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bank car loan interest rate 2020

6-month moratorium on bank loans – what does it mean for your car loan?

Bank Negara Malaysia have announced a 6-month moratorium for all bank loans except credit card balances, starting 1 April 2020. The moratorium is basically a temporary freeze on loan repayments.However, do remember that the moratorium applies only to loan repayments. Interests will continue to accrue every month as usual.Also, the moratorium applies only to loans that have not been in arrears (all previous payments owed paid in full) for more than 90 days as of 1 April 2020.How does the 6-month

Hans

Hans

Mar 25, 2020

Banks to make U-turn, interest charges might be imposed during 6-month moratorium for car loans?

The following is still a developing news, we will update it when clearer official announcements are made. We were tipped off by our friends at Careta.my that banks might begin imposing interest charges on delayed/outstanding car loan repayments of borrowers who took up the 6-month moratorium.A statement released by Bank Negara Malaysia (BNM) earlier today said “…banking institutions are in the process of formalising agreements which reflect the revised payment terms with borrowers/c

Hans

Hans

Apr 30, 2020

How to get your car loan approved? Here are 5 things that affect your chances

In 1949, the loan tenure for a VW Beetle was 12 months with an interest rate of 9 % per annum. Things have changed. In Malaysia today, car loan tenures are usually of 5,7, or even 9 years with interest rates hovering around 3% per annum (calculated on principal). Cars are getting more expensive and are almost impossible to purchase without using a loan.But is taking a car loan a bad financial decision? Well, it depends on your financial circumstances (mainly your income), how much you benefit fr

Arif

Arif

Jan 28, 2021

If you need a 9-year loan, you can’t afford the car, and do understand Rule of 78

“The interest is calculated based on the principal sum and not the remaining balance, that’s crazy!” That was the conversation I had a car company executive who has just been transferred from Europe to Malaysia.The topic of increasingly long loan tenures for auto loans is also becoming a concern in the US but how long is too long for them?7-year tenure auto loans now make up 20 percent of total US car loans – more than twice as many compared to 10 years ago. To many finan

Hans

Hans

Jul 17, 2020

2020 Honda Civic – What's the minimum monthly salary to get a loan?

Ever since Honda Malaysia introduced the tenth-generation Honda Civic a few years ago, it proved to be a very popular model. The facelifted Civic was introduced earlier this year, keeping it fresh for a couple more years.It's an aspirational car for a lot of young buyers, attracting many who can barely afford the car.So in this article, we will take a look and see how much you need to earn before you can afford to buy and maintain a Honda Civic.Taking the entry-level Civic 1.8 S (RM 109

Eric

Eric

Oct 6, 2020

2020 Proton X50, what’s the minimum salary to get a loan?

The highly-anticipated 2020 Proton X50 is finally here, after several preview sessions held across the country.With prices starting from RM 79,200 for the Proton X50 1.5T Standard, it sure does look like a tempting deal, but is your salary enough to sign that loan?Let’s find out more in this article.How much do I need to make?Starting things off is the entry-level Proton X50 1.5T Standard (RM 79,200, on the road, without insurance), the monthly repayment is roughly RM 800 a month, given a

Eric

Eric

Oct 27, 2020

Car owners can't afford to sell their cars due to outstanding car loan balance

It turns out that it wasn’t just used car sales that saw an increase throughout the past few months, used car dealers in Johor Bahru are reporting an increase in car owners trying to sell their vehicles after the Movement Control Order (MCO) ended in June.One second-hand car shop manager Chang Keng Keong told The Star that there has been a 30 percent increase in the number of people who came to his shop enquiring for information about the disposal of their cars.This was especially apparent

Jerrica

Jerrica

Nov 25, 2020

2020 Toyota Yaris – What’s the minimum salary to get a loan?

The Toyota Yaris nameplate isn’t exactly new in Malaysia, as it was first introduced here back in 2006 before getting discontinued a couple of year later.Fast forward to 2019 and UMW Toyota Motor reintroduced the Toyota Yaris in Malaysia, this time based on the NSP151-generation Toyota Vios.In this article, we will take a closer look and see how much you need to make each month before you can apply for a loan to purchase and maintain a Toyota Yaris.How much do I need to make?Starting thing

Eric

Eric

Oct 24, 2020

2020 Honda City – What’s the minimum monthly salary to get a loan?

A couple of weeks ago, Honda Malaysia finally launched the all-new 2020 Honda City, replacing the GM6-generation model that was introduced back in 2014.Unlike the aspirational Honda Civic, the Honda City is aimed a more price-conscious crowd.In this article, we will take a look and see how much you need to earn before you can buy and maintain a Honda City.How much do I need to make?Take for example the entry-spec Honda City 1.5 S (RM 74,191, on the road, excluding insurance), the monthly repayme

Eric

Eric

Oct 18, 2020

What’s the minimum salary to get a loan for the 2020 Mitsubishi Xpander?

Mitsubishi Motors Malaysia recently released the prices of the 2020 Mitsubishi Xpander, a model that will compete directly against the Honda BR-V, Perodua Aruz, and Toyota Rush.In this article, we will take a closer look and see how much you need to make each month before you should apply for a loan to purchase the Mitsubishi Xpander.How much do I need to make?The Mitsubishi Xpander has a starting price of RM 91,358 (on the road, without insurance), meaning that the monthly repayment is roughly

Eric

Eric

Nov 20, 2020

Naza offering low interest rate from 1.88% until 15-July for recond cars

Naza Automotive Group Malaysia is having a mid-year sale for all selected vehicles starting from now to 15-July. Customers are entitled to a low-interest rate from 1.88 percent and a 1-year warranty during this promotional period.Keep in mind the government's 5 percent sales tax exemption has been included with Naza's mid-year sales.For convenience, customers can now view Naza’s catalogue at home through online marketplace platforms. Hav

Brian

Brian

Jun 30, 2020

What’s the minimum salary to get a loan for the 2020 Nissan Almera?

Ever since spyshots of the all-new Nissan Almera started surfacing late last year, the hype started building up for ETCM’s newest B-segment sedan.Fast forward to November and ETCM has revealed prices of its highly-anticipated model.In this article, we will take a closer look and see how much you need to make each month before you should apply for a loan to purchase the all-new Nissan Almera.How much do I need to make?Base spec model picturedThe all-new Nissan Almera has a starting price of

Eric

Eric

Nov 4, 2020

Singapore banks push for EVs, property developers to install EV charging points

Following Tesla’s return to Singapore, two banks have shown great initiative in the adoption of electric vehicles.The Business Times reports, that on Monday, OCBC had announced a strategic partnership with Charge+, a Singaporean EV solutions firm.Charge+ aims to install 10,000 EV charging points in Singapore by 2030, in line with the governments target of 60,000 EV charging points. CEO of Charge+, Goh Chee Kiong in an interviewThe partnership intends to encourage property developers (who a

Arif

Arif

Feb 16, 2021

Applying loan for the 2021 Toyota Yaris? Here's the minimum salary required

Just recently, official prices of the 2021 Toyota Yaris have been released. It is priced from RM 70,940 onwards for the base Yaris 1.5 J, before topping out at RM 84,808 for the Yaris 1.5 G. Currently, the Yaris competes against the Honda Jazz, but it will be replaced with the Honda City Hatchback in 2021.In this article, we will take a closer look and see how much you need to make each month before you should apply for a loan to purchase the Toyota Yaris.How much do I need to make?The Toyota Ya

Eric

Eric

Dec 16, 2020

Getting a 2021 Toyota Vios? Here's the minimum salary required for a loan

UMW Toyota Motor has just released the official prices for the 2021 Toyota Vios facelift and the prices are nothing short of appealing. Starting from RM 74,623 for the base Vios 1.5 J, it is only RM 430 more than the base Honda City 1.5 S.As appealing as the prices are for the Vios facelift, you might be wondering whats the minimum salary needed in order to apply for a loan. Well, youve come to the right place as we will show you how much is the minimum monthly salary required to purchase the Vi

CY Foong

CY Foong

Dec 16, 2020

Buying a 2021 Toyota Innova? Here's the minimum salary required for a loan

UMW Toyota Motor has just announced the official prices of the 2021 Toyota Innova facelift in Malaysia. Prices start from RM 111,622 for the entry-level Innova 2.0 E variant and tops out at RM 129,667 for the Innova 2.0 X variant.Although there is a slight increase in prices across the board for the updated Innova, it is justifiable as UMWT has improved the safety and features of its people mover.Now, you might be thinking what’s the minimum salary needed in order to apply for a loan. Well

Eric

Eric

Jan 10, 2021

New or used car, which should you buy after MCO?

The Movement Control Order (MCO) in place to control the Covid-19 pandemic has put a huge speed bump on the various economic sector.The automotive industry has come to a complete halt as JPJ (Road and Transport Department Malaysia) has yet to resume new private vehicle registration (services related to commercial vehicles are available).It’s only a matter of time before consumers can go out and purchase their next perfect car. But with the soft economy that will prolong for the forese

Adrian Chia

Adrian Chia

May 24, 2020

Bank: 90 percent of borrowers took up 6-month moratorium offer for car loans

Only 10 percent of hire purchase borrowers of have opted out of the 6-month moratorium given by Bank Negara, according to data by RHB Investment Bank.In its latest bi-weekly newsletter dated 29-April, the investment bank downgraded its buy/sell call for CIMB, from Neutral to Sell.Part of the reason, according to the investment bank’s analysts is “…possibility of provisions for a macro overlay on expected credit loss and modification losses on the present value of deferred

Hans

Hans

May 1, 2020

MTUC appeals to extend loan moratorium for another 6-months

The Malaysian Trades Union Congress (MTUC) is urging the Ministry of Finance (MoF) and Bank Negara Malaysia to compel banks to extend the deferment of loans for another six months.The current 6-month moratorium was announced back in March when the first stage of the Movement Control Order (MCO) was enforced in an effort to prevent the spread of the pandemic.With all activities and businesses put on pause, many people were either forced to take massive pay cuts, go on unpaid leaves by employers,

Jerrica

Jerrica

Jul 7, 2020

If you're a fresh grad, take a look at Proton’s Fresh Graduate Campaign

Proton’s commerce company, Proton Commerce Sdn Bhd (PCSB), has a new campaign to help fresh graduates purchase their first cars. Under the campaign, fresh grads can purchase a Proton with low Hire Purchase (HP) loan rates.The Fresh Graduate Campaign is designed to help address one of the key mobility issues graduates face when buying their first cars.Many graduates tend to get rejected when applying for an HP loan as they often don’t have proof of income for 3 months. This is a commo

Jerrica

Jerrica

Aug 13, 2020

Proton Commerce getting ready for HP volume jump when Proton X50 launches

Proton Commerce Sdn Bhd (PCSB), Proton’s in-house automotive financier, has stated that they are expecting a jump in the Hire Purchase (HP) market for cars during the final quarter of 2020. The financier made the prediction thanks to 2 factors, the soon to launch Proton X50 and the Penjana stimulus package.According to PCSB, the HP industry has been experiencing growth of 1.0 percent to 2.0 percent between FY2017 to FY2019. The growth is broadly in-line with Total Industry Volume (TIV) of

Jerrica

Jerrica

Sep 30, 2020

MoF: No more interest on 6-month moratorium for hire purchase loans

In another act of U-turn, the Ministry of Finance has just announced that there will be no additional interest on hire-purchase (HP) loans for those who took up the 6-month moratorium.This overrules the earlier statement by Bank Negara Malaysia (BNM) that the 6-month moratorium will incur interest charges.Borrowers who took up the 6-month moratorium will continue to pay the same monthly installment as before as stated in their HP agreement with their respective banks.The 6-month moratorium is of

Adrian Chia

Adrian Chia

May 6, 2020

UMW Toyota teams up with Bank Rakyat to introduce new financing scheme

UMW Toyota Motor (UMWT) has a few new financing schemes to offer all car buyers who are taking advantage of the recent SST exemption to buy cars. The new financing schemes are a collaboration with Bank Rakyat and will offer attractive financing packages to all Malaysians aged between 18 to 65 years old.The new financing packages are arranged to follow Islamic financing principle and consist of 2 types of financing options; An-Naqlu 1 and An-Naqlu 2.An-Naqlu 1 offers 90 percent financing and foll

Jerrica

Jerrica

Aug 12, 2020

Buying a 2021 Mitsubishi Triton? Here’s the minimum salary required

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 RogueHow much do I need to make?T

Eric

Eric

Apr 14, 2021

'Loan' kereta anda tak lulus-lulus? Periksa dulu 5 perkara ini!

Pada tahun 1949, tempoh pinjaman bagi sebuah VW Beetle ialah 12 bulan dengan kadar bunga tahunan 9%. Itu dulu, sekarang dah lain. Kini, di Malaysia, tempoh pinjaman kereta selalunya untuk lima, tujuh atau sembilan tahun dengan kadar bunga tahunan berubah-ubah sekitar 3% (dikira berdasarkan jumlah prinsipal). Kereta-kereta zaman sekarang pun makin mahal dan hampir mustahil bagi kebanyakan orang untuk membelinya secara tunai.Tapi, adakah meminjam untuk membeli kereta satu perkara yang buruk? Perka

Mersita

Mersita

Feb 7, 2021

6-month moratorium: Dear banks, you need to work on your public relations

Over the past two weeks, the banking sector lost not just money, but a lot of goodwill from its customers. The former was unavoidable due to Covid-19, the latter was all their own doing.We are talking about how banks managed the communications to their customers regarding the 6-month moratorium for bank loans. Do banks not have any PR strategy at all?Hands up if you had trouble understanding Bank Negara’s first announcement on 25-March, which said:“It is important to note that the in

Hans

Hans

May 9, 2020

BMW Credit Malaysia announces customized solutions for customers affected by MCO

BMW Credit Malaysia Sdn. Bhd., a vehicle financing subsidiary of BMW Group Malaysia, is now offering customized solutions for customers affected by the Covid-19’s Movement Control Order (MCO).As BMW Credit Malaysia’s financing options are far more varied than a bank’s traditional hire purchase, the solutions available will vary from one customer to another, depending on their individual contract with the company.Customers who wish to apply for greater flexibility with regards t

Hans

Hans

Mar 29, 2020

What paperwork do you need before selling your car?

Car photo created by standret - www.freepik.comIt’s time to sell your car. You’ve already figured out how to get the highest price and how to clean the interior, but how do you sell your car without going through a used car dealer?Assuming that you’ve somehow managed to find for a buyer that’s willing to buy your old car, there are some steps to follow before you can sell off your old car.Also Read: Selling your car soon? Heres how to ensure you get the highest priceIf it

Eric

Eric

Apr 6, 2021

Should you buy a new Perodua Myvi or a used Honda City?

If you’re a fresh grad looking for your first car, chances are you’re looking at the Perodua Myvi. It offers great value for money and is packed with features, some of which aren’t even offered in cars twice its price. But then someone said you could buy a used Honda City for about the same price. So how should you decide?Before we continue, we'd like to note that this isn't strictly limited to the Honda City. Other options can include the Toyota Vios, Honda Jazz,

Shaun

Shaun

Apr 30, 2020

PM: Targeted moratorium extension for three months

Prime Minister Tan Sri Muhyiddin Yassin has announced a moratorium extension and targeted bank assistance that focuses on those in need.In yesterday’s address, he said the extension and aid serves to benefit three million individuals and small and medium enterprises (SMEs).Here are the details of the targeted moratorium and bank assistance:Individuals who lost their jobs in 2020 and still haven’t got a new job will be offered the moratorium for another three months (up to Dec 31

Sanjay

Sanjay

Jul 30, 2020