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Malaysia Car Price & Interest Rate

Previously, local car interest rate has risen up to 4.1% and above. For foreign cars, interest rate was around 3.5%-3.7%. But car prices will be adjusted down to counter the rate increase.

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Will Malaysia car price drop? I think it’s a great time to buy car as many manufacturer have giving discount & great promotion to clear stock. The reason, economic crisis, consumer’s spending power become less, thus they need to reduce car price to attract people to buy.

Some people said that due to weakening economy as the banks is losing money they will increase the interest rates. Yet, I feel that world economy is bad, and many other countries have reduced their interest rates. I’m guessing that the Malaysian banks won’t increase the interest rates this year.

I just want to become a potential owner of a new car, i would suggest saving more cash that can increase your down payment, thus reducing the amount and duration of loan, hence reducing the interest that you have to pay.

How You Calculate Your Car Interest Fee?

Somebody said that the first year car loan interest is the highest. Do you know why? To make it simple, let say u owe bank MYR 1000 for 3 months, the bank ask you to pay MYR 500 for every month (total MYR 1500). You paid for the first month for MYR 500, so you still owe bank roughly MYR 800 because in the MYR 500 you paid, MYR 300 is for interest and MYR 200 deduct the money you lend from bank.

So the next month u owe bank MYR 800, but now the bank couldn’t charge you MYR 300 as interest because you now only owe bank MYR 800, so you paid MYR 500 again and there will be MYR 300 go for principal and MYR 200 go for interest, and you may observe that the interest is getting lower now.

Tags: January 31st, 2009 Posted in Economic Analysis | 111,660 views

37 Responses to “Malaysia Car Price & Interest Rate”

  1. Steve Yu Says:

    I plan to buy my first car next year. By the way, which car model that you prefer?



  2. Calvyn Says:

    foreign car interest is lower, I will collect more bullet, and prepare to strike a toyota, plan on 2011



  3. Jys Says:

    I wish to change car.. hehe..but not this year lar..



  4. palahnvick Says:

    u are totaly wrong dude..the interest method you are telling us is for home financing not car financing. please do research before gave info to others!!!



  5. moneynoob Says:

    Lol. i tot you putting that calculation formula here. Aisay, just drop by any car dealer center and ask them to calculate le. some dealer nice enugh to share one.



  6. Liew Says:

    Of course TOYOTA or HONDA…cheaper than our national car…more valuable,,



  7. carlist.my Says:

    totally wrong method of calculating interest for cars. if the car’s interest rate is 3% pa, and you loan for 5 years, the interest will be 15% of your car price. for example, u loan 50k from bank with 3% pa for 5 years, the total you have to pay is 50,000+ (15% of 50,000) = 57,500



  8. jack Says:

    bull fucking shit…



  9. ehor Says:

    I want to know what is the range of interest rate for car loan for both local and import.



  10. dylcy Says:

    the latest interest rate for buying n***n car is 2.39%. my fren just bought it last month.the loan is fr p**.but i believe the rate will drop again by august this year. If planning to buy new car, just wait for fews month. make sure u get few bank rate b4 buying a new car. if found it trouble, ask the car dealer to do so for 4 u(but make sure that car dealer never fool u). recently the car business is running slow…is time to ask for more discount…hahaha
    if plan to buy new car, pls consider about the value of the car and not the brand…..myself planning to buy car on last month but heard that the loan will drop some more…..so just wait n c lor…hv test drive few model car liao(always bring 4 passenger if want to test the car performance)….found that the most comfort n worth for money is N*****S****(not local brand, is from japan)althought all the car i test is 2.0, but this model performance is better….but the pickup is not that gud ,still need to improve….after u drive over 60km/h, the power will start……driving in 140km/h,still feel comfort…n silence inside the car….



  11. dude Says:

    guys, done bamboo like that.
    nowadays bank are offering car loans like housing loans too..

    ask around.



  12. dRaKe Says:

    i just ask for honda city…around 3% ja



  13. len Says:

    how abot honda city 2009?…today no discount lor



  14. akira982443 Says:

    yup. just booked my NHC 2 weeks ago and the interest is 3.5%. Damn so high. Plus no discount also.



  15. onepiece_82 Says:

    Is it a right time buy honda city…i need an advice



  16. kerol Says:

    the most problem honda city is gear gearbox jerking and *alignment suka lari lari laaa…bro i hate this problem huhuhu sape2 nk beli honda city pls refer kat forum dulu..



  17. mind Says:

    Car interest rate is fixed for x years and unlike house loan where interest is based on the balance of your principal.

    The calculation method given by carlist.my is correct.



  18. Ivy Says:

    I need some professional advice. I’m currently at USA, wondering that how much is the interest for Nissan cars now?? Planning to buy a car when i go home. Please advice folks…



  19. ala kazam Says:

    hi there, anyone can list the interest for new car for current month? i am planning to changed.



  20. Robert Says:

    my name is Robert Langley,are you facing problems paying up numerous debts? Or worse, are you past due on many of them? Perhaps debt consolidation is the answer to your problems. There are many lenders who will allow you to consolidate your debts. When you do, paying up will be easier for you and hopefully you will be able to pay off your debts in due time. contact this email address for your loan:loan_agency009@live.com



  21. motorstop Says:

    BMW is offering interest rate of 2.38% for cny.



  22. Xoxo Says:

    Dude>>as fas as i know, there is no car financing tht works like a house financing…. normally car loan is on a flat rate. if there is a bank tht offer such a package, pls state which bank is tht…



  23. Crossover Says:

    any idea rate & car price increasing after Apr’10 o it has oledy ?!!?



  24. Lobak Says:

    Xoxo>> started last year, Bank Negara had ordered all banks in Malaysia to provide 2 types of car financing (1) Flat Rate (as usual)& (2) Variable Rate (like housing loan). You may check with CIMB (see their website), PBB, MBB, Toyota Capital & many more. Anyway,due to complexity in processing Variable Rate, most of the bank officer won’t tell u they hv Variable Rate. So, for car financing, we should base back to Flat Rate.



  25. cc Says:

    Hi.. Anyone knows the latest BMW interest rate? Thanks.



  26. hery Says:

    hye guys..im hery..i can give u d best price car that u will be suprised to hear it ^^ .just ask me through my mail : jambu36@gmail.com ~ trust me..u wont believe it..rm200k car u can get in rm90k…come n view it for real..



  27. ayip Says:

    for aug 2010, can you give specific interest for car loan (import and local) for bank:
    1. CIMB
    2. HLB
    3. Maybank
    4. BIMB
    5. Public Bank
    6. RHB



  28. Ho Ho Says:

    Hi,

    I would like to buy a new toyota Vios, but my have some credit card debts. would it be a problem to get car loan? Which bank is offer 95% loan??

    Kindly share with me your information. my email address: seet_ping@yahoo.com



  29. Phoebe Says:

    last week loan for local car is 4.2% while toyota is 2.8%. Haiz~ dam high!



  30. k. Says:

    for people like Ho Ho. It’s time to reflect and STOP SPENDING money you don’t have.

    god knows how the heck you’ve got yourself into credit card debt , the worst kind of debt ever. And now you’re telling us you wanna incur new debt in the form of car loan ?

    go buy a scooter and save some money , seriously man !!!



  31. Blurly Says:

    can somebody hlp me…im thinking on taking hilux commonrail 3.0. but im blur at which bank should i loan. can somebody tell me wat is the interest for car loan this day…



  32. mayya Says:

    Hai..i need some advice. I plan to buy Swift. How can i get lower interest rate and which bank is the best to deal with. Im new for this car thingy. thank you.



  33. jxe Says:

    i was planning to change to Honda City by next year, my current car is Kelisa (2004).
    i have credit card debts, but i was planning to settle everything before changing my car.
    Anyone know around how much i can trade in?



  34. jon Says:

    i was planing to buy toyota altis.anybody can give me details about this car,interest rate(for which bank is low)and promotion of this car.



  35. BullS Says:

    If you need to take a loan to buy a car, then simply said, you can’t afford it. Just buy cash, why worry about making the banks richer?



  36. Varma Says:

    I am planning to buy a honda accord 2.4.I’m currently not sure of buying the 2005 or the 2006 car.Both have the same facelift.So,can i know the interest rate for the 2006 and 2005 car as well as the years of payment offered(eg.7 or 9).Thx for your help.



  37. angah Says:

    hi all..
    can anyone pls explain what are the pros and cons of variable rate for car loan? or should i stick to flat rate? ur help is highly appreciated..thx!!!



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