Acquiring an affordable car loan boils down to the loan amount opted for and the interest/profit rate of the loan. Banks across Malaysia offer car loans for new, used, and reconditioned cars. These loans come with competitive rates and flexible tenures offering easy monthly instalments. Read on to find out more about the top car loans in Malaysia that you can get at low rate of interest/profit.
Compare Low Car Loan Interest Rate in Malaysia
|Bank||Product||Interest Rate||Financing Tenure|
|BSN||BSN MyAuto||2.55% to 3.15% p.a.||3 to 9 years|
|BSN MyAuto-i||2.55% to 3.15% p.a.||3 to 9 years|
|Bank Islam||Bank Islam Vehicle Financing-i GradHitz||3.00% to 3.60% p.a. (For National)||Up to 9 years|
|2.90% to 3.35% p.a. (For International)|
|CIMB||Minimum Fixed Rate||3.65% p.a. (New Cars)||Up to 9 years|
|2.75% p.a. (Imported Cars)|
|3.15% p.a. (Unregistered cars)|
|Minimum Variable Rate||BLR + 0% (New Cars)|
|BLR - 1.75% (Imported Cars)|
|BLR - 1.20% (Unregistered Cars)|
|Note: The current BLR is 6.75%|
|Hong Leong||Hong Leong Auto Loan||The bank charges fixed interest rate or a variable rate quoted at a margin above its Base Lending Rate (BLR)|
|Kuwait Finance House||KFH Automobile Ijarah-i||Determined by KFH Malaysia and calculated on a flat rate basis every month||2 to 9 years|
|Affin Bank||AFFINBANK Hire Purchase||Calculated on a flat rate basis||Up to 9 years|
|AFFINBANK Hire Purchase-i||Calculated on a flat rate basis||5 to 9 years|
|Bank Rakyat||Bank Rakyat Auto Hire Purchase Financing-i||Informed at branch of the bank.||Up to 9 years|
|Bank Muamalat||Muamalat Hire Purchase-i||Depends on the bank’s prevailing rates||Up to 9 years|
|Muamalat Vehicle Financing-i GradPack||Dependent on bank’s prevailing rates.||4 to 9 years|
- You must be 18 years and above.
- You must be a citizen of Malaysia or a Permanent Resident.
The following documents are required to apply for a car loan in Malaysia:
For Salaried Individuals:
- A photocopy of the applicant’s NRIC.
- A photocopy of valid driving license.
- Payslips of last 3 consecutive months.
- Last 3 months bank account statement where salary is credited.
- Latest EPF statement.
- Confirmation letter from your employer
- Car dealer’s quotation
- Duly filled up application form.
- Copy of business registration.
- Copy of NRIC.
- Copy of driving licence.
- Latest six months bank statements.
- Duly filled up application form.
How To Apply
You can apply for a car loan in either of the following two ways:
- Online: Browse through the bank’s official website and fill up the online application form. A bank representative will contact to carry on the application process further.
Offline/physical form: Visit the nearest branch of the bank and submit the duly filled up application form along with the required supporting documents.
Q. What are the benefits of getting a car loan in Malaysia?
A. Malaysian banks allows you to own your dream car by giving you the following benefits:
- The loans come with high financing margin.
- You can enjoy competitive interest rates.
- You can get the loan for both new and reconditioned vehicles.
- There are multiple repayment channels available for you to choose from.
Q. Can a sole proprietor/partnership firm apply for a car loan?
A. Yes. Many Malaysian banks like Affin Bank provides car loans to partnership firms or sole proprietors.
Q. What are the documents that the partnership firms need to produce at the time of the loan application?
A. The following relevant documents are required:
- A copy of NRIC or passport.
- A copy of the driving licenses.
- Partnership agreement/business permits/trading license.
- Last 6 months bank statements.
- Latest Borang B supported by tax payment receipt.
- Sales vouchers (required for agro based sector) or unit trust certificate.
Q. What is the monthly repayment amount for Maybank My First Car Loan?
A. The monthly repayment amount starts from RM268 depending on the loan amount approved and tenure chosen.
Q. What are the various ways I can make monthly payments?
A. You can make monthly payment in the following ways:
- Bank branches
- Standing instructions
- Cash Deposit Machine (CDM)