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 Latest Car Loan Rate 2012-2021| 2021

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Harold2009
post Dec 10 2019, 05:51 PM

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QUOTE(simleongkiat @ Nov 24 2019, 05:13 PM)
Good day guys,

Newbie here and trying to get loan on my second hand Camry. the car is 12-13 years old. Im planning to get 20k loan from bank. It is all kao tim by the dealer until he inform me the interest rate will be at least 7.3% for max 3 years.
Is it used car over 10 years the interest will be so high ? Can I get other loan like personal loan or how?
Need some help here and hopefully get some respond. doh.gif  cry.gif
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Get an axia, second hand car is not suitable to take loan, interest rate is insane high.
snowswc
post Dec 16 2019, 12:47 PM

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5 years 100k loan amount. Mbb offer 2.24%, is a variable loan but equivalent to 2.24%
RetroMayday
post Dec 17 2019, 02:07 PM

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9 years 38k loan for Proton Saga 2019 FL Premium.
2.9% from Bank Rakyat.
LowKeras
post Dec 20 2019, 11:30 AM

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QUOTE(fuelsave @ Sep 10 2019, 01:58 PM)
I just bought a recon vellfire without loan.

Kind of regretted my decision, is it possible to refinance the car now?
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Hi, what is the rate?
What yr ur car made?
Thx
anwa
post Jan 9 2020, 07:46 AM

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Just got approved mbb $59k 5 years new honda jazz, 2.38% fixed rate. They match to pbb also approved same rate.

This post has been edited by anwa: Jan 9 2020, 07:47 AM
ICDeadPeople
post Jan 11 2020, 03:48 PM

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Hi, made a booking fot a car, and need to loan 115k-120k, 5 years. Anyone can tell me which bank is good?
KingArthurVI
post Jan 11 2020, 03:55 PM

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Hi guys stupid question if my loan is 3% and FD is 3.8%, does it make more sense to keep money in FD or pay off my loan? How come bank can earn money if FD higher than loan interest? Thanks.
voncrane
post Jan 11 2020, 04:17 PM

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QUOTE(KingArthurVI @ Jan 11 2020, 03:55 PM)
Hi guys stupid question if my loan is 3% and FD is 3.8%, does it make more sense to keep money in FD or pay off my loan? How come bank can earn money if FD higher than loan interest? Thanks.
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Same bank you owe...same bank you invest in.. Same bank you save in..Either way, bank gets your money and plays with it to make more money than you.. Banks are not in the losing money business.. laugh.gif
Buydirect
post Jan 13 2020, 02:17 PM

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QUOTE(KingArthurVI @ Jan 11 2020, 03:55 PM)
Hi guys stupid question if my loan is 3% and FD is 3.8%, does it make more sense to keep money in FD or pay off my loan? How come bank can earn money if FD higher than loan interest? Thanks.
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It is not the same . Car loan is on fixed rate, meaning you get charged 3% on interest on the original principal (loan amount) every year, regardless of how much you have paid back in installment. The effective rate for car loan is mostly in the region of 4.5 - 5.0% , which should be the equivalent comparison , in order for FD rate to make any sense.
KingArthurVI
post Jan 13 2020, 11:07 PM

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QUOTE(Buydirect @ Jan 13 2020, 02:17 PM)
It is not the same . Car loan is on fixed rate, meaning you get charged 3% on interest on the original principal (loan amount) every year, regardless of how much you have paid back in installment. The effective rate for car loan is mostly in the region of 4.5 - 5.0% , which should be the equivalent comparison , in order for FD rate to make any sense.
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Don’t quite understand... let’s say I have 100k that I either plan to put in FD or clear a 100k car loan balance. If FD is 3.8% I’ll get back RM3.8k every year (potentially more since interest add on to principal). But if car loan is 3%, won’t I get charged RM3k of interest every year? This makes FD a more attractive option, no?

Sorry if I’m understanding wrongly, thanks for being patient!
Buydirect
post Jan 14 2020, 02:41 PM

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QUOTE(KingArthurVI @ Jan 13 2020, 11:07 PM)
Don’t quite understand... let’s say I have 100k that I either plan to put in FD or clear a 100k car loan balance. If FD is 3.8% I’ll get back RM3.8k every year (potentially more since interest add on to principal). But if car loan is 3%, won’t I get charged RM3k of interest every year? This makes FD a more attractive option, no?

Sorry if I’m understanding wrongly, thanks for being patient!
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Yes, you will get charged RM3K every year. Here is the difference for car loan.

Take the example of 100K loan and 9 years loan at 3.0% Interest. Your monthly installment would be Rm1,176
Total interest for 1 year is 3K. After 9 Years, total interest payable is 27K.

Here is the thing, you need to progressively make repayment to the bank each month at RM 1176. It is not like you only have to pay 127K to the bank at the end of 9 years, right? That progressive payment you make each month is an opportunity cost itself, in which you can invest in other things and earn interest from.


Just say for easy calculation (broken into year basis, although it should be monthly basis), bank gets back the following
After 1 year : 1176 X 12 = 14112 (if you invest in FD at 3.8 % would have earned you : 423.36)
After 2 year : 1176 X 24 = 28224 (if you invest in FD at 3.8 % would have earned you : 846.72)
......
......
......
After 9 Years : 1176 X 108 = 127000 (if you invest in FD at 3.8 % would have earned you : 3810 )

This means your money has gone back to the bank over time, but the bank still charging you 3% flat rate on original loan you borrowed of 100K.

Housing loan on the other hand, is based on interest on remaining principal only, so you get charged for what you still owe to the bank only. That is why housing loan is usually higher at 4-5% per annum.



KingArthurVI
post Jan 14 2020, 11:36 PM

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QUOTE(Buydirect @ Jan 14 2020, 02:41 PM)
Yes, you will get charged RM3K every year. Here is the difference for car loan.

Take the example of 100K loan and 9 years loan at 3.0% Interest. Your monthly installment would be Rm1,176
Total interest for 1 year is 3K. After 9 Years, total interest payable is 27K.

Here is the thing, you need to progressively make repayment to the bank each month at RM 1176. It is not like you only have to pay 127K to the bank at the end of 9 years, right? That progressive payment you make each month is an opportunity cost itself, in which you can invest in other things and earn interest from.
Just say for easy calculation (broken into year basis, although it should be monthly basis), bank gets back the following
After 1 year : 1176 X 12 = 14112  (if you invest in FD at 3.8 % would have earned you : 423.36)
After 2 year : 1176 X 24 = 28224 (if you invest in FD at 3.8 % would have earned you :  846.72)
......
......
......
After 9 Years : 1176 X 108 = 127000 (if you invest in FD at 3.8 % would have earned you : 3810 )

This means your money has gone back to the bank over time, but the bank still charging you 3% flat rate on original loan you borrowed of 100K.

Housing loan on the other hand, is based on interest on remaining principal only, so you get charged for what you still owe to the bank only. That is why housing loan is usually higher at 4-5% per annum.
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Oh I see. This is an excellent explanation, thanks so much for taking the time to answer my question, everything is crystal clear now!
dzila_87
post Jan 17 2020, 12:18 PM

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Hi, anyone here get ask by the bank for ur employee id and office picture for a car loan? The request come from PBB and I find it weird.

The request come after my loan has been approved by them.
Buydirect
post Jan 17 2020, 01:44 PM

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QUOTE(dzila_87 @ Jan 17 2020, 12:18 PM)
Hi, anyone here get ask by the bank for ur employee id and office picture for a car loan? The request come from PBB and I find it weird.

The request come after my loan has been approved by them.
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Yes, some banks can even impose site visit to work place, as condition for loan approval. Sometimes, they need that to increase their confidence when approving the loan.
dzila_87
post Jan 17 2020, 02:07 PM

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QUOTE(Buydirect @ Jan 17 2020, 01:44 PM)
Yes, some banks can even impose site visit to work place, as condition for loan approval. Sometimes, they need that to increase their confidence when approving the loan.
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icic. thanks for clarifying
LazyKurosaki
post Feb 9 2020, 10:58 PM

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With current OPR drop, does car loan interedt drop?

Whats the latest rate nw for a hyundai 5 years old? Loan amt 55k
blmse92
post Feb 10 2020, 08:26 AM

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New Myvi DP 5k, HLB 2.95% @ 5 years.
fish_hoo
post Feb 11 2020, 10:54 PM

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Hi guys, wanna ask what’s the rate for BMW 328i both new and 2016 used car, thanks
SSblack
post Feb 11 2020, 11:17 PM

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Loan 100k get 2.39% - 9 years loan PBB
Kar Leong
post Feb 12 2020, 05:31 PM

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From: ๑۩۞۩๑Kinky Kingdom Enterprise๑۩۞۩๑


i done loan with PBB Hire purchase center at Taman Maluri, at 2.68% for 9 years loan RM72,600

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