What is the interest rate for car loan in Malaysia?

Bank Car Loan Interest Rates:

Bank Name Car Loan Interest Rates
AmBank Arif Hire Purchase-i 3.05% p.a
Bank Muamalat Hire Purchase-i 4.00% p.a
CIMB Hire Purchase 3.25% p.a
Hong Leong Auto Loan 3.24% p.a

What is the interest rate for car loans?

Car Loan Interest Rates Comparision for All Banks 2019

Bank/Lender Name Car Loan Interest Rate
SBI 9.25% onwards
HDFC Bank 9.35% onwards
ICICI Bank 9.55% onwards
Axis Bank 9.50% onwards

Is 2.9 interest rate good for car loan?

According to Middletown Honda, depending on your credit score, good car loan interest rates can range anywhere from 3 percent to almost 14 percent. However, most three-year car loans for someone with an average to above-average credit score come with a roughly 3 percent to 4.5 percent interest rate.

Is 6% a good interest rate for a car loan?

These are the same people who may have babied their car but are in desperate need of a newer more reliable model. The average interest rate for someone with average credit is about 5% to 6%. The interest rate for someone with bad credit varies from 6.5% all the way up to 12.9% or more on average.

How much loan can I get on my salary Malaysia?

Maximum Percentage of Income to be spent on loan (%): The general rule of thumb in Malaysia is that you can borrow up to 30% of your monthly income.

What car can I afford with my salary Malaysia?

There’s a very simple formulation that can guide you on how much you should spend on a car, and don’t worry, it isn’t going to be a big number. It’s simple maths: The car you can afford to buy is the one with a price that’s equivalent or less than your monthly gross salary x 12 months.

How much car loan can I get on 40000 salary?

It is advised to customers that they restrict their car loans to not more than 20 percent of their monthly income. For example, if you make Rs. 40,000 per month, your monthly car loan EMI should not exceed Rs. 8,000.

Is 20 interest rate high for a car?

For used vehicles, your interest rate can be anywhere around 4% to 20%. Typically, if you can get a rate under 7% for a used car, that’d likely be considered a good APR. Generally, borrowers with good credit scores have a better chance of qualifying for a lower interest rate.

Is a 3.9 interest rate good for a car?

The average interest rate for those with a high credit rating is around 3.9 percent today. If your score is between 680 and 739, you will probably pay a bit more for your car loan in terms of interest. The average interest rate for a person with a good but not excellent credit score is around 4.5 percent.

Is 6.9 a good interest rate?

From 2017 through 2020, the average ranged from as low as 4.42% to 5.5%. If your interest is around those averages or lower, then it’s probably a good rate.

Can I buy a house making 35k a year?

If you’re single and make $35,000 a year, then you can probably afford only about a $105,000 home. But you almost certainly can’t buy a home that cheap. Single people have a tough time buying homes unless they make an above-average salary. Marriage allows a couple to combine their incomes to better afford a home.

How are car loan rates different in Malaysia?

In Malaysia, car loan interest rates differ based on several criteria, which notably include the make and model of the car, the age of the car (new or second-hand), the financial standing of the borrower, the loan amount, the repayment period as well as the entity providing the loan.

What’s the interest rate on a hire car in Malaysia?

Hire Purchase (Reducing Balance) Interest Rate : 4.25 % Total interest over loan period : RM5,683.37 Monthly payment : RM496.23

What’s the maximum margin of financing for a car in Malaysia?

Most car loans in Malaysia have a maximum margin of financing of 90%, so you should always expect to pay at least 10% upfront to the car dealer. If you can afford it, consider paying a higher percentage upfront, which will in turn lessen your principle loan amount, as well as, your interest.

How long does it take to pay off a car loan in Malaysia?

In Malaysia, the maximum repayment period for a car loan is nine (9) years. The longer you stretch the repayment period, the less instalment amount you’ll pay per month, though at the expense of incurring more interest over the long run.