Bank Muamalat Malaysia is a bank with assets and liabilities brought over from the Islamic banking windows by three banks: Bank Bumiputra Malaysia, BBMB Kewangan (now known as UBS), and Bank of Commerce (Malaysia) Berhad.
Car loan is a popular choice for many people in Malaysia, and it is also known as hire purchase. With this type of financing, you can apply from selected banks to finance your vehicle- whether new or used (or even reconditioned). You will have up to 9 years with an option margin of 90%-100%, depending on which bank offers them!
Bank Muamalat offers 2 types of car loans, which are:
If you require any further information, please call +60326005500.
Interest rate for new cars
From 2.95% to 3.10% p.a., depending on the car brand, borrowing amount, and period
Power of Attorney
Letter of Guarantee and Indemnity (if any)
Letter of Offer and Facility Agreement
Late penalty fee
1% in arrears (Ta’widh)
The benefits of Bank Muamalat car loans are you only pay a fixed monthly instalment, which consists of the principal amount and profit charges. You must pay an advance payment (deposit) equivalent to 2 monthly instalments on your car financing once you agree to the contract.
It is recommended to get car insurance after getting approved by Bank Muamalat for a car loan.
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.