the rate is ok. mine 7 years 60k 2.79% maybank

new honda city, 62k 9 years, 2.84% MBB.

quite high right?

This post has been edited by k2017: Feb 27 2017, 09:51 PM

How do people get less than 2.5% loan rate ??

Depends on the car model too. If your financial is strong, 2.5% for 5 or 7 year tenure should be no issue~

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This post has been edited by X_hunter: Jun 30 2020, 02:56 PM

Yes, interest rate for national cars is higher than non-national.

Most outlets prefer to do with their panel banks for 2 reasons:

1) They are familiar with the arrangement and because they give most of their cases to that particular bank, the bank will do their utmost best to help in borderline cases to get the approvals which non-panel banks may not support

2) The outlet may have some financing facility with their panel banks, example floor stocking / floorplan, whereby they take in the stocks thru a loan, and when they submit the HP cases to the same bank, they do not have to come up with massive capital to buy the stocks. This enables healthy and good cash flow, which can in turn, be passed on in the form of good discount to consumer like yourself.

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This post has been edited by X_hunter: Jun 30 2020, 02:57 PM

It's really up to you...to go thru the trouble in search of a better rate or to just let your SA do everything for convenience sake.
Having said that, the difference in the interest rate is quite insignificant for national cars as the loan margin is relatively small. The usual difference of around 0.05% translate to savings of only RM25 a year or about RM2 a month for a bank loan amount of RM50,000 Is it worth the fuss, you decide.

Hi bro,


It's very easy to apply loan from whatever bank that u like..u just need to call them and all documents u can submit to them via emel..

Please take note that when u call them ask direct what is the interest rate their bank can offer..and their officer can calculate it for u on the spot..if u dont like then u no need to submit the docs.

My SA told me the best he can get for me is 3.2%..and his bank approved my loan and give interest rates for 3.3% & 3.4%

I still not satisfied..ask him wait around 1 week+ to wait for other bank that i have applied myself..finally the bank approved and give me 2.97..very easy..the bank officer come to my office for sign agreement.,.

Hi. Can PM me which bank and the contact number? Thanks.

Sifu's, want to ask Is there any difference in interest rate & tenure if buying a used foreign car vs buying brand new? price of used car is about 160k. Looking for 90% loan. Does the age of the car play a factor in the interest rate & loan tenure?

This post has been edited by zero88: Mar 6 2017, 02:21 AM

Hi, can someone calculate for me how much I need to pay monthly.

Loan amount: RM54600

Tenure: 9 Years

Rate: 2.81%

Maybank

Thank You

I am noob in calculating interest rates

Car loan calculator

assuming 10% downpayment

Thanks, downpayment is more than 10%, RM30000

RM54,600 should be loan amount after RM30K deposit then your monthly installment should be RM633.41.

Interest Per year 54600 x 0.0281 = 1534.26

9 years interest = 1534.26 x 9 = 13808.34

Total Loan + Interest amt = 54600 + 13808.34 = 68408.34

Monthly installment = 68408.34/108month = RM633.41/month

Thanks! your calculation exactly as the Car Loan Calculator website

Plan to buy Axia 2017 and loan from MBB

Loan amount: 26000

Year of repayment: 5

Bank offer me 3.3 interest rate, is it reasonable or expensive?

Hi all sifus,
Would like to have an advice from you all
Recently I went to a used car dealer , and so I have deal with them to loan a used car for 65K and he says the interest rate will not be higher then 4%, now applying for CIMB
Tenure 7years , so is the interest ok? (Used Honda crz 2013) what's the interest for used foreign car?

Will dealer mark up the interest rate and earn from there?

This post has been edited by lukewong96: Mar 18 2017, 02:37 AM

Mazda 6 new

Loan 115 k , 5 years

Public bank approved 2.49

This post has been edited by rcracer: Mar 18 2017, 04:53 AM