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Home Automotive

Malaysia Car Loan Interest Rates Guide for Students

Idlan by Idlan
25 November 2021
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Don’t have any idea how Malaysia car loan interest works and planning to buy your first car? Getting your hire purchase loan for your first car can be daunting for first-timers. But rest assured that it is not as complicated as it sounds!
Continue reading as we’ll go into the basics elements of understanding car loans and make you an expert in this subject

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Interest rates for Malaysia car loan depend on several factors such as car type, new or used cars, bank offers, credit history and more.
You must take your time to compare which suits your situation the best before committing to the hire purchase.
With that being said, most car loans now run on fixed interest rates. This means that the interest rates are calculated based on the principle amount. NOT the reducing balance! (Yes, I know right!)

For example, if you are committing to a RM100,000 car loan today with an interest rate of 3.5% for 9 years. Your monthly repayment will be RM 1217.60.
Not sure how to calculate your monthly repayment? Don’t worry, there are plenty of online loan calculators available on the internet. You can check this car loan calculator here.

Should you go for Down Payment or a Full Loan?

Say that you are in a situation whereby putting a down payment is affordable for you. Hence, doing so is a good decision.
Why? That’s because you will be borrowing a smaller loan amount (which is based on the principle amount), thus reducing your total interest.
What if you don’t have enough cash flow for a down payment or perhaps you prefer to invest the money elsewhere?
There are situations whereby you may get a 100% full loan under special schemes. Otherwise, under normal circumstances, car loans require a minimum of 10% (of the car’s price) down payment for new cars. Whereas used cars require a 20% down payment.

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What is Guarantor or Collateral for Malaysia Car Loan?

Some banks may require a guarantor to complete your car loan, while some do not. Nevertheless, it might be better to get a guarantor’s help in your loan approval process. You might get better interest rates.
Even so, most banks do not require a guarantor as your car is technically used as collateral anyway. This means that banks will repossess your car if you are unable to pay the monthly repayment.
Although in times of bad economic situation, banks realize that car value depreciates over time. A guarantor might be needed to safeguard the banks’ interest. Particularly to protect themselves against further depreciating value due to poor car maintenance.

The Meaning of Loan Tenure, Repayments and Early Settlement

A car loan can typically go for a 3, 5, 7, or 9 years loan tenure. Loan tenure is the duration of your hire purchase whereby you are going to perform your monthly repayment.
You might need to consider your monthly commitments before deciding on the loan tenure. The longer the loan tenure, the more interest you will be paying in the long run.
In addition, expenses involving your future car should be noted down too! Expenses such as car maintenance, petrol, car wash, tyres, battery, car insurance, road tax and many more are a necessity.

Car Insurance and Road Tax

Purchasing a car in Malaysia includes mandatory car insurance as well as road tax. Otherwise, it is punishable by law if we don’t possess them before riding our wheels on the road.
Firstly, please remember to include the cost of car insurance and road tax into the loan amount/down payment consideration.
Car insurance costs more than our road tax in most cases. However, if there are no claims towards your car insurance, you will get a discount based on your NCD (No-Claim Discount) percentage.

Be Smart in your Malaysia Car Loan! Spend the Right Amount!

Purchasing your first car is usually the first biggest financial decision you’ll make in life. Never rush into a decision regarding your Malaysia Car Loan so quickly into a purchase! You don’t want to be in a poor financial situation and end up in bankruptcy.

Want more guides on purchasing cars in Malaysia as a student? Check out this PAGE!

Additional Reference: https://www.youtube.com/watch?v=gXuoWfy8tPw

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  • Meet Elijah 🌟—now officially a Bachelor in Business Management (Hons) student at #UTP! 📚✨

Elijah admits he was super nervous at first and relied completely on Team #EMGA to guide him through his application and arrival. Even when he landed 4 hours earlier than expected for his airport pickup, he embraced the moment as the real start of his independent journey. 🛬🌏

Easy-going and full of good vibes, Elijah has always been a “go with the flow” kind of guy—but this is his boldest step yet: living and studying away from home, discovering life beyond his comfort zone. 💪

He also shares lots of love and gratitude to Ms. Amanda, who guided him to UTP and played a big role in helping him choose Malaysia. 💛

All the best, Elijah! May this new adventure be filled with growth, friendship, and countless memories #BeyondTheClassroom. 🌟

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  • Say hello to Abdul Rahman from Kuwait 🇰🇼 — our humble and independent student who’s beginning his Chemical Engineering journey at #UTP! Tall, grounded, and kind-hearted, he arrived with his supportive father by his side — a family bond we truly admire. 💛

We first met Abdul Rahman and his family at the Yes2Malaysia Expo during Ramadhan, where they connected with Mr. Zamani from UTP. Alhamdulillah, that first meeting has now blossomed into a brand-new beginning here in Malaysia with #EMGA. ✨

Interestingly, Abdul Rahman is the second child in his family to study abroad. While his brother is in his 3rd year at Manipal, this time the family chose Malaysia 🇲🇾 — and they’ll be right here to support him as he begins this exciting chapter. 📚

A heartfelt thank you to the @registry.utp team, International Visa Office, and International Marketing & Admissions for their smooth guidance and warm welcome in making Abdul Rahman’s first day hassle-free. 🙌

All the best, Abdul Rahman — may your journey be filled with knowledge, joy, and memories that last a lifetime. 🌟

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  • Meet Fadly 👋—our humble and easy-going student from Qatar, now starting his Foundation in Engineering at #UTP! ⚙️✨

What makes Fadly’s journey extra special? 🌟 He’s the second sibling in his family to choose Malaysia with Ms. Nisa and #EMGA! His sister Nabila is already here, continuing her bachelor’s degree—now two out of three siblings are studying in Malaysia. 💛 Such a beautiful show of trust in both Malaysia and EMGA.

In just one day, Fadly and his family completed registration, accommodation check-in, and medical (only the X-ray left for tomorrow!). Big thanks to Ms. Ain and the whole UTP team for making it all smooth and easy 🙌

We even squeezed in a quick Malaysian lunch at Bunda Restaurant in Seri Iskandar — everything really is right here at UTP! 🍴✨

All the best, Fadly — may this new chapter be full of knowledge, joy, and happy memories #BeyondTheClassroom. 🌟

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  • Say hello to Jasmine 🌸—our lovely and independent Indonesian student from Qatar 🇮🇩✨ She’s now officially starting her Foundation in Business journey at the beautiful, green #UNM campus 💚 and we couldn’t be prouder!

Her whole family traveled with her to show their support 🧳💛, and with the guidance of Team #EMGA, she got everything sorted early—registration, documents verification, payment, medical check-up, and accommodation check-in all in one day ✅

Wishing Jasmine an exciting new chapter ahead—may you shine bright in your studies, build lifelong friendships, and embrace every moment of the #MalaysianExperience 🇲🇾💫 We’ll always be here cheering you on 💕

#MalaysianKnowsBest #StudyInMalaysia #BeyondTheClassroom #EMGA
  • Welcoming Samit to #INTI Nilai! 🎓✨

Pursuing his Bachelor of Business Administration (BBA), Samit is already settling in well. Team #EMGA assisted him with registration, and we even had a nice little meet-and-greet over a quick drink ☕—a perfect way to kick off his journey here in Malaysia. 🇮🇳➡️🇲🇾

He’s already started his classes and orientation, made new friends, and is enjoying university life to the fullest. Here’s to new beginnings, lasting friendships, and an exciting journey #BeyondTheClassroom! 🌟

#MalaysianExperience #StudyInMalaysia #EMGA
  • Welcoming Sophia to #HELPUniversity! 🎓✨

Joining the Bachelor of Early Childhood Education program, this Bruneian student is all set to begin her exciting journey in Malaysia. 🇧🇳➡️🇲🇾 Team #EMGA supported her with both her accommodation check-in and registration, making sure everything started off on the right note. 🏡📝

Sophia is excited to explore Malaysia, dive into her studies, and, of course, make new friends along the way. Here’s to an inspiring student life filled with learning, laughter, and plenty of adventures #BeyondTheClassroom! 🌟

#MalaysianExperience #StudyInMalaysia #EMGA
  • Meet Abdul & Zaid, our newest students at #INTI Subang! 🎓✨

Both are kicking off their academic journeys—ADTP and  Bachelor’s Degree—and they even flew in on the same flight! 🛫 From reporting to medical checkups, everything went smoothly and they’re now all set for student life. 📝🩺

Fun fact: they’re high school buddies with Mustafa, so settling in feels a lot like home already. And yes—they’ve already got their first foodie mission lined up: Mokky’s Pizza at Subang Parade! 🍕😋

Here’s to studies, friendships, and memories #BeyondTheClassroom. 🌟

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  • Welcoming Jinin to #INTI Nilai! 🎓✨

He’s kicking off his Bachelor of Business Marketing journey, and we were glad to be there to help with registration and have a nice chat about his studies and future at INTI.

On his first day, Team #EMGA also joined him for Friday prayers and made sure he got home safe—because little things like that make the start feel extra special. 🤝🕌

Jinin’s already excited to hit the football field and make new friends. Here’s to studies, sports, and plenty of memorable moments #BeyondTheClassroom! ⚽🌟

#MalaysianExperience #MalaysianKnowsBest #StudyInMalaysia #EMGA

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