What is the interest rate for car loan in Malaysia?
Bank Car Loan Interest Rates:
| Bank Name | Car Loan Interest Rates |
|---|---|
| Hong Leong Auto Loan | 3.24% p.a |
| Maybank Hire Purchase | 3.4% p.a |
| Public Bank Aitab Hire Purchase-i | 3.31% p.a |
| RHB Hire Purchase | 3.18% p.a |
What is the car loan interest rate in Malaysia 2021?
| Bank logo | Interest Rate | Apply Online |
|---|---|---|
| RHB Hire Purchase | Interest Rate 3.18% p.a. | Read moreApply now |
| RHB Vehicle Financing-i | Profit Rate 3.18% p.a. | Read moreApply now |
| MBSB Hire Purchase | Profit Rate 3.2% p.a. | Read moreApply now |
| Hong Leong Auto Loan | Interest Rate 3.24% p.a. | Read moreApply now |
Is 9% good for a car loan?
With a credit score of 600, 9% is a good interest rate on a car loan. In fact, the average interest rate for someone with a credit score of 600 is above 9%. If you improve your credit score within the coming months or years, you should consider refinancing the loan. You will likely qualify for a better rate.
What car can I afford with my salary Malaysia?
There’s a very simple formulation that can guide you on how much you should spend on a car, and don’t worry, it isn’t going to be a big number. It’s simple maths: The car you can afford to buy is the one with a price that’s equivalent or less than your monthly gross salary x 12 months.
How much loan can I get on my salary Malaysia?
As a general guideline, in Malaysia you can borrow up to 30% of your gross income. However, the banks can be flexible with this in some cases.
How can I buy a car with low income?
Make sure that you strike a balance between your monthly income and expenditure. Your monthly expenses should not exceed 50% of your monthly income. These expenses will include your existing EMIs as well. The lower the expenses, the better are the chances of loan approval for your car.
How much should I spend on a car?
How much you should spend on a car is all about your annual income and monthly budget. Financial experts say to not spend more than 35% of your annual income on the car itself and the costs that come with your purchase.
What is the minimum salary for car loan?
| Salaried Applicants | |
|---|---|
| Minimum Age | 21 years at the time of loan application |
| Maximum Age | 60 years when the loan tenure ends |
| Job Stability | Should have worked continuously for 2 years and at least 1 year with the current employer |
| Minimum Annual Income | Rs.3 lakh |