|Condition||Maximum Years||Margin of Finance||Interest rate|
|New||9 years||90%||3.31% p.a.|
|Used||7 years||90%||4.1% p.a.|
How much the bank charges you based on your loan amount & loan period
You need to be at least 18 years old, with a monthly salary of RM2,000 to apply for this hire purchase.
There are a few factors to consider during your application, including your age, income, type of car, and your overall creditworthiness. If these criteria are found wanting you may want to find a guarantor.
Again, there are a few benchmarks to take into account. Is it a local or foreign car? Is it new, or old? Is it a popular model?
All these things are used to determine how much you can borrow, the interest rate, and how long you can stretch your monthly repayments.
For a new car, you can finance up to 90% of the car's value over a period of nine years, whereas a well-maintained 10-year-old car can only be financed for up to 80% of its market value for a maximum of 3 years.
Once your loan has been approved you'll be given a schedule of your fixed instalments, detailing all the relevant information about your monthly repayments.
You can easily transfer the money via. online, ATM transfer, or Standing Instruction.
The consequences are, well, bad. It will cost you an extra 1% per annum interest on the outstanding amount, even if you're one day late!
If you miss your repayments for two months in a row, you might have your car repossessed by the bank.
We’ll guide you through your application for this financial product