Malayan Banking Berhad, or Maybank, is Malaysia’s largest corporation by market capitalisation on the Malaysian Bourse (Bursa Malaysia). It was established in 1960. Maybank offers a variety of goods and services to its customers, including commercial banking, investment banking, Islamic banking, offshore banking, leasing and hires purchase, insurance, asset management, stockbroking, and online banking. One of Maybank’s goals is to make financing accessible to everyone.
What is a car loan?
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.
What type of car loan does Maybank offer?
Maybank offers 2 types of car loans, which are:
Maybank My First Car Loan
Maybank Hire Purchase
What are the eligibility criteria to apply for Maybank car loans?
Maybank My First Car Loan
Malaysian
Between 21 to 30 years old
Minimum annual income of RM30,000
Maybank Hire Purchase
Malaysian
Between 18 to 60 years old
Minimum monthly income of RM2,000
What are the benefits of Maybank car loans?
Maybank My First Car Loan
Repayment options that are flexible and reasonable
With quick processing and clearance, there are no hassles
Maybank2u.com and over 400 Maybank offices countrywide provide convenient loan payments
Dealers may be found all across the country
Maybank Hire Purchase
Easy payment of your instalment via Maybank branches, ATMs, online via Maybank2u.com and Maybank e-Kawanku
Fast processing and approval
Attractive and competitive term charges
Renewal of road tax and motor insurance
Who should I contact for further information about Maybank car loans?
Please visit here under Hire Purchase Financing if you require any extra information on taking an HP facility. You may also see your local Maybank Auto Finance Centre or contact them at +60322972000 (Automobile Financial Services, Malayan Banking Bhd, No. 1, Jalan Maarof, 59000 Kuala Lumpur) if you have any inquiries.
What are the fees included in Maybank car loans?
Interest rate for new cars
From as low as 3.4% p.a., depending on the car brand, borrowing amount, and period
Interest rate for used cars
From as low as 4.25% p.a., depending on the car brand, borrowing amount, and period
Stamp duty
RM20
Photocopy charges
RM10
Letter of Consent
RM50
JPJ fee
RM20
Early settlement fee
None
Late penalty fee
8% of the outstanding amount
How do I make my monthly payments for Maybank car loans?
You may pay your monthly repayments using any of the following methods: Standing Instruction (SI), Recurring payment facility through maybank2U (m2U), Cash Deposit Machine (CDM), or Post-Dated Cheques (PDC) for your convenience. You can also pay at any Maybank payment counter.
Do I need any insurance coverage for Maybank car loans?
Yes. The Hire Purchase Act of 1967 makes it obligatory to have insurance or a Takaful coverage. You must keep the car insured until the HP facility is paid in full. Furthermore, you must notify the owner of the renewal of the insurance/ Takaful policy 14 days before the policy’s expiration date.
What are the common terms of car loan?
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.
Balloon payment
A balloon payment reduces monthly payments on a vehicle loan, but it necessitates a hefty amount after the term.
Buydown
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.
Credit
A term that refers to your credit history and can help determine whether you will be able to repay a car loan.
Interest Rate
The interest rate is the percentage that the bank will charge on top of the principal amount or the amount that must be repaid.
Down Payment
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.
Loan Period
The total number of months or years required to pay off your loan.
Guarantor
Someone who is legally obligated to repay your loan if you cannot do so.
Instalment
The monthly payment you must pay to the bank to pay off your loan.
Default
The borrower violates the loan agreement, most commonly by failing to make the agreed-upon monthly payments.
