Car loan interest rates in Malaysia
Buying a car can be exciting and fuss-free at the same time. When you have enough cash to pay upfront, that’s great! However, if you need a car loan to get you through, you will find our guide here to be extra useful. Take note on the different repayment plans and monthly rates based on how much you are looking to get financed. These local banks offer the best car loan interest rates which guarantee satisfaction.
Maybank
It’s good to know that for Maybank car loans, specifically new or used cars, as long as you have a monthly salary of RM 2,500 and at least six months of employment, you can practically get financed. Applicants below the age of 21 or foreigners do need a guarantor. Maybank’s loans are praised for its affordable repayment plans and fast approval processing.
Ambank
With Ambank’s car loan, you can expect your car ownership journey to be a smooth one. You can enjoy its value-added benefits ranging from competitive interest rates, flexible tenures to aftercare services such as road tax and insurance renewal.
CIMB
You will instantly notice CIMB’s straightforward approach when it comes to car loan. With just a few simple navigations on its website, you can conveniently view fixed and variable rates, be it new or secondhand vehicles. They also offer separate loan packages for passenger and commercial vehicles.
How to calculate installment and car loan interest rates?
Wondering how to get the numbers correctly, you may find the formula below to your benefit.
Total interest = interest rate/100 x loan amount x loan period
Your monthly interest = total interest / (loan period x 12)
Your monthly instalment = (loan amount + total interest) / (loan period x 12)
For example, if you are getting a car loan of RM 70,000 with an interest rate of 3.5% and a five year period, here are the calculations based on the formula above.
Total Interest: 3.5% x RM 70,000 x 5 = RM 12,250
Monthly Interest = RM 12,250/ (5×12) = RM 204.16
Monthly Installment = (RM 70,000 + RM 12,250) / (5×12) = RM 1370.83
How to pay your car loan?
You can surely make your payment easily via online banking, ATM, cash deposit machines and more. As you are aware, each bank’s interest rates are different, so it is best to contact your preferred bank of choice to get the full information before making any commitment.
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