balloon scheme financing to help those who are unable to fork out large sums for monthly instalments. Learn more about balloon scheme financing with our guide.

TCL car loan early redemption

Compared to most of the financial institutions in Singapore, TCL’s early settlement penalty is comparatively high – 1.5% of the outstanding loan amount. If you’re unsure about how early redeption works, find out more in our guide.

How to apply for a TCL car loan

TCL only provides car financing through its authorised car agents and dealers. To apply for a TCL car loan, please check with your prospective dealer if it has a partnership with TCL, or check with TCL directly for its list of authorised car agents and dealers. Before you apply for TCL car financing, make sure you meet each of the eligibility criteria listed below to increase your chance of approval.

  • Age. You must be at least 21 years of age. However, your age plus the loan term must not exceed 65 years old.
  • Residency. You need to be a Singaporean citizen, a permanent resident or a foreigner with a valid employment pass. If you’re a foreigner, you must also appoint a local guarantor.
  • Income. You must have a minimum monthly income of at least thrice of your monthly instalment.
  • Financial standing. Your credit score should at least meet the lender’s minimum criteria.

Bear in mind that every loan application will be listed on your credit file and rejections can have a negative impact on your credit score. If you’re unsure about your eligibility, it’s best to check with TCL directly before applying. You can contact the TCL hotline for car finance on 6532 0425.

You will also be required to provide the following at the bank, or upload the documents online:

  • Identification. Your NRIC (front and back) or passport and employment pass (for foreigners).
  • Proof of address (for foreigners only). Documents including your residential address (ie utility bills or credit card statements with your name and address).
  • Income documents. Copy of the latest three months’ computerised payslips from your current employer, the latest 12-month CPF contribution statement or the latest Income Tax Notice of Assessment. If you’re self-employed, you’ll need to provide your Income Tax Notice of Assessment for the last two years.
  • Car details. If you’re purchasing a used car, you must submit the vehicle registration/log card.
  • Hire purchase agreement form. Please complete and submit the hire purchase agreement form.

It’s always important to shop around and compare features before opting for a particular car loan, but if it’s flexibility you’re after, the TCL car loan may be just the type of finance you’re looking for.

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