Wing Hang aims at car loan boost
Wing Hang Finance, a wholly owned subsidiary of Wing Hang Bank, is to launch a car loan package to expand the bank's portfolio of private-car financing.
Company director Edward Chan estimated that 40,000 new cars would be sold this year.
With the loan package, Wing Hang is aiming to capture a 5-10 per cent share of new sales.
The plan begins at an annual flat rate of 5.75 per cent, which is equivalent to an annualised compound rate of 11 per cent.
It also comes with benefits such as free personal accident insurance covering up to $3 million, a 45 per cent discount for comprehensive vehicle insurance, and $300 worth of Western Cross Harbour Tunnel coupons.
Wing Hang Finance has usually been involved in financing purchases of heavy goods vehicles and tractors.
This sector makes up 70 per cent of the company's loans.
Private-car finance is only 10 per cent of the company's portfolio.