PETALING JAYA: Interest rates on car loans have been raised effective yesterday, car dealers confirmed (Monday - 20/04/2009)
A senior sales adviser with UMW Toyota Motor Sdn Bhd said rates had been raised although he said nothing official had come out from banks as yet.
Most major banks declined to comment when contacted.
However, a random check by StarBiz found that Malayan Banking Bhd (Maybank), one of the largest hire purchase financiers in the country, raised its rates yesterday.
Hire purchase interest rates for new non-national cars (such as Toyota and Nissan) have increased to 3.25% for loan tenures of five years and below, 3.4% for six to seven years and 3.5% for eight- to nine-year loans.
Previous hire purchase interest rates were in the range of 2.4% to 2.5%.
But in the case of new national cars, the opposite prevails. Maybank which used to offer a flat rate of 3.6% for loans up to nine years for Perodua cars and 3.75% for Proton cars, is now offering slightly lower rates. For loans of five years and below the rate is 3.5%, six to seven years (3.65%) and for eight to nine years (3.75%).
Meanwhile, a senior officer at Toyota said: “Interest rates for Toyota cars used to be between 2.6% and 2.8%, depending on the tenure of the loan. The average rate is about 3.2% now.”
This is a big damn s**t to customer who tend to buy a brand new imported car instead of national car. this could give a massive impact to malaysian since the monthly installment for sure will goes up to rm1,000 compared to previous rate where they can get a new Honda City around rm800-950 for monthly installment. some more, national car interest rate not as low as what people expected. 3.75% for 9 years loan tenure, is it make sense??
i felt so dissapointed with our current goverment since they ve putting so bloody high taxes on imported car & now they are going to increase the loan interest rate. WTF!! i know it's good for national car so that they can compete with imported car but hey, if national car could be produced as good as imported car, people will go for them. the thing is, people nowaday are looking for something worth for their money. not a crap...