While Proton itself had a successful 2022 with a fourth consecutive year of growth pushed that saw total sales of 141,432 units, its financing arm, Proton Commerce, had an equally prosperous year.

Proton’s total sales saw retain second place in the local sales table with the most units sold since 2013. A lot of that success was courtesy of Proton Commerce capitalising on the growth in sales that led to a record-breaking number of loan disbursements.

Having been incorporated on 27 October 2003, Proton Commerce is a joint venture between Proton Edar and CIMB with the aim of providing financing for Proton buyers. The company posted their best results in their history for 2022.

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All in for 2022, the company issued 22,467 loans to Proton buyers. The numbers were achieved as they disbursed over 2,000 loans for 8 out of the 12 months. September set an all-time high of 2,872.

This translated into a volume growth of 54 per cent over 2021 and is also a new volume record.

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Spearheading the increase in loan disbursements was naturally an increase in loan approval rates, led by an all-time high in approvals for May and June 2022 at 59 per cent. Much of that success can be attributed to the people’s car as it was the lead financier for the Proton Saga.

Beginning from Q4 2021, Proton Commerce has been the market leader for the model for five consecutive quarters, which was punctuated by financing 32 per cent of Saga units sold last November, another new highwater mark.

“Aside from extending the validity of our LoUs, Proton Commerce will also honour the interest rate offered at the time of approval and as we offer fixed rate financing, our customers do not need to worry about increasing monthly payments. This will make it easier for Proton buyers waiting for their cars and help control their personal budgets,” said Mooi Fi Phang, Chief Executive Officer, Proton Commerce.

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The company has hit the ground running in 2023 as just one month into the new year, it has announced a new benefit for its customers. Effective immediately, the validity of Letters of Undertaking (LOU) issued will be extended from 90 to 180 days making it more convenient for buyers of Proton models who face a long waiting time for the variant of their choice.