AmBank Group is a Malaysian financial services group with over 40 years of experience assisting Malaysia’s economic development by providing a wide range of financial and service products such as personal banking, wealth management, insurance, loan and financing, and others to meet their customers’ needs.
Aside from that, AmBank Group also introduced AmBank Islamic Berhad, an Islamic banking firm that provides a comprehensive range of Shariah-compliant products. Thus, this can give the customer a selection and options.
A car loan is a method of purchasing vehicles where you apply for an amount to be used as collateral and finance it with banks. The maximum tenure on these types of loans is 9 years, though some have margins up to 90% or 100%. The remaining 10% is what we call a ‘down payment’.
AmBank offers 2 types of car loans, which are:
RM50 per request/ account
RM20 per letter
2% of the outstanding amount
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You can make your monthly payments in the most convenient ways possible by using various channel methods such as Auto Debit facility, online banking, CDM, ATM, or visiting the nearest AmBank branch.
Obtaining motor insurance or Takaful is mandatory to cover losses and damages caused by an accident, fire, theft, and third-party bodily injury or death.
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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