|Condition||Maximum Years||Margin of Finance||Interest rate|
|New||9 years||90%||2.92% p.a.|
|Used||7 years||75%||3% p.a.|
|Used||9 years||85%||3% p.a.|
How much the bank charges you based on your loan amount & loan period
You'll be eligible as long as you are over 18 years of age, provided that you've got a valid driving license. If you're below the age of 21, the bank might consider you as a high-risk individual, so be prepared to provide them with a guarantor for your car loan.
It doesn't matter if you're eyeing a new, used, or unregistered reconditioned car, either foreign or local, as they all can be financed with the Affin Bank Conventional Hire Purchase. AffinBank can finance up to 90% of your car's value for up to nine years.
Affin Bank calculates your instalments using a flat interest rate. This means that over the course of your borrowing period, you'll pay the same amount of interest regardless of how much of your debt has been paid to date. Simple, easy, fixed monthly payments.
Of course, you can! Not only that, if you pay off your loan amount in one lump sum payment you'll be given a rebate on the remaining interest charges.
The bank will not hesitate to repossess your car if you fail to pay your monthly instalments for two months in a row, as set out in the Hire Purchase Act 1967. But if you do not default and are just a little overdue for a payment, you'll certainly get a late penalty charge.
We’ll guide you through your application for this financial product