Tag

car loan interest rate 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2020's new car sales (TIV) in Malaysia is lowest in 13 years, 529,424 units

The Malaysian Automotive Association (MAA) has announced its tally for total new car sales, better known within the industry as Total Industry Volume (TIV), for year 2020. A total of 529,424 new motor vehicles were sold in 2020, down 12.4 percent from 2019.The cause of the downturn is of course due to the Covid-19 pandemic and the associated MCO restricting normal economic activities.For two and a half months between March and May 2020, no cars were sold as showrooms were not allowed to operate

Hans

Hans

Jan 22, 2021

More savings mean bigger angpow with Volkswagen

Volkswagen Passenger Cars Malaysia (VPCM) is ushering in this Chinese New Year with special savings on selected models. Model Savings up to (RM) Monthly Repayment (RM) Polo 4,000 725 Vento Comfortline 8,000 783 Vento Highline 4,000 894 Golf R-Line 2,000 1,750 Tiguan Highline 2,000 1,675 Beetle Sport 5,000 1,505 Monthly calculation based on 9-year loan tenure with 10% down payment and based on 2.5% interest rate. Subject to te

Eric

Eric

Jan 3, 2020

Renault Subscription plan turns one - named Malaysia's Car Subscription Company of the Year 2020!

Renault has been named Malaysia Car Subscription Company of the Year at the 2020 Frost & Sullivan Asia Pacific Best Practices Awards for its Renault Subscription programme, a year after the programme celebrates its first anniversary.Launched in August last year, the programme was designed to offer an alternative to vehicle ownership beyond the traditional hire-purchase model as well as car sharing and rental options available.“We are delighted to have received this prestigious accolade

Sanjay

Sanjay

Aug 24, 2020

Up to RM 31k in savings when you purchase a brand-new Mercedes-Benz!

Mercedes-Benz Malaysia has revealed their updated prices for its models, valid from 15th June to 31st December.Depending on the model, one can expect to save between RM 7,734 to RM 31,345 when purchasing a brand-new Mercedes-Benz.In addition to these savings, Mercedes-Benz Malaysia is also offering an attractive low interest rate financing (zero percent interest rate) with MobilityPlus car replacement program, and complimentary service packages. The offer is valid until 30th June 2020.

Eric

Eric

Jun 15, 2020

Proton is going to do better than other brands post-Covid-19 after a strong sales growth in Q1 2020

Proton recently announced its sales performance for Q1 2020 and despite Malaysia going into a nationwide Movement Control Order (MCO) in March, the national carmaker still managed to shift 21,757 units. An improvement of 20.4% compared to the same period in 2019.All Proton’s core models saw an increase in sales between 17 to 602% - the latter for the Proton Iriz. While the Proton X70 saw a decline of 48% in sales (attributed to the transition to the locally-assembled (CKD) model and MCO),

Adrian Chia

Adrian Chia

Apr 10, 2020

MAA: Loan moratorium expiry to impact Malaysia auto industry negatively

The 6-month long loan moratorium is set to expire in September and its expiry could have some negative impact on the Malaysian automotive industry. The loan moratorium went into effect in April as the country entered the Movement Control Order (MCO) period.Malaysian Automotive Association (MAA) president Datuk Aishah Ahmad told The Edge, “People will not have the money to buy new vehicles. But I think it depends on the category of vehicles. I think high-end vehicles will not be impacted; p

Eric

Eric

Jul 27, 2020

2019 MINI John Cooper Works Clubman: Answers to frequently asked questions

When MINI Malaysia launched the facelifted 2019 MINI Clubman, they also launched the John Cooper Works Clubman along with it.MINI’s John Cooper Works Clubman is one of two revolutionary JCW variant that made a mark in MINI’s 60 year history as under the bonnet holds MINI’s most powerful engine yet!How much is it?The 2019 MINI JCW Clubman is priced at RM 358,888. That’s at least RM 60,000 more expensive then the Cooper S variant.Like the Cooper S variant the 2019 MINI JCW

Jerrica

Jerrica

Nov 18, 2019