Tell me about the AmBank AmAUTOMate Solution?
Gladly. First of all, this is a conventional fixed instalment car loan, which is also offered by AmIslamic Bank as a Shariah compliant hire purchase package. What sets this financing option apart is the many value-added benefits that's meant to grease the wheels on your application process, making it less of a chore.
AmBank have relationships with over 3000 panel dealers worldwide, instant road tax renewal services, extensive payment channels, and easy to use online tools such as the installment calculator and immediate online quotation. You will be able to finance cars, both local and foreign, new or used, for up to 9 years and at a margin of 90% of it's quoted selling price.
How are my repayments like?
You will be paying fixed monthly installments at a flat interest rate. If you are an AmSignature Priority Banking customer, you will get to enjoy preferential rates. Your repayments can be easily made, without you lifting a single finger via a standing instruction. For AmBank staff and government employee, you can opt to automatic salary deduction.
What If I miss on my installment due dates?
Then you better be ready to pay a penalty fee of 8% p.a.for the conventional AmAUTOMate, or 1% p.a. for the Islamic variant. If it so happens that you default on your repayments for 2 months consecutively, the bank will have the right to repossess your vehicle.
Will I be able to settle my loan earlier then?
Yes, absolutely! You will be given a rebate calculated from the remaining tenure period.
I am a foreigner, will I be eligible for the AmBank AmAUTOMate?
Of course, but on one condition - you will need a guarantor. You will also need to be at least 18 years of age, but not exceeding 55.
Great, what documents do I need?
Copy of MyKad & Driving License
Fixed income earners:
Latest income documents i.e. 3 months salary slip, EA form, income tax confirmation receipt, EPF statement
Variable income earners:
Latest income documents i.e. commission statements, income tax confirmation receipt, EPF statement
Bank Statements or savings account passbook (Latest 6 months period)
For new vehicle financing: vehicle sales order (VSO)
For used vehicle financing: vehicle registration card