Affin Bank Berhad offers a wide range of financial products and services to retail and business clients. Key business divisions such as Community Banking, Enterprise Banking, Corporate Banking, and Treasury are used to categorise the target business segments. AFFIN Bank has a network of 110 branches in Malaysia as of December 31, 2020.
When you buy a car, one of your expenses is the car loan cost. A car loan is a type of loan that lets you borrow money to pay for a car. You can use a car loan to buy a new or used car. The terms of a car loan typically depend on the age and value of the car and your credit history.
There are 2 types of car loans that AFFIN Bank offers, which are:
From 2.60% to 2.92% p.a., depending on the car brand, borrowing amount, and period
From as low as 3.00% p.a., depending on the car brand, borrowing amount, and period
8% of the outstanding amount
You can make your payment through various payment methods such as ATM, CDM, cash deposit, internet banking, IBG transfer, DuitNow, Standing Instructions, and at AFFIN Bank branches.
The Hire Purchase Act of 1967 requires you to have comprehensive insurance coverage for the term of your loan. You must notify the bank of the insurance policy renewal within 14 days of its expiration date. You are also advised to take out the bank’s creditors’ term assurance insurance, which protects you against untimely death or total and permanent disability by paying off your outstanding debt.
This form of loan, also known as a title loan, uses the equity you have in your vehicle in return for your title. You get a cash loan, and the lender returns your car title once you’ve paid it back.
A balloon payment reduces monthly payments on a vehicle loan, but it necessitates a hefty amount after the term.
When buying a new or used automobile, the buyer may be given the option of lowering their car loan’s interest rate.
A form of refinance loan that allows you to utilise the equity in your automobile to get cash while refinancing it.
A term that refers to your credit history and can help determine whether you will be able to repay a car loan.
The interest rate is the percentage that the bank will charge on top of the principal amount or the amount that must be repaid.
The upfront payment for a car covering a portion of the cost. It is typically 10% of the total cost of a new car and 20% of the total cost of a used car.
The loan amount granted by the financial institution is expressed as a percentage of the property’s value pledged to secure the loan.
The total number of months or years required to pay off your loan.
Someone who is legally obligated to repay your loan if you cannot do so.
The monthly payment you must pay to the bank to pay off your loan.
The borrower violates the loan agreement, most commonly by failing to make the agreed-upon monthly payments.
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