|Condition||Maximum Years||Margin of Finance||Interest rate|
|New||9 years||90%||2.85% p.a.|
|Used||9 years||90%||4.45% p.a.|
How much the bank charges you based on your loan amount & loan period
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.
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.
You will be able to finance the purchase of new or used passenger cars, and also unregistered reconditioned cars.
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.
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?
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.
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misrepresentation on the information and documentation you've provided to the bank to avoid your auto financing being withdrawn and/or cancelled.
We’ll guide you through your application for this financial product