As the topic mentioned, due to the regulation changed. How much of latest loan rate for both national and non-national car ? How about used car rate?

Please share your car model, new/used, Loan amount , Loan Duration and Loan Rate

Thanks for sharing your information

This post has been edited by reeve-826: Nov 12 2021, 08:43 AM

9 Years Loan Maximum... BLM around 2.9% - 3% as for Used Car.. should be close to 4%

i got my saga flx se 1.6 from RHB islamic with 3.75% for 9 years

wow so high leh

This may be off topic, but anybody who cant afford to pay a car off in max 7 yrs should not be driving that car. 9 yr loans for cars is crazy.

9years is okay but the interest rate is a lil bit higher compared to 7years and 5years and below..if they are willing to use the car for 9years, then can't say them..usually if u know the car can last long then by all means, go for 9years unless u're the kind that will keep changing cars after 5years or so...

proton and perodua is having somewhat a lil high interest rate compared to other makes, to balance it maybe? lol i don't know..it has been like this for a very long time..

no need talk about nissan as their rates are out of the topic due to their so and so with banks..

other than that...it's mostly 2.4ish% lately..considered okay already compared to before

anyway...bank negara made or rather is using quite a lot of new laws and whatnot >.< making it difficult for some people to get loan for new and used cars...

Pug cars can get 1.88% for 5 years, 2.03% for 7 years, Hong Leong bank.

If I'm not mistaken, Nissan also offering something like that before CNY. Now I dunno

i'm more worried about bank negara lol..

yup due to bank negara.. this is the only bank that approved my loan.

base from them certain bank require 6 month pay slip + 6 month tele bank statement.

is really hard to get any loans from bank especially hire purchase.

thats why we can see certain company reported low sales from the showroom

Its not about whether the car can last long or whatever la. Its about AFFORDABILITY. If they cant afford to pay monthly installments for a 5-7 year loan thats a clear indication that their salary isnt sufficient. Thats why car repossesors are having good business these days because of ppl not living within their means. But some (very few) ppl may choose to extend their loans as they would prefer to dump the extra downpayment sum into other investments that earn more profits.

u can take 9 years loan and settle it within less than that..interest will then be calculated again as the monthly installments is paid..
many buyers did that and they are contented with it

That is seriously high, bro. My FLX SE bought right after Christmas 2011 was 2.94%.

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Added on February 17, 2012, 1:56 pmThose running own business may also be concerned with cash liquidity, because income is not always consistent. They will subscribe to a loan term that has the lowest monthly installment, they pay more or settle earlier when cashflow improves.

But It is always advisable to pay more downpayment in such cases.

This post has been edited by dares: Feb 17 2012, 01:58 PM

Car loans are not like housing loans. The interest is already calculated in for the whole duration. Early settlement of the loan only yields a small reduction in the total settlement figure.

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Added on February 17, 2012, 2:21 pmThe people im refering to here are surely not any business people. Im refering to a particualr race who loves taking loans for everything including beds & mattresses. But lower income groups in other races are also doing that now thanks to all these zero downpayment promos. You will notice that most of these ppl im refering to are very poor financial planners as well.

This post has been edited by cybermaster98: Feb 17 2012, 02:21 PM

Financial guru advice / guideline:

Max 15% of monthly income and not more then 5 years for the car loan. Even you plan to use the car more then 5 years.

We should invest the money not spending all the money on car loan. Car works for us not we work for the car. Let the investment generate some extra money for us.

yes, however they are happy with it when they can settle it earlier and at the same time, save a lil bit

well it's up to them as it is their decision to make

owning a car already would make us feel happy
many others can't own a car

different ppl got different mentality..

thats why alot of freshies got blacklisted coz they more into cars rather spend all money on them.

We all know that its their decision. No point stating the obvious. But this is a forum where discussions take place. Its not a decision making platform where ppl have to conform to suggestions or ideas. But sharing ideas and opinions is what makes us better ppl.

Settling earlier doesnt save anything when uve already lost alot more by paying off the interest in the earlier years. Do the math and see. There is no savings. Its just reduction of losses.

Hiding behind the 'i own a car which makes me happier than those who dont' is merely hiding from reality. The same concept as those who buy mattresses on loan. What do they tell themselves? "Im so lucky to sleep on a mattress while 1 mil ppl in Africa are sleeping on the ground'? Common.

Stop comparing with ppl worse off just to lend legitimacy to our own failings. Compare with those who have done better and are doing better. The same as what our 'beloved' Gov has being doing all these years. Comparing Malaysia with 3rd world countries while ignoring our closest neighbour who is about 100 years ahead of us in technology, education, social welfare and quality of life despite having virtually zero natural resources.

This post has been edited by cybermaster98: Feb 17 2012, 02:36 PM

I always find that these so called financial gurus to be a wee bit out of touch from reality.

15% of monthly income for max 5 year tenure? that means if I earn 4k a month I can only buy what? the kosong Viva?. The only option will be the used cars, but if the car have problems you'll be paying to fix them on top of your installment.

In the US, maybe they are right. In Malaysia...Hah!




This post has been edited by dares: Feb 17 2012, 02:45 PM

well this is a forum and we are in a discussion and it's getting kind of out lol..
anyway back to topic..

from Bank Negara Malaysia: New Guidelines for Loan Borrowers

1) Propsective loan borrower will be assessed based on net income basis (instead of gross income) after deducting statutory deductions for tax and EPF and all other debt obligations (eg. car loan, other housing loan, credit cards) – effective from 1 Jan 2012;

2) Maximum car loan period not exceeding 9 years – effective from 18 Nov 2011.

On the maximum car loan period, it is not expected to have a signficant impact to many potential car buyers are currently there is only 2 banks offering car loan more than 9 years and approx 98% car loans are within 9 years.


all the best to everyone taking loan..

This post has been edited by Jinster: Feb 17 2012, 03:12 PM

What about supporting documents and credentials? Any changes to that?