AmBank AmAUTOMate

Tell me about AmBank AmAUTOMate Solution.

AmAUTOMate Solution is a hire purchase agreement between a borrower (you) and a lender (the bank). AmAUTOMate Solution does not only extend financing means for you to own a car but also acts as the key to all your automotive needs!

With AmAUTOMate Solution, you have the flexibility to finance your dream car based on your affordability, whether through fixed-rate financing (fixed monthly instalment) or step-up financing (progressive instalment).

It is designed to simplify your car ownership journey with a host of value-added benefits ranging from competitive interest rates, and flexible tenures, to aftercare services such as road tax and insurance renewal.

Are there perks and benefits I can get from an AmBank car loan? 

It is worth mentioning that AmBank has a long-established relationship with over 3,000 panel dealers nationwide — from local to prestigious brands, you name it. 

Pick the one that is close to your heart and head over to AmBank website to get familiar with its online tools such as the instalment calculator where you can generate immediate online quotation.

Once you have satisfied with the numbers, you can straight away apply for AmAUTOMate Solution via its online application form. AmBank accepts application for financing of brand new car or even refinancing of current vehicle. 

The best part about AmBank car loan is that you can instantly renew your road tax and insurance or Takaful at selected AmBank or AmBank Islamic On The Spot branches.

What is my monthly obligation?

Depending on the type of interest rate you chose, either fixed or variable rate, your instalment amount will consist of the principal amount and interest charges, payable every month until the end of the loan period. 

If you late on your repayment, you will incur a late payment fee of 8% p.a. for fixed rate instalment, or 2% p.a. above the prevailing rate for variable rate instalment, calculated on daily basis!

AmBank has a legal right to repossess your vehicle when you have defaulted on payment for 2 consecutive months. Consequently, this will have a negative impact on your credit profile in the long run. 

A rule of thumb is to either pay on or before due date. Or, if possible, make an early settlement at any time within the tenure because you'll get rebated.

Do I need insurance coverage?

It is compulsory to take up Motor Insurance or Takaful to cover for loss and damage due to accident, fire, theft and third party bodily injury and death. There is also an optional insurance that takes care of any outstanding of your hire purchase financing in the event of death and TPD.

What documents do I need prepare to apply for this car loan?

• Copy of MyKad and 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

Foreigners who are interested to bank with AmBank can apply but on one condition — you need a guarantor.