Just recently, Mitsubishi Motors Malaysia (MMM) introduced the new 2021 Mitsubishi Triton Athlete. It is priced at RM 141,500, on-the-road, without insurance.

At RM 141,500, the Mitsubishi Triton Athlete is priced right smack in the price range of the Toyota Hilux and Ford Ranger. Question is, what’s the minimum salary you need before you can apply for a loan?

Also Read: Priced from RM 141k, the 2021 Mitsubishi Triton Athlete could run rings around the Hilux Rogue

How much do I need to make?

The monthly repayment for the Triton Athlete is roughly RM 1,420, factoring in a 2.27-percent interest rate with a 9-year loan.

Based on the recommended guideline that you should not be paying more than 20% of your monthly salary on the car's monthly repayment, that's a minimum net salary of around RM 7,100 a month.

With the cost of insurance, maintenance, tyres, and other associated running costs factored in, your car-related expenses should not exceed 30 percent of your monthly salary.

Below are the monthly installments for the 2021 Mitsubishi Triton Athlete for 5-, 7-, and 9-year tenures. These rates have already factored in an interest rate of 2.27%

The shorter 5-year loan tenure is a wiser choice.That being said, interest rates are always changing. Given our current situation, interest rates are very low but do check with your respective banks for the latest rates.

Don’t take the 9-year loan option

It’s definitely worth repeating here that we don’t recommend taking the 9-year loan option.

Opt for a 9-year tenure and you’re paying RM 26,000 in interests alone. Meanwhile, getting the shorter 5-year loan means you’re only paying RM 14,400 in interests – considerably less than the 9-year tenure.

There’s also the unfortunate situation where you could be forced to sell the car or claim total loss from your insurance. You would have to top up more money before you can settle the loan because the outstanding balance is more than your car’s market value.