The AmBank offers car loan or hire purchase financing in both conventional and Islamic formats which is called AmAUTOMate. The loan comes with value-added features and services such as online quotation and large dealer network facility.
|Margin of Finance||Up to 90%|
Interest/profit rate of AmBank Car loan is based on Effective Lending Rate (ELR), the loan tenure, make and age of the car etc. The interest rates can be fixed or variable. Effective on 2 August, 2017, the BR offered is 3.85% and the ELR is 4.50%. The interest rate is calculated with the formula: BR + 0.65%.
Interest rates are subject to change as per the bank’s discretion. Check with Bank for the latest interest rates.
You need to meet the following eligibility criteria to obtain the car loan:
You need to present the following documents while applying for AmBank Car Loan:
Offline Application: You can visit the nearest branch of the AmBank and obtain an application form for the specific car loan. After completing the form, the bank representatives then guide you through the specific details of the loan such as loan amount, interest rate, etc. before sending it for approval.
Online Application: You can also register for the car loan on the official website of AmBank. After submitting all the details, the customer care representatives will then contact you and carry the process forward.
You need to find the AmAUTOMate Calculator or Used Car Calculator or Online Car Loan Calculator on the official website of the bank. In the calculator, you need to fill in the details such as - Vehicle Particulars including the year, model and manufacturer for the desired car. In the next column, Financing Particulars that include tenure, financing rate, monthly instalment, financing rate etc. After all the details are entered, the instalment amount will be displayed.
The instalment amount shown is only a close estimate. the actual instalment amounts will vary depending on the loan amount, tenure chosen, and interest rate received.
Following fees and charges you are required to pay for obtaining AmBank Car Loan:
|AmBank Car Loan||Fees and Charges|
|Stamp Duty Charges||RM20 for Hirer and RM20 for each Guarantor (if any)|
|E-Hakmilik Fee||RM3.18 per registration|
|Redemption Statement Fee (non-individual)||RM53.00 per account per request|
|Road Tax Renewal Fee||RM5.30 to RM21.20 (depending on the category and policy)|
|Late Payment Charges||8% p.a. on overdue instalment (for fixed rate) 2% p.a. on overdue instalment (for variable rate)|
|Service Charge for Duplicate Road Tax Sticker||RM21.20 for each request|
|Photocopy of Hire Purchase Agreement and Guarantee Agreement||RM21.20 for every document|
|Letter of Consent (for Interchange Engine Number / Registration Number / Duplicate Registration Card)||RM21.20 for each letter|
|Request for Audit Confirmation||RM21.20 for each request|
(All fees and charges are inclusive of 6% GST)
Q. Do I require to have an insurance coverage to acquire the AmBank car loan?
A. You need to obtain a mandatory Comprehensive Motor Insurance to protect yourself against any financial losses or in case of vehicle accident, fire and theft.
AmAuto Life which covers death and permanent disability of the hirer and AmDrive Plus that covers any bodily injury to the hirer are the optional types of insurances that a customer can choose from.
Q. What is the Hire Purchase Variable Rate depend on?
A. The variable interest rate is calculated based on Base Lending Rate (BLR). Any fluctuation in the BLR, increase or decrease, will affect the monthly instalment or the tenure of the car loan.
Q. Does AmBank provide car loan for the corporate sector?
A. Yes, through AmBank@Work Financial Solution, companies or corporate organizations can also get car loans with AmBank.
Q. Is the bank eligible to set-off my due payments?
A. The bank has the right to set-off the impending payments by utilising the customer’s current or savings account balance. Before doing so, the bank gives a 7-day prior notice to the customer informing them about the set-off.
Q. Can a borrower get a rebate on the early instalment of Hire Purchase with a Fixed Rate as well for a Variable Rate?
A. The customer does get a rebate on the unexpired rental period. It is calculated by the following formula:
Rebate = Term Charges x n (n+1) / N (N+1)
n = Remaining rental period
N = Original rental period
Term Charges = Total interest charged
For Hire Purchase with Variable Rates, the early settlement amount is calculated on the outstanding amount financed and term charges accrued.