It is quite standard for used cars...
If you want to get low interest rate, these are a few general guide
1) new car
2) foreign brand (meaning not proton not perodua)
3) stable and consistent income

Bank provide the rate by considering risk level.. higher risk higher rate
By buying used car, bank assume you are not affluent enough to buy new car.. means they think you are poor.. and your used car might not have much value when they lelong it if you default..
By buying national cars, especially those cheaper models, they assume you are lower income thus higher risk, they had also calculated the statistics that national car buyers are the group that default the most.. X70 might be different case as price is much higher
Unstable and inconsistent income generally regards as high risk..

Weird guidelines, but that's how they consider.. some might have exception, case by case basis

This post has been edited by twincharger07: May 16 2020, 06:17 PM

At the end of the day, it is all about risk assessment..

Hi guys..
Any idea what is the maximum loan tenure for a 9 year old Toyota/Lexus (2012) model? I was told these 2 brands still can take loan as long as still below 15 year old.

Noted.. thanks alot 👍