|Condition||Maximum Years||Margin of Finance||Interest rate|
|New||9 years||90%||2.92% p.a.|
|Used||9 years||90%||3% p.a.|
How much the bank charges you based on your loan amount & loan period
This car loan is based on the Al Ijarah Thumma Al-Bai concept. This means that the bank will rent you a car that it has purchased on your behalf and you lease it for the period that you pay off the loan installments. When you make your final payment ownership is transferred to you.
Anyone over 18 years old can apply. It goes without saying that you need a valid driving license!
If you're under 21 years old and have no credit history you have yet to earn the bank's trust, so you might be asked to provide a guarantor for this car loan.
Affin Islamic will accept new, used, or unregistered reconditioned cars, which can be either local, or foreign made cars. So, that's just about every car you can think of then. This package offers finance up to 90% of your car's value for up to nine years.
Yes. You need to pay a Transfer Service Charge of RM20 to the bank when the ownership of the vehicle is transferred to you upon the settlement of the financing facility. You also need to pay postage charges of RM1 for normal mail whereas for registered mail is RM5.
Affin Bank calculates your installments using a fixed flat interest rate. Over the course of your rental period, you will be following a fixed rental schedule. This is great if you want to know exactly how much to budget every month.
In the event you have fully paid the installment ahead of schedule, the bank has the right to increase its fee by RM50 from the asset's Sales Price.
Quite the opposite! You can settle your commitments earlier by paying a lump sum payment to the bank. On top of that, you will be given a rebate on uncharged interest as stated in the Hire Purchase Act 1967.
If you are found to have failed to pay two months worth of installments in a row, the bank has the right to repossess your car. That would leave you in a tight spot if your car is your main mode of transportation.
But being just slightly late for your repayments is not quite so bad, you'll only pay a penalty fee of 1% on the total amount outstanding.
We’ll guide you through your application for this financial product