Best Flexi Car Loans In Malaysia

A flexi car loan differs from a normal car loan. A flexi loan allows you to own your car much sooner than the designated loan maturity. You can pay an additional sum to the loan whenever you can to reduce the outstanding balance. Also, the bank calculates the monthly instalments based on reducing balance concept, which makes it profitable for you. Here are the details on the flexi car loan available in Malaysia:

1. Mach Cruise Control Car Loan

Mach by Hong Leong Bank offers this hire purchase product with low variable interest rates. In this case, the bank provides you with a Drive Account where you can deposit and withdraw money. The more balance you maintain in the drive account (subject to a cap of 30%), the more your loan interest cost is reduced, this allows for reduction in loan principal which leads to a reduction in your loan tenure allowing you to pay off the loan faster. You also get a debit card with the account. The bank assures of conditional loan approval in 15 minutes.

Fees & Charges

The following fees and charges are applicable on Mach Cruise Control Car Loan:

Fee Type Fee Amount
Set-up fee RM200
Maintenance Fee RM10/month
Stamp Duty RM10/agreement
Late Payment Fee 2% of the outstanding balance
e-Ownership Claim Charges RM3
Administrative Fee RM35
Transfer and Ownership Fee RM150

Note: The fees specified in the table above do not include the government taxes applicable.

Documents Required

The documents you have to submit to borrow the loan are:

  • A copy of MyKad
  • A copy of Driving License
  • Latest EPF statement

How To Apply

You can visit the nearest branch to apply for the car loan. Alternately, you can drop your contact details on the website. The bank staff will contact you regarding the further processes of the loan.


Q. Should I buy insurance for the car?

A. The bank insures the car for the first year. From the second year, it is your responsibility to insure the car. In any case, you have to bear the insurance premium.

Q. What is the maximum loan tenure offered?

A. The maximum loan tenure offered is 9 years.

Q. Can I borrow the loan to purchase commercial vehicles?

A. Yes. You can borrow the loan to purchase a few selected commercial vehicles. The loan is majorly for all passenger vehicles.

Q. Does the bank approve the loan in 15 minutes?

A. Yes. You can get the conditional approval in 15 minutes. The final approval will be given within 1 working day.

Q. Can I apply for the loan as a joint applicant?

A. No. Hire Purchase Act does not approve of joint applicants. However, you can still get a guarantor to secure your loan.

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