CIMB Hire Purchase

Secure your dream car with CIMB 1-Minute Auto Financing InstaApproval. Get flexible financing terms and competitive fixed or variable interest rates.

CIMB Hire PurchaseCompetitive Rates
Tenure
up to 9 years
Loan Type
Fixed Financing loan
Interest Type
Variable/Flat
Margin of finance
Up to 90%
Excess Repayment
Not applicable
Early Settlement Rebate
Available

Interest rates

How much the bank charges you based on your loan amount & loan period

ConditionMaximum YearsMargin of FinanceInterest rate
New9 years90%2.85% p.a.
Used9 years90%4.45% p.a.

Fees & Charges

Interest Rate for New Cars
from 2.65% p.a. to 2.85% p.a., depending on car brand, borrowing amount, and period
Interest Rate for Used Cars
from 4% p.a. to 4.45% p.a., depending on car brand, borrowing amount, and period
Stamp Duty
RM10
Consent Letter
RM50
JPJ Fees
RM20
Early Settlement Fee
 None
Late Penalty Fee
8%  p.a of the outstanding balance

Requirements

Minimum Annual Income
RM24,000
Minimum Age
  • 18 to 70 years old
Who can apply
  • Malaysians

More Information

Who is eligible for a CIMB Hire Purchase car loan?

If you are hoping to be eligible for this car loan, please make sure that you are at least 18 years of age. With youth comes higher financial risk, so if you're under 21 years of age don't be at all suprised if CIMB ask you to provide a guarantor for your car loan.

Tell me about my monthly installments?

Your monthly repayments are calculated using a flat interest rate. Using this flat interest rate your payments will stay fixed and stiff as a stick throughout the entire tenure. That is to say, your car loan payments will be the same every month and never vary. 

On the other hand, you can also take up monthly instalments with a variable rate. That means your interest rate may fluctuate up or down throughout your loan period. 

What kind of vehicles can this loan be used for?

You will be able to finance the purchase of new or used passenger cars, and also unregistered reconditioned cars.

Okay, and if I miss paying an installment?

Then you'll be missing out on your car as well, as the bank are given the permission to repossess your car in the event that you fail to pay for two months in a row. If you pay a little late you will be penalised with a charge of 8% interest on the overdue amount.

Do I have the option to settle the loan earlier?

Yes, a CIMB Hire Purchase car loan allows for early settlement. You will also get a rebate based on the bank's unearned interest for the remaining period.

Great, what documents are needed for application?
Salaried Applicant:
  • Copy of NRIC & valid driving license
  • Latest 3-months salary slips, or
  • Latest 3-months Savings/Current account statements
  • Latest form B / EA or EPF statement
Self-Employed:
  • Copy of NRIC & valid driving license
  • Business Registration Certificate for sole Proprietor / Partnership
  • Copy of BR Renewal (Borang D/E)
  • Latest 3-months Savings/Current/ASB/ASN/Tabung Haji statement
  • Latest form B / EA or EPF statement

Tell me more about CIMB InstaApproval!

With CIMB InstaApproval, it only takes 1-Minute to secure your dream car. 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.

Am I eligible to apply for CIMB InstaApproval?

As long as you are a salaried employee with a payslip and/or EPF statement.

Do ensure that there isn't any form of misrepresentation on the information and documentation you've provided to the bank to avoid your auto financing being withdrawn and/or cancelled.

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