FAQ

General

  • How can I update change of mailing address?

    For change of address, you may download the form from our website and fax/email us for updating.
    Alternatively, you may fax/email us a copy of your NRIC reflecting your new residential address.

    Note: It is the customer’s responsibility to notify us of any change in address or contact number, otherwise we will send correspondence to the address as per contract.

  • How can I request for early settlement amount?

    Please download the form from our website, complete and fax/email back to us with signature as per agreement. We will then verify your signature, calculate settlement amount and revert back to you.

  • Will there be notification send to me to pay my car instalment?

    No notification is given, please refer to your Car Financing Payment Schedule to monitor and make your payment every month.

  • Is there any grace period to pay my instalment?

    Yes there is a grace period of 7 calendar days (including weekend/PH) from the due date of your instalment. For eg. Due date of instalment 5th of the month, your last day of payment is 11th.

  • Can I pay my car instalment via credit card or Nets?

    No, we do not accept Credit Card or Nets payment.

  • What is the mode of payment to pay car instalment?

    a) GIRO
    Please download form from our website.

    b) AXS
    At AXS station, choose Bills / Loans / Click into our Organisation ‘s Name
    4 fields to fill in: Hirer’s Name / Contact No. / Vehicle No. / Amount

    c) Cheque
    Cheque payable to “Tokyo Century Leasing (S) Pte Ltd.”

    d) Cash
    Payable at our office No. 8 Cross Street #09-04 PWC Building Singapore 048424
    from 9 am to 5 pm.

  • How can I change my Giro bank account?

    For change of bank account, you need to re-submit a new giro form.
    Please download the giro form, complete and mail back to us.

  • How do I terminate my Giro arrangement?

    To terminate your giro, please proceed to the nearest branch of your Bank and fill in a Giro Termination Form. Your Bank will notify us of your giro termination via letter.

  • Is there any late charges if I pay my instalment late?

    Yes, late charges will be imposed if you pay after the 7 days grace given.
    Late fee will be $50 plus overdue interest which is calculated from your due date of instalment till the date payment is made.

  • When will I be billed late charges and how do I pay?

    Late charges will be billed to you on a monthly basis.
    If your instalment payment is by giro, late charge will also be deducted by giro.
    If your instalment payment is by Cheque or AXS, please include this late charge with your next instalment payment.

Car Finance

  • How much can I borrow?

    The loan amount is dependent on the Open Market Valuation (OMV) of the financing vehicle :

    Open Market Value (OMV)Finance Amount
    Where OMV is
    more than
    S$20,000
    Maximum 60%
    of purchase price less amount of discount, rebate or any other benefits offered.
    Where OMV is
    less than or equal to
    S$20,000
    Maximum 70%
    of purchase price less amount of discount, rebate or any other benefits offered.
  • Is there any administrative charges upon loan application?

    We do not have administrative charges upon loan approval.

  • What is the early termination charges for full settlement?

    However, you may opt for early settlement whereby interest rebate is calculated using the following formula :

     

    Where “n” represents the unexpired period of hiring (expressed in months); and “N” represents the original tenure of finance (expressed in months).

     

    But the following conditions shall apply :

     

    i. In the event of early settlement, a charge of 20% of the total term charges payable under the HP Agreement, pro-rated for the unexpired hiring period (calculated in months).

     

    ii. In addition, a prepayment fee of 1.5% of the Outstanding Principle will be charge.

  • Are we allowed for partial redemption?

    No, partial redemption is not allowed.

  • How will I know whether my Hire Purchase application will be classified under the Hire Purchase Act?

    If the purchase price (less COE) of your car does not exceed $55,000 it will be classified under the Hire Purchase Act.
    Where the purchase price (less COE) of your car exceeds $55,000 it will be subject to Common Law and will not be classified under the Hire Purchase Act.

Car Leasing

  • What is the minimum age and driving experience requirement?

    The lessee or its assigned / authorized driver should be at least 27 years of age with at least 2 years driving experience and holding a valid Singapore or International Driving License / Permit in the appropriate vehicle classes.

  • What is the minimum period I can lease a car for?

    The minimum lease period you can lease out a brand new vehicle is 24 months. However, if and when you opt for a used vehicle that’s available in our current fleet for lease, the minimum lease period would be 12 months.

  • What happens if I want to end my lease early?

    If you want to end your contract before the agreed lease maturity, you would need to refer to the early termination structure stated in our lease/hire agreement. It’s usually around half the value of the remaining payments of your lease.

  • Is insurance included as part of the standard lease price?

    Comprehensive insurance coverage with Personal Accident Insurance coverage is included in the monthly leasing rate.

  • What happens at the end of my lease?

    Upon contract maturity, you’ll only need to handover to vehicle back to us with acceptance of the car condition subjected only to fair wear and tear and take on a new lease vehicle or extend your lease contract for another 3 to 24 months.

Equipment Finance

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