hi all, good morning.
want to know any idea where to get those historical interest rate for national car?
as i survey yesterday by calling to banks, technically most banks now offering relatively 3%+- for 5 / 7 / 9 yrs tenure.
is this consider low interest comparing to 5 years back?

Off the top of my hear, I remember about just 1.5-2 years ago, when my friend bought her Viva with 7 year tenure - 4.1%.

For the Preve, someone has gotten as low as approx. 2.65%, I think. My Saga I got 2.94%, 6 months ago.

This post has been edited by dares: May 22 2012, 09:47 AM

To me it is still high coz of living cost now different from 5years back.. Now gov encourage people to hav loan for long term coz it is easy to control them (work hard without knowing what happen surround you)

Btw Muamalat bank offer 2.7%..

preve definitely will enjoy lower interest compare to saga flx due to a higher price tag. 2.94% consider a good rate to me. mind to tell which bank is it?


Muamalat offers 2.7% for saga? really?
i got no idea abt islamic auto loan, islamic claims no interest but replace by admin (or else) charges to it. wats the difference?


by the way, i been calling MBB, PBB, HL (EON), AMMB, CIMB yesterday....
so far the LION offers relatively low rate around 2.95-2.99%.
anybody know what influence to the auto loan rate? i dont think it's coorelated to bank negara OPR rate cos OPR been standing still long time while auto loan up and down.

PBB, Taman Maluri Cheras. That was 6 months ago, mind you.

But it seems Mieza got a better deal more recently.

1) I want to buy a car. Bank give me loan RM44,000. Bank give me interest RM13,200. So total I need to pay is RM57,200.

2) I want to buy a car. Bank buy the car RM44,000 and sell to me RM57,200. So total I need to pay is RM57,200 (Bank Islam)

See the different?

Btw the actual different is the source of money. Where the bank got money? In halal or haram ways.

ps/: I do not know when Bank Muamalat promotion will last, 2.7% is last month promotion.

This post has been edited by mieza: May 22 2012, 10:24 AM

Ady told u ma, PRETEND machine savvy mar Was going to open bonnet & take out the pretty blue filter & show off abit geh

the last figure are the same.
thank mieza provides a courtesy info here.
i called to justify, the rate offered by muamalat is 2.7% only!!!!
by giving the loan amount 44k with interest 2.7% & tenure 7 yrs. interest: $8316. installment: $623.
is my figure correct?

You're taking 100% loan?

no, dares.
i m just taking mieza example amount 44k as illustration purposes.
muamalat said the minimum loan amount is 40k, with 2.7%, no matter tenure 5 / 7 / 9yrs. cheers.

is my installment figure wrong already? i calculate using calculator is 622 while i using online calculator is 575.
http://www.bankrate.com/calculators/auto/a...calculator.aspx

This post has been edited by kongjong: May 22 2012, 10:41 AM

If conventional loan, early settlement got rebate, can reduce the future interest. Normally bank will charge u 1 time 3 months profit(interest only). For example if u have 3 years to go, suddenly boss gib u 10 years bonus & u wish to settle the car loan. 1 month instalment 623, principle 573, interest 50. 3 months profit meaning 150 to be paid in advance. The rest of the instalment are paid into principle for 573*36months.

Islamic loan is an AGREEABLE sales contract. Bank already sold you the car for that price, there is no way you can get discount even if u wish to settle it early.

FLX 1.3 Exec - RM45,211
D/P = RM4,500
Interest rate = 2.7% for 7 years
Monthly installment = RM 574.84

so the rebate in conventional loan is only applicable to full settlement? is advance payment will drag down the installment amount like mortgage flexi loan?
sorry for asking stupid question.

Actually Islamic loan also give rebate for early settlement..

Btw Islam do not allow anykind of riba like interest,bunga etc.. If you ask me, Islamic loan in Malaysia is NOT Islamic at all.. If gov really use Islam Laws, we will enjoy everything without interest

i did some calculation before between 2.70 and 2.90 actually not much difference

the difference is more on the loan duration

for example, buy Saga 1.3 FLX with loan rm33000

(+figure in kurungan is the profit on top of our total loan)

if 2.90%

5 years
rm630/mth
total rm37785
(+rm4785)

7 years
rm472.61/month
total rm39700
(+rm6700)

9 years
rm385.31/month
total rm41613
(+rm8613)

if 2.70%

5 years
rm624.25/month
total rm37455
(+rm4455)

7 years
rm467.11/month
total rm39237
(+rm6237.24)

9 years
rm379.81/month
total rm41019.48
(+rm 8019.48)

This post has been edited by zamanjaafar: May 22 2012, 10:56 AM

How to pay salary without interest? They have to make a profit also.

as a savvy, every % count. mayb those couple hundred bucks not a big deal to u but we can use those $ on other thing.
as my research, current convential auto loan offered by mbb, pbb, ammb, HL (eon), the interest is now standing around 20% on the loan amount with 2.95-3% interest.
if taking muamalat into consideration with 2.7% interest, the total interest to loan amount easily drag down the % to below 20% of the loan amount.

example:
loan amount 40k.
MBB with 2.95% interest for 7yr loan = total interest 8260.
8260 / 40k x 100% = 20.65% (this is the profit margin for MBB bank).

Muamalat with 2.7% interest for 7 yrs loan = total interest 7560.
7560 / 40k x 100% = 18.9% (muamalat profit margin)

i take MBB as comparison to muamalat as i found MBB offers relatively lower rate compare to others big banks.
p/s i aint working with muamalat

---

Added on May 22, 2012, 11:15 amhi dares, i am curious, is the current saga series has no color price range like last time?
solid color and metalic differ couple hundred bucks.
can i ask car dealer to insured lower insurance cover rate to lower my purchased price?

This post has been edited by kongjong: May 22 2012, 11:28 AM

Not too sure how it works, but I do get a tiny discount last time when I was with CIMB. My monthly RM294, I paid 300 for 3 years. In the end my final month almost paid nothing to settle according to a finance savvy fren, conventional loan utilize a loan account(temporary savings account without ATM) function. Whatever extra u serviced into the principle will be treated as SAVINGS(farkin low interest that type). You may request to withdraw money out whenever needed, but don't expect the savings able to cover your interest rate though

My current instalment RM749, I service RM750 only. See how la, 2 years 10 months to go!

Yes, Solid color is cheaper, the one I used as example is metallic color.

Not sure if you can under-insure a new car, wait for david to answer. If you have NCD, you can transfer and get cash rebate after the transfer.

well all.
i called to confirmed that muamalat (islamic bank) does has rebates for early settlement as well.
and every extra payment to the monthly installment will be considered as advanced payment.
hence those advanced payment will contribute to shorten the tenure.
a shorten tenure leads to early settlement indirectly and at the end will have rebates on it.

This post has been edited by kongjong: May 22 2012, 12:02 PM