Public Bank Berhad is a Malaysian bank headquartered in Kuala Lumpur that offers financial services throughout Asia and the Pacific. Public Bank provides personal banking, commercial banking, Islamic banking, investment banking, share broking, trustee services, nominee services, unit trust fund sale and administration, bancassurance, and general insurance products.
A car loan is also known as a hire purchase in Malaysia, and it is when you apply for a loan from a selected bank to finance the purchase of your vehicles, whether new, used, or reconditioned.
The maximum loan tenure is 9 years, with a finance margin of up to 90% or 100% (depending on the bank), with the remainder considered as your down payment.
Public Bank offers 1 type of car loan, Public Bank Aitab Hire Purchase-i.
If you require any further information on Aitab Hire Purchase-i, please email email@example.com.
Interest rate for new cars
From 2.84% to 3.31% p.a., depending on the car brand, borrowing amount, and period
Interest rate for used cars
From 4.05% to 4.1% p.a., depending on the car brand, borrowing amount, and period
Letter of consent
Early settlement fee
Late penalty fee
8% of the outstanding balance
Following the approval of your loan, you will be provided with a schedule of your fixed instalments, which will include all vital information regarding your monthly repayments. You may transfer funds using internet banking, ATM transfers, or Standing Instruction.
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.