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%.

---

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.

---

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?

if i'm not wrong, that is up to the bank

1) Identity Card
2) Malaysian Driving License
3) Pay slip (3 or 6 Months Latest)* some still taking 3 months

Supporting Document (if Any):

1) Bank Statement (3 or 6 Months Latest)* some still taking 3 months
2) EPF Statement
3) Copies of last 2 years' income tax returns (J form or EA)
4) Confirmation Letter of Employment (latest)
5) Proforma invoice from seller

Guarantor: (If Required by Bank)

1) Identity Card
2) Pay slip (3 or 6 Months Latest)* some still taking 3 months

Applicants are encouraged to submit all document needed support by extra
documents in order to get better interest rate and approval chances…



if i'm wrong, then i'm sorry
as far as i know...those are what is needed

This post has been edited by Jinster: Feb 17 2012, 03:22 PM

Thanks.

My SA told me starting this year banks will be asking for 6 months salary slip / bank statements

That means fresh graduate must work at least 6 months first to be eligible to buy a car.. and that also provided that their net salary is withing the approval range

just nice for after probation period i guess?

I got my 2nd hand car loan Hong Leong Bank 3.92% for 6yrs

depends on those who want to be cash rich or "debt deep"...hahaha

if u earn 5k/month, but drive viva, you are saving more cash

use cash grow cash

teach me master!

Max 7 year loans for cars are acceptable. So with a 4000 salary, u can afford a new but reasonable car. The idea behind these financial guru's is that ppl need to spend less on cars since its always a losing investment. Minimise expenditure on cars and target investments which actually put money into your pocket e.g property, gold, equity funds, etc.

Buying a car should be based on need rather on prestige. Evaluate on a case by case basis. If ure a person who drives long distance alot, then safety is paramount thus spending a little more and getting a better car makes sense. But if ure just driving around town, why bother spending half your salary paying for a car just to keep up to the times and peer pressure? But if ure earning well, and uve got enough investments (generating good income elsewhere) then giving yourself a bit of luxury isnt bad.

But its sad to see mere office clerks (whos husbands are also holding low paying jobs) driving cars like Forte. Every month their salaries are finished by the 3rd week and they're gasping for breath till the next pay day.

Point taken. My beef is with these financial gurus who simply dish out figures that is so far out of touch with reality. A person with half a brain knows a car is a money pit. But many rely on a car to make a living (Thanks to our fantastic public transport ), buying a safe, decent car does not make them stupid as long as it is well within their means to do so. Your example of office clerks is a good example of stupid people.

Well, in reality some malaysian are:

Thinking uni grad. should drive a decent car.

Thinking RM3k to RM5k salary is high in malaysia in year 2012. Need to show class.

Thinking driving P1 & P2 car no standard, driving 2nd car is even worst. Fixing 2nd had car might be 3 times per year, car loan installment is 12 times per year. One can save money on depreciation by driving cheaper value car.

Thinking living is malaysia is like best coutry in the world. Why fress grad in indo, viet, india can affort to buy car? Malaysia is heading to that direction.

Proud to work for the car.


If the job need to travel then a good car is a need, if the family size is big then 7 seater is a need. If a single with RM 3k salary and minimum downpayment want to drive a RM80k and above car.... em.... good luck this is his/her life. Syok sendiri, money better spend on family or investment. Unless he/she is from a rich family and money is not his worry. But this kind of person usually get car as their present after uni. grad.

One of the reason why the G extend loan from 5 yrs then 7 then 9yrs is because the G want more ppl to buy car, so the country economy growth figure look good. But end up every tom and jerry in the country pay big portion of monthy income in car loan. End up no money to spend on other things.

Example if one could save RM 300 on car loan and spend RM150 in investment, and the other RM 150 on better foods or education purpose then everybody will be better in longer term.

Happy paying loan!!

I started off as a fresh grad and took a 9 year loan at 3.75% interest. Monthly payment is RM420 and my net salary back then was RM2.1k. Now it's increased to RM3.6k. If I had taken a shorter period, I would be suffering so much back then. Am I doing it wrong, financial gurus?

First, sorry to those who thinks I am condeming them. I don mean here.

2nd, I hope the financial guru is not refer to me coz i juz quoted the point of the book. The book is written by a malaysian by the way. It is about financial planing. It is juz about guide lines and advice. The key point here is about save more money on investment and put less on depreciate item. Don loss to much money on loan interest. Compare 9 yrs interest lost and 5 year interest loan it is quite a big percentage.

No one would say it is right or wrong. Anyway, good job done on RM2.1k to RM3.6k.

It seems there is a new ruling from Bank Negara for early settlement for hire purchase loan. If it is true, 9 years loan with reasonable interest rate is not necessary bad.

all in all....
once u own a car....
please please take good care of it
u take good care of ur car
ur car take good care of u
no matter what kind of car make/model
i've seen all kinds of people..i'm sure u all got notice also
buy car and whack it on the road, didn't take care..in the end say the car no good, this and that..
some can even take good care of their car, a 10 year old car doesn't actually look like it is a 10 year old car...

hi all gurus!!! my question may be out of topic, but just wan some advise from all of u,
what car is recommended for a salary bout 3k nett?

Something that cost between 50-80k.

oic... actually im thinking of buying city or forte, but what i heard from other ppl said,
they said after election car tax will be reduce ... but dunno how true is it...

forte about 80k++

you'd be paying about 850-950 per month depending on interest and loan-length of course...

if u dont have other commitments then 3k a month is good enough.

hi gurus,
me planning to buy a 75k car..
1)is it better to pay 10% downpymnt or better to pay more downpayment (i can afford to pay until 20k, but have to fork out from savings la)
2)is it better to take 9 yrs loan (and try to finish earlier, say like after 5/7 yrs) or is it better just take the 5 yrs loan?
btw i'm earning around 4k/mnth, i do need a car, and expecting 1 st baby in august
the interest rate for 9 yrs loan ard 2.86% p.a..dunno for 7 yrs

This post has been edited by eistern: Feb 19 2012, 02:14 PM

so far i dun hav any commitments for now...

---

Added on February 19, 2012, 2:31 pmhi bro, might to share what car that u r preferring???


This post has been edited by reapertiew: Feb 19 2012, 02:31 PM

haha..u know la which la..the soon launching

local punya???

I agree with 15% of monthly, but within reason la. 15% when you earn RM 10k / month sure np, when starting salary is like RM 2-3k, 15% a bit crazy la.

But I don't understand why "guru" say max 5 year then say better to invest. If you take 9 year, you got more money to invest...

Sigh I don't know la. I was a bit silly last time. Fresh grad, earn 2.5k go buy City, 7 year. 1k / month go to car. But Ok la, I need to travel for work. So allowance mostly cover my car.

But honestly la guys, if you got car that running well and you like, dun simply chg2. Depreciating asset is the worst...

And if you have the investment or saving attitude, I recommend better to take longer loan so more money can go into savings. Interest can offset some of the cost of your loan that way.

Just my $0.02 la...

hai bro, it u drag the loan for 9 yrs or more, this will cause the car price subsequently increase (due to interest rate plus the car price).
if u take shorter loan period, at least u can clear the debt fast and no need to pay so much of interest for the next few years.

yup...so far,my experiences with proton are good..dun mind to cont so

i think i hv good spending habit..then better take 9 yrs loan la than 5 yrs??

For 5 years and 7 years, the difference is only about $100 plus per month. I will opt for 5 years loan tenure. But if $100 plus also is a amount for you then I suggest you might want to reconsider the choice of your car. Get a cheaper car that you can afford. For me I will not consider 9 years.

Taking out your savings for down payment is a big NO. Ask yourself how long it takes for your to save $20k? You want to spend it all for car purchase? What is something happen and you need the money after you purchase car? Don't touch the savings unless you have big amount and $20k is just a small portion from your savings.

---

Added on February 19, 2012, 5:51 pmBy the way, get a car that suits yourself. I understand peer pressure that will effect your choice but at the end of the month you are the one that pay the loan not them.

Who don't want drive nice new car?

This post has been edited by 37867: Feb 19 2012, 05:51 PM

my loan is 3.6% for 3 yrs.. took 40k to buy an old korean

Hi, wanna to ask, which bank is easier to get approve ?
thanks

This post has been edited by mariochuah: Feb 19 2012, 07:05 PM

invest? it sounds good. but for general malaysian, ppl can hardly achieve it. malaysia generally resident income is low. which a lot of ppl are basically having zero savings.
it may sound good that you drag the loan so that your monthly commitment is lower, then u can "so called" use the extra money for investment. but in malaysia, i believe most ppl will simply use the extra money to enjoy better. so end up u will leave with zero savings still.

a lot of ppl may also said the same thing, dun buy car dun buy house to save money, in the end from i see for mostly they end up with no car and no house, and no savings also.

investment is definitely a good thing, just that majority (take note i nvr claim every single ppl) of ppl cannot do it. at least for malaysia.

from what i see most ppl are living in the way that all of the income monthly they need to calculate until cents in order to cover all the expenses, not to say about savings.
dragging house loan is still fine because house is ex nowadays, and home loan interest is calculated daily.

but most ppl drag car loan to 9 years to buy a car that is exceeding their affordability. if buy a car need to pay for so long basically means it is definitely not within your budget. not to say car loan interest are calculated and included in your total loan amount. and take note that car loan the interest rate quoted (e.g. 2.xx%) it may sound very little, but u need to beware that the interest quoted is not effective interest rate but nominal rate, which means based on recursive interest etc, u are paying minimum 5-6% or more per year for your car on interest.

all sifus here, the interest rate for a new perodua car with 3 years loan is around how many %? the longer the loan period, the greater the interest % or lower? the interest % i mean here is merely interest %, not the total amount of interest in RM

thx

i cannot brain dis..pls kindly explain

Wrong.

Unless your investment can yield your more than 5-6%, you are going to lose against the car loan interest.
And to achieve more than 5-6% in current investment environment is not easy task.

Most importantly, most people cannot even save enough, more money in hand, spend it, rather than using it for investment.
Forget about put the money in FD or saving, you are going to lose against your car loan interest.
Don't not think that car loan 2.xx% is your effective interest rate. You are not paying 2.xx% interest, even your saving give you 3.5%, you still lose against it.

---

Added on February 19, 2012, 10:38 pmCar loan work like that.
You borrow 50k. If the 50K interest is 3%, and for 5 years, means 50k x 3% x 5 years = 7.5K interest for the whole loan period (average 1.5K pa).

First year, you loan 50K, paid 1.5K, yes it is 3%.
But second year, you already down 10K, left 40K, you still being charged 1.5K. 1.5/40 = 3.75 (no longer 3%)
Third year, loan left 30k, still pay 1.5K interest, 1.5/30 = 5%.
4th 1.5/20 = 7.5%

So the longer you drag the loan period, the more happier the bank is.
That's why the longer loan period, bank can give more lower rate.


This post has been edited by cherroy: Feb 19 2012, 10:38 PM

after all being said, fresh grad with 2k Plus salary are still driving city vios

That means the interest amount is not re-calculated every year based on the reducing balance lor (ie. housing loan), instead the interest has already been calculated upfront based on the total loan amount and the tenure.

If you are getting a car loan with a bank and don't know this....well god help you, really.

This post has been edited by dares: Feb 19 2012, 10:58 PM

ONLY if you can get at least 3x of the interest rate of your car loan from the investment you make EVERY YEAR then only consider extending loan for investment.

Use excel you could roughly analise at the end the interest rate is not only 2.xx or 3. xx. It is at least double.

ooo,then if let say if ASB is giving interest abt 8% p.a.should i take the 9 yrs & invest in ASB or just take the 5 yrs loan?

---

Added on February 20, 2012, 4:09 pmhow if i take the loan for 9 years (just to get lower interest rate),then i try to settle the loan within 5 yrs?

This post has been edited by eistern: Feb 20 2012, 04:09 PM

that is a good value car. hope the premium variant is less than or around 70k.
with 4k/mth and a baby coming soon, is your spouse working? if yes then ok

if you have house loan or other commitment then maybe need to reconsider.

for 4k-5k salary, if u are single, and no other commitment, will be more comfortable for this car loan

---

Added on February 22, 2012, 1:03 pmdon't believe rumors... but if true, then its a good news for everyone.

This post has been edited by stargate8: Feb 22 2012, 01:03 PM

Yes thats why smart ppl will never stretch a car loan beyond 5-7 yrs max. I would say if anybody cant afford to pay in 5 yrs then consider a cheaper car. Always live within your means and think about the future, 10-20 yrs down the line.

my wife also earning ard 4k/month,but she has some loans..i might be getting a house soon (of course with loan too)

hmm, as long as your combined household income minus off the expenses and loans, you must have +ve net income.

Panel Bank What car are you getting?

guys.. I tried to get my bank statement from maybank but I've only managed to get from Oct 2011 to Dec 2011. So Jan and Feb 2012 are not available. Can I still provide Oct to Dec 2011 for car loan?

Whats the latest loan rates now? I heard Naza is offering 2.45% from Affin. There is also some talk about 2.3% from Maybank. Not sure how true. Can someone confirm? Im talking about loan values around 100K.

what is the lowest rate for national car?

45K - 5yrs
65K - 5yrs and 7yrs.

Depending on what car you are buying bro I am working at Naza ^.^ buy from me and support me please loL

Erm, if assume that someone salary is RM5.5k. He bought a house at RM 550k (RM 2.6k monthly), and still paying car loan RM 1.5K. So the question is if he want to buy another car for his wife to fetch kids still can or not.?

That 'someone' is yourself?

the kids no need to eat?
under the new BN policy. doubt you can get another car loan approved.

No lah , just ask in behalf of my friend. He now complain that he cant loan another car for his wife, and now he thinking buying old 8k saga which too small for his family( his other car is toyota hilux).

My case different la.. i use my company name to buy car, so i didn't get the restriction. hehe. Although the interest and deposit amount very high.

---

Added on March 7, 2012, 11:06 pmHe did have 200k ++ deposit money in bank after selling few lot land in his village.

This post has been edited by makky: Mar 7 2012, 11:06 PM

Can approved if no black listed

Kia Optima. Ive already more or less confirmed getting this car. Just scouting around for the best trade in value for my 2003 Toyota Vios 1.5E (Silver). Which branch are you from?

buying a grand livina with cimb 2.68% for 9 years

Naza Motor Recon side.. Haha

U from recon side a? May i ask if u got any cheap 4wd SUV from thailand?

Thailand nope =.= mostly from jap or uk

Dont think he can get another car loan approved. Under the bnm policy, he had bought the 1st car during the new guidelines dun think he would the loan approve.
Old policy is 30 percent of gross income, for house and/or car. Some banks do not look at other loans.
New policy is 40 percent of Net income from gov staff. Private bank got some leway but 45-50percent max.

But this loan within Net income minus epf, tax, is including all car,house and credit card and personal loan.

I think many sangkut because of the personal loan and cc..

Can the loan calculate using combined net income?
such as owner net income is 4k then guarantor net income is 6k
can get loan of 100k or not?

huh, are you sure? .interest will then be calculated again??
if sure, pls pm me. thanks.

As far as I know, the you can save only some interest.

Example:

If you take RM50k for 5 years, with 3% interest.

in the 5th year, you want to settle, assume the balance is RM 10k, so you can only save 3% from RM 10k interest which is RM 300 is not alot compare to your RM 1500 annual interest amount.


Infact the 3% is not a low interest. At the 5th years, assume your balance is RM 10k, but the annual interest is RM 1.5k (base on RM50k, 3%, 5 yrs). So 1500/10000 = 0.15 = 15% for the final years interest. SO the 3% is only for the 1st years.

SO, try not to get loan for long period of time.

I see! Bro, many thanks

This post has been edited by aikies: Mar 11 2012, 01:06 PM

if can take 7 years or 5 years then by all means, do it
plan ur budget well~
good luck

hi, i m thinking to buy forte 1.6 sx too ..any best offer ? and interest rate ?
i went naza yesterday ..the SA offer me 2k discount , can higher than this ?

The SA that serve you might be sad.. If another SA here offer you RM2100... Poor SA no money makan

Can someone tell me whats the best interest available for the Kia Optima K5? Is it still 2.45?

Depending on your loan amount and also tenure.. Usually around 80-100K loan is bout 2.5%

Anyone bought toyota lately? What's the best rate in the market you manage to get?

i got special rate 2.32%

Mind PM me which bank? Loan tenure? How u manage to get so low?

I know BMW credit is offering 6 years 0% interest for certain car models. Should be the outgoing 3 series which they are trying to sell off or clear stock.

Yup, same here too, how come so low? i got from PBB 2.6% with 5 years loan

Pls PM me also. Tq!

Hope sifus here can help my friend.

He plan to buy a 120k car. Loan tenures might drag to longest possible as pay slip "figures" is on the medium side only. Which options save him more money on interest ?

1) 20K down payment, loan 100K, early settlement after 1 year.

2) 100K down payment, loan 20K, early settlement after 1 year.

Please don't advise on keeping more money for investment etc as this 120K is extra cash in hand. And pay full in cash is a big no no too.

This post has been edited by tony: Mar 21 2012, 02:45 AM

My Forte Car Loan- 50K (2.59%)

pm me too

prefer no 2... if u want to settle the loan after 1 year.. the penalty will be lower. furthermore total cost is lower with 20k loan compared to 100k loan (as u have disposable income of 120k).

---

Added on March 21, 2012, 1:29 pmfor proton.. rate is 2.6% to 2.9%

---

Added on March 21, 2012, 1:29 pmif i am not mistaken.. 2.3% for inspira

This post has been edited by mdnurman: Mar 21 2012, 01:29 PM