took a loan of rm30k before and the price of the car was RM300k. No problem. Just that interest might be higher.

Hi is there any affinbank car loan officer here? I looking for car loan for new Honda city. Pls pm me

What if the loan agreement has been signed but there's no down payment or booking fee involved?

Just curious.

Once your loan agreement is signed, the dealer may proceed to register the car. If the car is not yet registered, then you still have a chance to abort the deal. However, if the car is already registered, then there is no backing out anymore.

Having said that and as a general statement, I hope and urge all those who wish to buy cars to think thoroughly before committing to a purchase. It is not good to give the sales people the run around, only to change your mind at the last minute, after all the effort he/she has made to secure the loan for you.

Thanks for the clarification. I was curious because my SA doesn't seem to be worried about being FFK-ed. Currently waiting for the e-Hakmilik to be issued before I hand over the down payment.

normally loan part sales person did not contribute much except to introduce banker. banker deals directly with buyer normally.

Sharing

Car : Mazda 3 CKD HS
Finance amount : RM 109,000
Tenure : 7 years
Rate : 2.55%
Bank : Public Bank

What are the interest rate for a 2nd hand car? Is it higher or lower then a new car of let's say both cars have the same price at 55k? Thanks!

Rule of thumb , 2nd hand car interest rate is always higher !!! Never will be lower than new car .

Loan amount: Rm65k
Bank: Affin
Interest: 2.53%
Period: 7 years

Just sharing.

Car : Proton Iriz 1.3 CVT Executive
Finance amount : RM 34,000
Tenure : 7 years
Rate : 3.09%
Bank : Public Bank

frm an economist point of view,
is there a calculation whereby...

if u buy a car,

you should have X amount of down payment on it
Max number of X loan years

to justify whether u can afford a car?

The common & basic rule of thumb is that your monthly installment for a car should not be more than one third of your total income. However, most people have other commitments which are way higher than this.

Tbh, 1/3 is a lot la.... Say u earning 3k. If u put for car 900++, I consider that damn a lot man....

Somewhere I read that u should be able to service a 5 years loan, if not then u likely can't afford it..

Anymore takes, theories?

Car : Continental - New
Finance amount : RM 100,000
Tenure : 7 years
Rate : 2.3%
Bank : Maybank

Note: This loan is on variable instalment meaning..first 4 years u pay more then the remaining years u pay lesser.

Bro, why didn't take Affin Bank loan? From RinggitPlus, can get below rate:

Finance amount : RM 34,000
Tenure : 7 years
Rate : 2.92%
Bank : Affin Bank


https://ringgitplus.com/en/car-loan/

my dealer doesn't have Affin bank.

Car : Volvo v40 t4
Finance amount : RM 130,000
Tenure : 7 years
Rate : 2.45%
Bank : Affin Bank

This post has been edited by kfc: Sep 20 2015, 10:53 AM

Is there a way to gain benefit from early settlement for car loan?
Our salary may be low x years ago, and today is higher. Hence we can afford to pay more monthly.
Say our instalment was $800 , for 9 yrs, now we can afford RM1500 a month.

Should we pay RM1500 per mth ? or just dump RM700 in the bank

Bank in more in a month can help u to repay faster when ur account accumulated enough amount to settle.
If you settle the remaining payment a couple of years prior the final payment u can save yourself 2 years of interest.

If you are not in a hurry u can slowly repay while spend your money on other investment. For example, the interest rate for your car could be below 3% a year but your EPF could be 5-6% above for a year. So naturally I would put my money in EPF for investment. Or, buy a property.

Just my 2 cent.