A lot hassle for direct case. Most bank don't want to do it anymore. Unless through a reputable used car dealer.

how much is the loan interest for used for like 3yrs, 5yrs&7yrs?
any idea?

Honda Civic FD2 Year 2006
I take offer from Affin Bank , 9 Years...3.3%....

Affin Bank - Miss Tan ( Affin Taman Maluri Cheras)

planning to get new vios...which bank offers the lowest rate currently?

my persona b-line 45k loan 3.25% for 9years 2 months ago..consider full loan..

This post has been edited by raimy_m9: Oct 24 2011, 04:42 PM

What is actually the "Annual Percentage Rate" in the loan contract? It shows different % with the interest? Any1 can explain it? (Better with examples) Thx.

Dear buddies, I am familiar with real estate loan but I'm a first time car loaner.
Anyone know how car loan penalty works if I settle them earlier? Say if I have a car loan with loan period of 8years, and would like to settle it after 3 years running.

It appears like noone is able to give me a definite ans.... besides giving me the numbers using a loan settlement calculator!

ask the bank different bank have different T&C, but all of them have minimum bonding period....usually after few years they dont have any extra charges...

anyone know how much is the current interest rate? is it different for 9 years and 5 years loan?

No penalty even you settle it after 1 month. Previously there is a penalty if you settle your loan earlier (6 - 12 months) but someone complained to Bank Negara and they have to abolish it.

Bank don't encourage loan to be settled earlier because they lose revenue.

Early settlement will save you interest charges.

2.57 from public bank, after 20% dp for 9yrs.

how much is your loan amount bro??

If you can have a bigger down payment on your car, the interest rate on your car loan might be lower. Sometimes financiers can work with you like that to lower the terms if you bring more to the table upfront.

No, car loan is not housing loan.
You can settle it at anytime.
No penalty and they will give you an early settlement amount which deducted the interest.

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Added on January 10, 2012, 3:27 pmYou also have to take count of the car model.
If it is Malaysian made then expect up to 5%.

Better resale value car such as Honda and Toyota can fight for lower interest rate.

This post has been edited by luvimp: Jan 10 2012, 03:27 PM

3.1% for a used 2010 car.Any banks can offer better?

is anyone here ever heard Maybank EzyAuto Graduate?

which bank give 3.1%?

Actually, i got the new myvi at 2.88%... With 10% DP, Maybank Islamic.. Same goes to other malaysian models, below 3%

You can get more information at their website.

I suggest you to take the conventional package if you can because the rate offered by EzyAuto is higher.

I think there is no fixed rate for car interest loan,Bank Negara only put some some range for it: i.e national car (2.88-3.25%) or non national car (2%-2.5%). The actual rate to be paid: is the "game" played between dealer and the banks, and consumer will be paid what is agreed between car dealer and the banks (the dealer will come to you and tell, "this is the best I can get for you..bla..bla..bla"- and every dealer will get a commission from the bank if the buyer agreed to buy the car for the said interest). If the dealer can get the highest possible interest for customer to agree, bank will be happy, because higher interest rates means more income for the bank. and commi$$ion for the car dealer. win-win situation for the bank and dealer, but not so win-win between consumer and the bank. (unless the interest rate is below 2%)

If you see in some car ads in local newspapers, i.e: toyota and peugeout - they can offer 1.88%-1.9% interest rates for some of its model, it means there is no fixed interest! and from what I've read, to be eligible for the lowest interest rate, (in case you go deal directly with bank), they will take account a few things:

1. your monthly salary - they will look for bigger NETT income
2. your down payment - Bigger down payment, not that mandatory 10% dp, but maybe 20% or 30%.

I think it is very important to go to as many as possible banks to look out for best possible deal and do it yourself, not by a dealer or middle man. Unless, the ads already stated the interest rate is below 2%, i don't think you can find any better than that.