Bank Muamalat Vehicle Financing-i GradPack 2020
As the name implies, the Bank Muamalat Vehicle Financing i-GradPack is designed for the young consumer. In fact, this hire purchase loan is designed to help those that have just graduate and is ready to kickstart their careers.
Providing efficient products
Through the Bank Muamalat Vehicle Financing i-Gradpack-i, you can own the vehicle of your choice once you graduate from university or college. This is a product specifically designed to be affordable and for those whose income level is not very high. All you need is to be a salaried employee with a minimum income of RM30,000 per annum. However, you need to be a graduate from institutions of higher learning that are accreditated by MQA or Ministry of Education of Malaysia and ideally between 20 and 35 years old. This means that you would minimally have a diploma from any of those institutions.
Interest rates and tenure
The Bank Muamalat Vehicle Financing i-GradPack is designed to help young Malaysian kickstart with their first car as they set out to chart their careers. It is used only for the application of new cars. You can apply for up to 90% of the total vehicle price which means you need to provide 10% of the total vehciel price to apply for this loan.
The interest rate for local new cars is at 3.1% per annum. Meanwhile, you can buy a foreign new car and get the loan from Bank Muamalat which will come with a 2.95% interest rate per annum. Additionally, you need to pay RM10 for stamp duty.
AmBank AmAUTOMate 2020
The AmBank AmAUTOMate is a hire-purchase loan that provides a complete solution for all issues related to the ownership of your car. As one of the largest banks in the country, AmBank has been offering hire-purchase loans for a long time with a large network of dealers and car maintenance services nationwide.
Convenient and efficient
If you are looking for a hassle-free hire-purchase loan that provides you the convenience without headaches, then the AmBank AmAUTOMate could answer all your questions. This is because they offer more than just a loan. This package comes with additional services such as road tax renewal while you are connected to a network of dealers across the country.
Interest rates and tenure
This hire purchase loan is available for Malaysians who are citizens and permanent residents. You can apply for this loan to help in financing your vehicle which can be used or new, foreign or local. The interest rates here are:
- New local cars – The interest rate is at 3.05% per annum of up to 9 years, equivalent to 108 installments.
- Used local cars – A 3.66% per annum interest rate is applicable that can go up to 9 years.
- New foreign cars – This package comes with a 3.34% interest rate per year of up to 108 months.
- Used foreign cars – 3.45% per annum and can be paid over 108 installments.
Take note that for all the types of cars above, you can apply for up to 90% of the total vehicle price which means you need to provide the other amount (10%) before you can apply for this loan,.
Bank Islam Vehicle Financing-i
The Bank Islam Vehicle Financing-i is a hire purchase loan offered for customers who are looking to buy any private vehicle in the country. This is an Islamic finance car loan which is secure and comes with very flexible repayment methods and tenure.
Open for Malaysians
The Bank Islam Vehicle Financing-i is a loan which is open to all citizens and permanent residents of Malaysia who are between 18 to 60 years of age. Besides that, you are required to be a salaried worker with a registered company in Malaysia, earning a minimum income of RM24,000 per annum. To apply for this loan, you need to select where you are buying your car from, submit the documents and wait for the approval.
Interest rates and tenure
Eligible customers for this loan can choose vehicles that are either local or foreign. You should take your time to find the vehicle that you really want, that suits your every need and then proceed to apply a loan to own it. Below are some of the facts you need to be aware of:
- The maximum term you can apply for is 9 years with the interest rate of 3% for local cars.
- For foreign cars, the interest rate is 2.9% for new cars.
- If you are going for a used car, the interest rate is 3.6% for local cars and 3.55% for foreign cars.
There is an additional RM20 stamp duty once the loan application is approved without any other fees. There is however a late penalty fee of 1% per annum of the amount still owing.
Affin Bank Conventional Hire Purchase
You can surely get the car you have been wanting through the Affin Bank Conventional Hire Purchase loan. This loan is easy to apply and fast-processing as well. What you get with Affin Bank’s Conventional Hire Purchase loan is a convenient and flexible loan that will see you through the ownership of your vehicle.
Fixed term, fixed rate
With this loan, you can plan your finances better as the interest rate is fixed with a standard term. In other words, your monthly installment is the same for the entire duration of your loan. You will need to allocate a small amount for stamp duty (RM10) upon approval of the loan. To be eligible, you need to be between 18 and 70 years old and earn a yearly income of RM24,000. This loan is available for both residents and permanent residents of Malaysia.
Types of eligible vehicles
The Conventional Hire Purchase loan can be used to finance both new and used cars that can either be local or foreign. For new local cars, you can enjoy up to 90% of the vehicle price and for a maximum repayment tenure of 9 years. For local used cars, the interest rate is at 3% per annum and you can also get the loan for up to 9 years.
Meanwhile, the interest rate for foreign cars is more attractive which is at 2.65% for new cars and 3% for used cars. Take note that you need to pay a 15% downpayment for used foreign cars. All others will require the standard 10% downpayment.
Bank Rakyat Hire Purchase Vehicle Financing-i (An Naqlu 1)
Bank Rakyat has always been offering attractive loans for Malaysians in various sectors. Through its Hire Purchase Vehicle Financing-i loan, you can now enjoy a competitive hire purchase loan that comes with a low-interest rate and manageable tenure.
Own your dream car
This hire purchase loan is designed to help you achieve your dreams of owning the car you choose. It is a flexible and secure Islamic vehicle loan that allows you to choose either a local or a foreign car. Applicants must be between 18 and 60 years of age with a minimum income of RM18,000 per annum. To make it convenient, you can arrange for your monthly installment to be made in the following ways.
- Automatic salary deduction through Biro Perkhidmatan Angkasa or through your respective employer
- Deduction from your savings account
- Use post-dated cheques.
Interest rates and tenure
There are different interest rates applied on the loan which depends on the tenure you are applying for. They are as follow:
- New and used local cars – The interest rate is 3.05% for 5 years, 3.15% for 7 years and 3.2% for 9 years.
- New and used foreign cars – Interest rate applicable are 2.8% for 5 years, 2.85% for 7 years and 2.9% for 9 years.
Pretty much a standard with most banks, you need to provide a 10% downpayment to apply for this loan, which means you can apply for the loan to a maximum of 90% of the vehicle price. Besides that, there are some additional fees that will be imposed once the loan is approved which includes RM10 stamp duty, RM15 JPJ fees and RM15 consent letter fees.
BSN Hire Purchase 2020
If you are planning to buy your new car, you can consider getting your loan from BSN (Bank Simpanan Nasional) which offers an attractive hire purchase loan. This loan is catered for those who are eligible and more notably those working in government departments and GLCs (Government-linked Companies) with an attractive and low-interest rate. Applications can be made easily with very minimal documents required.
Competitive Rates and Terms
The BSN Hire Purchase loan is available for Malaysians between 21 and 65 years of age. You should have a minimum income of RM24,000 per annum and not blacklisted to be eligible. Applicants who are with the BPA or Biro Perkhidmatan Angkasa are encouraged to apply. Meanwhile, anyone with the minimum salary and who is working as a salaried employee could apply too. You could be working with the government, GLC company or other private companies.
Important Loan information
The BSN Hire Purchase is catered for new vehicles with an interest rate of 2.55% per year. You can apply for up to 9 years of instalment. To be eligible for this loan, you must pay a 10% minimum downpayment which means you will be borrowing up to 90% of the price of the vehicle. As for foreign vehicles, the interest rate is 3.15% per annum and for up to 9 years with a 10% downpayment.
Meanwhile, the BSN Hire Purchase-i is a Syariah-compliant vehicle financing product that provides the same interest rates and plans for applicants. Both loans come with an RM10 stamp duty payable
CIMB Hire Purchase and Hire Purchase-i 2020
CIMB, one of the largest banks in Malaysia offers 2 options when it comes to car loans namely, the CIMB Hire Purchase and the CIMB Hire Purchase-i. The former is a standard vehicle loan while the latter is based on Syariah principles.
Fast Application and efficient
For eligible applicants, getting your car loan with CIMB is very fast. You can do this through the CIMB 1-Minute Auto Financing InstaApproval and get it processed immediately. You can choose between a new or used car which comes with different interest rates and terms. To apply for this loan, you will need to fulfil the minimum requirements of at least RM2,000 monthly salary and a healthy record in CCRIS. You will need to provide documents as evidence of such.
Interest rates and types
The CIMB Hire Purchase loan can be applied for both local and foreign cars. The difference is in the interest rate which is as follow:
- Local new car – Interest rate is at 2.85% per annum for up to 9 years. You can borrow up to 90% of the price of the vehicle.
- Local used car – Interest rate is at 4.45% per annum for up to 9 years of up to 90%.
- Foreign new car – 2.65% interest rate per annum for up to 9 years at a maximum margin of finance of 90%.
- Foreign used car – You can borrow up to 90% of the vehicle price at a 4% interest rate per annum. The maximum term is 9 years as well.
The interest rate and tenure of loan is the same for CIMB’s Hire Purchase-i.
Hong Leong Bank – Auto Loan Fixed Rate 2020
Hong Leong Bank offers an attractive hire purchase loan for buyers who wish to own their dream vehicle. It has never been easier to drive the vehicle whether it is for work or personal use.
Flexible and Standard Tenure
The Auto Loan Fixed Rate offered by Hong Leong Bank gives you a flexible and fixed interest rate when you buy your car. You can buy any new car sold in Malaysia and apply for this loan for up to 9 years (or 108 monthly installments). To do that, you need to:
- Pay a downpayment of 10% of the car price.
- Have a minimum monthly salary of RM2,000.
The interest rate is between 3% and 4% depending on the make and model of the car. On top of that, there are other charges including RM10 stamp duty, administrative fees and others.
Other important info
You can choose between buying a new or used vehicle. The difference when you apply for a loan with Hong Leong Bank are:
- You can apply for up to 9 years at 3.24% interest per annum for new cars.
- For used cars, the term is up to 7 years at 3.78% per annum.
If you are an employed worker, you need to submit the following documents for application of this loan.
- The MyKad of the applicant.
- A valid driving license.
- Your 3 months latest pay slip indicating that you fulfill the salary requirements
- Your latest Borang BE from LHDN indicated you have paid your taxes.
- Your latest EPF statement that shows the latest contributions in the last 6 months.
- Your latest bank statement showing the transactions in the last 3 months.
