|Condition||Maximum Years||Margin of Finance||Interest rate|
|New||9 years||90%||3.75% p.a.|
|Used||9 years||90%||4.45% p.a.|
How much the bank charges you based on your loan amount & loan period
You need to be at least 18 years of age and earn a minimum of RM2,000 a month to apply for this loan. If you're over 18 years old but under 21 years old, you may be asked to provide a guarantor.
Yes! You will be able to finance the purchase of new or used passenger cars, and also unregistered reconditioned cars.
CIMB Hire Purchase-i adheres to CIMB's own Shariah standards. Your lease payments will be predetermined by the bank using a flat interest rate, leaving you no room for a principal reduction or lowering interest rate charges.
Otherwise, you can also choose a variable rate for your monthly instalments — that means your monthly repayments may go lower or higher throughout your loan tenure.
The worst scenario would be repossession of your vehicle by the bank and this will happen if you miss payments for two months in a row. Other than that, if you're a little late in making payment to your car loan, you can expect to be charged 1% interest per annum on the overdue amount.
Yes, you may. There is even a rebate on the remaining unearned bank profit. You can check out the calculations in the Product Disclosure Sheet.
With CIMB InstaApproval, it only takes 1 minute to secure your dream car. The approval will be given upon submission of complete documents with stable internet connection. Your car dealer will also be notified upon approval. Application is simple and paperless as you only need to apply using your NRIC.
As long as you are a salaried employee with a payslip and/or EPF statement, you are eligible.
Regardless, do ensure that there isn't any form of misrepresentation to the information and documentation you've provided to the bank to avoid your auto financing being withdrawn and/or cancelled.
We’ll guide you through your application for this financial product