myvi 1.5H
loan 30k
interest 3.13%
is that alright?

what car you buying, i got new aruz apprroved by ambank (promo for aruz) 2.45% for 7 years. based on above loan offer, i rather buy new aruz.

Hi all, I received my new car hire purchase interest rate offer from Affin Bank, PBB and Maybank. The best rate is from Affin Bank and considering to sign with them. My only concern is I don't have any account or experience dealing wiith this bank. Can any body who got experienced with Affin Bank hire purchase share if this Bank is good and should there be any concern.

Thank you

Should be fine.

My wife also signed HP with Affin Bank for her ride.

Just need to perform online bank transfer to clear the monthly installments - ought to be straightforward.

Congrats on your new ride bro!

may i know what car and how much is rate?

im planning to buy saga, loan 35k, 5 years
rhb 3.13%
hlb 3.01%

This post has been edited by xcxa23: Jul 3 2020, 10:13 PM

I am been offered around 2.2% by Affin, 6 years. Anyway my loan above 100 k and for non national car maybe that also explain low interest rate I am getting.

ya.. i have been told non local car rate is much lower.
thanks for sharing!

This post has been edited by xcxa23: Jul 6 2020, 07:25 AM

What do u mean by local car?

HP car loan is quite straight forward, not many hidden conditions unlike other loans or investment. With online banking, it is now much easier to pay your installment via IBG instead of walking to the bank branches, so not having a lot of physical outlets, is not that much of an issue now.

Local car means proton and perodua

Once i have the same concern. I took maybank but Kuwait finance house was giving lower interest rate.

Then my friend asked me. What are you afraid of? Its not like your money is in there. You owe them. They worried more about you than you should about them.

I can only facepalm myself.

So local car=national car.
RadenMasIV is saying non-national offer low interest n u said "Ya, national car rate is much lower", so lower that 2.2%, care to share which finance co offer that?

This post has been edited by MGM: Jul 4 2020, 02:10 PM

A slight concern is with regards to late payment fee & interest, which may vary from one bank to another. Bank usually don't highlight nor explain this openly and it's probably in fine print in the agreement. That is, if you are really into the nitty-gritty of things and you have a tendency to pay late. Otherwise, it shouldn't be a big bother.

Also, when it comes to doing an EARLY full settlement of your car, ( eg when you sell off the car before the loan tenure ends ) the remaining balance settlement will be computed and generated by the bank system. How much rebate (vs Interest incurred for late payment) you get at the end for early settlement is usually not very clear or transparent as it is SYSTEM generated. There has been no attempt to compare the performance of the banks in this respect and most of us just trust the figure that is being given to us. The only controlling body is Bank Negara and we just have to trust what is being given to the consumers is fair and true reflection of the loan account.

I got 2.13 5 years.
But friend said 7th July reduce again. So gonna try appeal

There's a standard formula by BN.

To calculate statutory rebate = term charges x n(n+1) / N(N+1); where n represents the remaining financing tenure in months and N is original tenure in months.

2.13 is from Affin Bank?

sorry. its my mistake. i edited my reply
non local car rate will much lower

Will hire purchase loan interest rate affected by BNM OPR policy? as today news OPR reduced from 2% to 1.75%

OPR dropped from 3.25 in 2019 but hp rate hardly change.