Planning to buy a second-hand (2019) Proton car from direct owner.

I've talked to a few banks and the rate they offer is quite high, ranging 4.4-4.8% 5 years tenure.

The rate seems a bit too high for me, not sure whether the rate is normal for a 2nd hand local car.

Is there a better alternative to finance the car other than Hire Purchase?

yes, interest rate for used car always higher than new car.

What rate did you get?

No.

What rate you think is fair ?

Loan interest are normally based on borrower's profile, amount and asset pledged.

I'm looking at around 3.5%, a bit regret not taking credit card

my credit score is zero right now

last year...... i got 2.2% for new car (toyota), 3.3% for used car.

since Bank Negara already adjusted interest rate 3 times...... new car will be around 3.0%++ and used car > 4.0%

national car interest rates for both new and 2nd hand cars are always higher than non-national brands... and of coz there is a applicant profile criteria as well..

since you're a credit score zero person, probably you wanna apply a credit card and start building up transactions on it to improve your profile with the banks.

This post has been edited by vinoth: Sep 27 2022, 10:03 AM

I got an offer for 3.7% for used non national car
Consider good?

Can get lower, I'd expect below 3.5% for foreign cars

which bank is that?

But i take 4 years only
Maybe thats y higher bit

May i know what is the usual downpayment? And current rate for loan second hand car?

Why not buy new car especially demo or showroom units instead?

Usually 2nd hand car it is 1% higher than new car

I ended up buying showroom unit, 3 months old, 20km mileage and they gave me RM6000 rebate

Overall satisfied, interior still in plastic and been using the car daily for 5 months without any problem

i put around 3000 DP and got 2.8% rate pbb

Very common for ppl who don't work in Mal. My friend net worth 50mil ++ USD , at Mal he can't get cc or any loan unless he put fd with bank.

2.8% pbb if you mentioned it should be the lowest you can get atm

Wow thats a nice catch

Any more showroom unit for sale? If got can pm