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Car loan interest Rate in 2010, what is the current rate??
MilesAndMore
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Jan 6 2010, 02:14 PM
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QUOTE(realventis @ Jan 6 2010, 12:17 PM) is he telling the truth? y some my friend can get lower interest rate?? No. He is not. Back in 2005 when my mom bought her Proton Waja, we visited 4 different Proton dealers here. Most of the dealers offer us 3.7% for a 7-year loan. There was one offered us 3.2%. Luckily we visited one more dealer and they offered us 2.8% only from EON Bank. It is advisable that you check out the interest rate yourself by visiting every banks. You should start with the bank you have an account with. QUOTE(realventis @ Jan 6 2010, 12:17 PM) can anybody give me some advice on getting the best loan car with lower interest rate? You should check out all the commercial banks in Malaysia. But please note that only local banks offer car loan. Foreign banks do not. Look out for EON Bank and AmBank. Both are leaders in the hire purchase market.
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MilesAndMore
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Jan 12 2010, 11:14 PM
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QUOTE(solsekuin44 @ Jan 12 2010, 07:22 PM) Miles, the EON bank loan can be used to buy any car? It's not necessary to buy the national car with this loan right? Sorry, I'm new in cars.. The interest rate for national cars loan is always higher than foreign cars. So if you intend to buy a Toyata or Honda, you should be able to get an even lower rate
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MilesAndMore
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Jan 13 2010, 10:34 AM
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QUOTE(jes_leong @ Jan 13 2010, 02:52 AM) so which is a more better advice? Should we go for local car or should we get foreign car? foreign car = expensive= lower interest local = cheap = high interest Just go for the car type you can afford. Higher interest is one thing. Less expensive car is another thing. Interest rate for national car might be higher but it is also cheaper. If one doesn't make a lot of money, it is advisable that he/she just settle for a national car.
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MilesAndMore
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Jan 17 2010, 10:23 PM
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QUOTE(leyley @ Jan 17 2010, 09:12 PM) Yup. Stick to something that can be afford. End of the day, car is just another liability True. Not to mention it will not appreciate in terms of its value.
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MilesAndMore
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Jan 17 2010, 11:18 PM
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QUOTE(solsekuin44 @ Jan 17 2010, 10:49 PM) Am thinking of getting a Kenari as my first car. What don't you get a new car instead ? Lower maintenance ... Such as VIVA or SAGA. QUOTE(solsekuin44 @ Jan 17 2010, 10:49 PM) Should I take longer or shorter period loan payment? Usually, how do you guys do it? It depends, try to take the shorter period one if possible.
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MilesAndMore
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Jan 18 2010, 02:17 PM
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QUOTE(tinkerbel @ Jan 18 2010, 12:12 PM) @Matrix, Lol. I definitely agree with U and personally, I wouldn't take a car loan which is more than 3 years. Some people can pay in cash but most of them don't do that because they are afraid of LHDN come knocking their doors QUOTE(cheez @ Jan 18 2010, 01:47 PM) Interest rates for new local cars are fixed by the BN. I've been hearing many people saying this but i kind of doubt if it is true because last time when my mom bought her Proton Waja, the interest rate was around 3.70% with the exception from EON Bank. It also seems to me that every dealers will quote you different interest rate. Mom finally took the offer from EON Bank (just 2.9%).
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MilesAndMore
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Jan 18 2010, 03:52 PM
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QUOTE(cheez @ Jan 18 2010, 02:29 PM) Miles, but your case is 2005 wor. Right? Now is dy 2010. Somemore we had economic depression (If there were any) last year. So it wouldn't be a surprise if they're fixed. Yes. That was back in 2005 But we bought another car again in 2008. This time we bought a Proton Persona and RHB Bank offered the lowest at 3.40%. All others quoted us 3.75%.
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MilesAndMore
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Jan 18 2010, 05:19 PM
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QUOTE(cheez @ Jan 18 2010, 03:58 PM) How many years? Myvi for 9 years i knw is 3.75%. 5 years.
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MilesAndMore
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Mar 24 2010, 11:31 AM
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QUOTE(solsekuin44 @ Mar 24 2010, 10:31 AM) Service the loan? I don't get you But thanks ya? Service the loan means repaying the loan.
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MilesAndMore
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Apr 21 2010, 07:40 PM
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QUOTE(toughgshock @ Apr 21 2010, 05:58 PM) I have just cancel a loan processing from Public Bank Sunway, Shanta... asking for all sort of documents as if we can pay the loan...really annoying It's their way of protecting their number 1 position as the bank with the lowest NPL in Malaysia.
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MilesAndMore
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May 24 2010, 11:20 AM
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QUOTE(croomaniac @ May 24 2010, 11:15 AM) economics improve so interest increased? Yeah !!! Why does that confuse you anyway ?
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MilesAndMore
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May 25 2010, 01:36 AM
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QUOTE(croomaniac @ May 24 2010, 02:19 PM) since the economy goes up (people have money) so the interest will likely will go down (as people can pay installment).. that is what i understand.. so, if the economy is up, the interest should go down.. likewise, if the economy is down, the interest will hike~ can anyone master in economy clarify this? me, in other hand, has no degree in economy yo~ Not quite so. It all depends on the economy. Back in 1998, our interest rate went up like there is no tomorrow to prevent the total destruction of MYR. However, approximately 10 years later, Bank Negara slashed the key interest rate instead. Why ? This is mainly to increase spending. When the economy is up and everything is good again, interest rate should go up as you can see with Indonesia and Brazil. As a matter of fact, many actually see the 3.7% (the 12-month fixed deposit rate before the subprime mortgage crisis) too low for Malaysia. The normal rate should be around 4%-5%, so they say. This post has been edited by MilesAndMore: May 25 2010, 01:41 AM
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MilesAndMore
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Jun 16 2010, 08:40 PM
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QUOTE(MNet @ Jun 16 2010, 04:35 PM) if i take 7 year loan.
But after 2 year,i want to shorten the loan tenure can?
How? Contact your loan officer and they will arrange for you.
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MilesAndMore
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Jun 22 2010, 02:37 PM
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QUOTE(47ronin @ Jun 21 2010, 12:18 PM) The next OPR will be revised:-
- 8 July 2010 (Thursday )[COLOR=red] - 2 September 2010 (Thursday ) - 12 November 2010 ( Friday )
Take note on this date & do comparison on the interest rate. Should be OPR revision ... The rate can either be kept unchanged, increased or decreased.
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MilesAndMore
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Jul 1 2010, 12:28 PM
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QUOTE(investeveryday @ Jul 1 2010, 12:25 PM) and also, you might want to try checking out the foreign banks, you will be surprised. and also, most of the time, they provide better services, if you are lucky. Foreign banks do not offer hire purchase loan.
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MilesAndMore
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Aug 2 2010, 03:56 PM
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QUOTE(MNet @ Aug 2 2010, 03:02 PM) What is the age limit of HP loan? 18. And you might need a guarantor.
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MilesAndMore
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Aug 3 2010, 12:52 PM
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QUOTE(iostream @ Aug 3 2010, 12:33 PM) bn gov says they decrease the subsidy of sugar to help decrease the number of new diabetes cases, now they increased the HP rate, maybe is to help reduce the accident rate? That's a good one
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MilesAndMore
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Aug 11 2010, 08:37 AM
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May be they want to increase the interest rate back to the 90s level. Subsidized hire purchase interest rate from several government bodies which only government servants are entitled to was around 4% while hire purchase interest rate from commercial banks was around 6%.
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MilesAndMore
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Aug 11 2010, 05:45 PM
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QUOTE(csling85 @ Aug 11 2010, 05:35 PM) oh..like myvi is 46900 , down payment RM 5000
equals to 41900 rite ? 41900 x 4% = 1676 ( 1 year interest) 1676 x 7 yrs = 11732
so take 41900+11732 = 53632 / 84 months (7yrs)
so it means each month u've to pay RM 638.50
correct me if i'm wrong.. That's correct
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