malaysia car loan interest rate 2018

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/customers wit

Hans

Apr 30, 2020

“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 financial experts in the US

Hans

Jul 17, 2020

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-mon

Hans

Mar 25, 2020

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 f

Arif

Jan 28, 2021

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. Have some questions to ask? A video call with a sales person

Brian

Jun 30, 2020

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 109,326,

Eric

Oct 6, 2020

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 2.

Eric

Oct 27, 2020

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 things

Eric

Oct 24, 2020

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 rep

Eric

Oct 18, 2020

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, yo

Eric

Jan 10, 2021

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 rough

Eric

Nov 20, 2020

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

Eric

Dec 16, 2020

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? The all-new Nissan Almera has a starting price of RM 79,906 (on the road, w

Eric

Nov 4, 2020

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 what's the minimum salary needed in order to apply for a loan. Well, you've come to the right place as we will show you how much is the minimum monthly salary required to purchase the

CY Foong

Dec 16, 2020

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 in

Jerrica

Nov 25, 2020

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 common requirem

Jerrica

Aug 13, 2020

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

Eric

Apr 14, 2021

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 government's target of 60,000 EV charging points. The partnership intends to encourage property developers (who are customers of OCBC) to install charging points

Arif

Feb 16, 2021

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 foreseeable fut

Adrian Chia

May 24, 2020

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

Jul 7, 2020

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, Volkswagen Polo, etc. Likewise

Shaun

Apr 30, 2020

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 the M

Jerrica

Sep 30, 2020

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; people

Eric

Jul 27, 2020

Perodua Myvi Ferrari F8 Spider, McLaren GT, 2018 Perodua Myvi, Lamborghini Huracan, etc. These are some of the finest supercars out there and that's why the Perodua Myvi is so successful. Jokes aside, the Perodua Myvi has been the best-selling car in Malaysia for a while now and Malaysians love it. But every now and again, we do get asked if the Perodua Myvi is a good choice. Well, why don’t we run through the things that make the Myvi such a compelling choice for so many, and talk about some of

Shaun

May 16, 2020

With prices starting from just RM 95,000, it’s no surprise why the Proton X70 became a hit among Malaysians. Proton X70 gallery Even in its range-topping Premium X trim, RM 122,800 isn’t a lot of money, considering the amount of features the Proton X70 offers. Keep in mind that for the same price you’re paying for a brand-new Proton X70, you can also get a used Honda CR-V. Honda CR-V gallery A quick check on some car listing sites indicate you can get a turbocharged 2017 Honda CR-V 1.5 TC-P or a

Eric

May 14, 2020

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

Adrian Chia

May 6, 2020

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 terms & conditions while stocks last. For those considering the Tiguan (H

Eric

Jan 3, 2020

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 529,514 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 operat

Hans

Jan 22, 2021

We’ve spied the SUV in Malaysia which hinted at its impending arrival, now UMW Toyota (UMWT) has pretty much confirmed the launch of the all-new 2021 Toyota Harrier on their official Toyota Malaysia website. Also read: Spied: All-new 2021 Toyota Harrier has arrived in Malaysia, launch imminent If you can’t wait to jump on the bandwagon, registration of interest for the all-new Harrier is now opened to all on the website. The Harrier made its world debut just last year. And since then, the luxury

Jerrica

Apr 6, 2021

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

Jun 15, 2020