CIMB Group is a significant ASEAN universal bank and a leading corporate adviser in the country. It also leads the globe in Islamic finance. Consumer banking, commercial banking, investment banking, Islamic banking, and asset management are among the goods and services offered by the group, which is based in Kuala Lumpur, Malaysia. ASEAN’s sixth-largest banking group by assets, with over 33,000 employees and over 17 million clients as of September 30, 2021.
Buying a car usually involves taking out a car loan. You have undoubtedly spent much time studying automobile choices if you are in the market for a new vehicle, but do you know how car loans work?
When you take out a vehicle loan from a bank, you receive your money in one lump amount and then pay it back over time (plus interest). The size of your monthly payment is determined by how much you borrow, how long it takes you to repay it, and your interest rate.
CIMB offers 2 types of car loans, which are:
If you have any inquiries, you may contact one of the Auto Finance Centres around the country or visit the bank’s official website. You may also contact them at +60362047788 or email firstname.lastname@example.org.
Interest rate for new cars
From 2.65% to 2.85% p.a., depending on the car brand, borrowing amount, and period
Interest rate for used cars
From 4% to 4.45% p.a., depending on the car brand, borrowing amount, and period
Early settlement fee
Late penalty fee
8% of the outstanding balance (1% for Hire Purchase-i)
You must purchase comprehensive Takaful coverage on the funded asset for the financing tenure.
However, if you choose traditional insurance coverage, you will be responsible for the first premium payment as part of the deposit given to the dealer/ seller. You can get supplementary coverage against any applicable force majeure risks from any licenced Takaful/ insurance business operating in Malaysia and comprehensive coverage.
Auto Equity 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.
Cash Back Refi
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.
Margin of Finance
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.