CIMB car loan interest rates for new passenge vary based on the vehicle’s origin. For national cars, the fixed interest rate is 3.75% per annum (p.a.) flat, while the variable rate is calculated as the Base Lending Rate (BLR) minus 0.25%. In the case of foreign vehicles, the fixed rate is lower at 2.70% p.a. flat, and the variable rate is BLR minus 1.75%. These rates reflect CIMB’s strategy to offer appealing financing options for both local and foreign car buyers.
CIMB Hire Purchase Interest Rate
What About Interest Rates for Used Passenger Vehicles?
Interest rates for used passenger vehicles are slightly higher to account for the depreciation and risk factors associated with pre-owned cars. National used cars have a fixed rate of 4.45% p.a. flat and a variable rate of BLR plus 1.70%. For foreign used cars, the fixed rate stands at 4.00% p.a. flat, with a variable rate of BLR plus 0.95%. Such differentiation ensures that borrowers are provided with options that align with the vehicle’s condition and market value.
How Do Interest Rates Differ for Commercial Vehicles?
CIMB provides distinct interest rates for new and used commercial vehicles based on the vehicle’s gross weight. New commercial vehicles with a BDM (Berat Dengan Muatan) up to 7,500kg have a fixed rate of 4.25% p.a. flat, while those exceeding 7,500kg are subject to a higher rate of 4.70% p.a. flat. Used commercial vehicles have even higher rates, with those up to 7,500kg at 7.10% p.a. flat and those above 7,500kg at 8.05% p.a. flat. These rates reflect the additional risk and maintenance costs associated with commercial vehicles.
What Are the Key Requirements for CIMB’s Car Loan Application?
To be eligible for a CIMB car loan, applicants must meet specific requirements. The minimum annual income is RM24,000, with an age range between 18 to 70 years. Malaysians can apply, and applicants under 21 years may need a guarantor. The loan tenure can be extended up to nine years, and the margin of finance can reach up to 90% of the vehicle’s price. Such requirements ensure that borrowers are financially capable of managing the loan repayments.
Can Borrowers Opt for Early Settlement of CIMB Car Loans?
Yes, CIMB allows borrowers to settle their car loans early. An early settlement rebate is available, which is calculated based on the unearned interest for the remaining loan period. This feature provides flexibility for borrowers who wish to clear their debt sooner, potentially saving on interest costs. It’s advisable for borrowers to review the Product Disclosure Sheet for detailed calculations and terms.
What Documents Are Necessary for the Application Process?
For salaried individuals, the required documents include a copy of the NRIC and valid driving license, the latest three months’ salary slips, or savings/current account statements, and the latest EPF statement or income tax payment with a valid receipt. Self-employed individuals must provide a copy of the NRIC and valid driving license, business registration certificate, latest savings/current/ASB/ASN/Tabung Haji statements, and latest form B/EA or EPF statement. Having these documents ready can expedite the application process.
How Does CIMB InstaApproval Work for Car Loans?
CIMB InstaApproval is an innovative feature that allows for rapid approval of car loan applications within one minute upon submission of complete documents and a stable internet connection. This process is simple and paperless, requiring only the applicant’s NRIC. Eligible salaried employees can benefit from this streamlined service, ensuring a quick transition from application to approval.
For more detailed information or personalized assistance, contacting a CIMB Auto Finance Centre is recommended.