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Car Loan Calculator Malaysia

Car Loan Calculator
Insurance Calculator
Road Tax Calculator
Fuel Cost Calculator
Have found 0 used cars within your budget
Select Cars
Car Price (RM)
Down Payment
Loan Period (years)
Interest Rate

Car Loan Monthly Installments Schedule

Repayment Schedule Monthly Repayment Outstanding Balance

Public Bank Car Loan Interest Rate 2023

Bank Name Interest Rate
2.85% p.a.
Affin Bank
2.92% p.a.
3.05% p.a.
3.18% p.a.
Hong Leong Bank
3.24% p.a.
3.4% p.a.
  • What is a car loan?

    A car loan is a financial service used for the higher purchase of a car. A car loan allows you to hold on to more cash in hand while paying an interest over a period of time. The average car loan tenure in Malaysia can take up to 5, 7, or even 9 years,

  • How do I apply for a car loan?

    Loan providers include banks and sometimes the car manufacturers themselves. To apply for a car loan, you first set the amount of money that you would like to loan. You will then be required to submit relevant documents like your bank statements, pay slip, and credit score to see if you are eligible for the loan.

  • How will the car's price affect the eligibility of the car loan in Malaysia?

    In a car loan agreement, the car serves as a collateral. That means if you default on the loan, the bank will take the car from you. If the bank perceives the car of lesser value than you do, the chances of loan approval might decrease since the car’s value will not be able to pay off the loan.

  • What is the loan amount I can get in Malaysia?

    The maximum amount of loan on a car is usually 90% of its value. You would have to make a 10% down payment first. In the case of used cars, you might have to make a 20% down payment, so the loan amount can only be 80% of the car’s value at maximum.

    Your monthly income will limit the amount of loan that will be approved by the bank.

  • Are there any chances of my loan application getting rejected?

    Yes. Possible reasons for rejection include a loan amount that is too high, a poor credit score, a low valuation of the car by the bank, or just that your monthly income is not enough to pay off the monthly installments.

  • Should I get a car loan or pay in full?

    A plus side of a car loan is that it enables you to have more cash in hand. The downside of a car loan is the interest rate that is charged. A plus side of paying a car in full is that no interest is charged. The downside is that you will have less cash in hand. It depends on your financial capabilities and needs.

  • What factors affect the interest rate of the car loan?

    Several factors affecting the interest rate are the loan amount, loan tenure, type of car, and your credit score.

  • Do banks call your employer for car loan?

    The car loan provider will want to make sure that you are able to service to loan. They might do a background check just to make sure that you are a good borrower with a steady income. Calling your employer is just one way of determining that.

  • Can I get a car loan with my credit card?

    Depending on the price of the car and your credit card limit, it is possible to purchase a car with a credit card. It could even be the cheapest way to buy a car if you do it right.

  • Which bank is best for car loan in Malaysia?

    Different banks will offer different interest rates and will value the car that you want to purchase differently (second-hand cars). To get the best deal on a loan, you will have to survey several banks before locking in on one.

  • What determines the car loan monthly installment amount?

    The car loan monthly installment amount depends on the total car loan amount, car loan tenure, and car loan interest rate.

  • How can I check my car loan balance?

    You can use online banking services to check the loan balance on your car. The loan statement is usually available for download and that is where you can see details about the loan.

  • Is there a car loan for more than 10 years in Malaysia?

    The longest loan tenure for a car loan in Malaysia is 9 years.

  • Does applying for a car loan hurt your credit?

    Any loan that you use will affect your credit score.
  • How do I pay my car loan?

    To pay your car loan, you will need to service the monthly installment. The monthly installment comprises of the principal payment and interest payment. You can choose to pay the monthly installment manually or by auto deduction.

  • What happens if I don't pay my car loan?

    Your car will be taken by the bank as collateral.

Car Loan Introduction

Purchasing a brand-new car is usually done with car loans or financing services. Used cars can be purchased on a loan too, provided they’re not valued too low. The bank’s valuation of the car is important since it serves as a collateral in case of loan default.

In Malaysia, car loan tenures can take up to 5, 7, or even 9 years. Loans enable you to hold on to your cash in hand by charging you an interest over a certain period of time.

Car Loan Eligibility

Car loan or financial service providers include banks and some car companies themselves. Whether or not you will be eligible for a car loan depends on factors like the loan amount, loan tenure, your monthly net income, credit score, and other factors.

The interest rate of the car loan will be affected by the type of car (sports car/family car), loan amount, loan tenure, and your credit history.

Down payment and interest rates

A minimum of 10% down payment is usually required by banks for the purchase of a brand-new car and about 20% for a used car. Down payments can also be paid by trading in your current vehicle.

Some car buyers prefer to pay a higher down payment to reduce the interest paid, while some prefer to have more cash in hand. The choice is yours to make depending on your financial needs.

Keep in mind that an early settlement for your car loan will not drastically reduce the interest that you have to pay.

Monthly installment

With the car loan amount, loan tenure, and interest rate decided, a monthly installment amount will be obtained. This is usually the main concern for the average car buyer to see if it fits their budget Monthly installments can be done via manual or auto deduction. 


Monthly Payment
RM -
Down Payment
RM 10,000
Total Cost
RM -
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