Overview Of Malaysias Car Loan

In Malaysia, it is not really difficult to obtain a car loan from any bank

. As long as you have proof of a steady income (most banks would generally need your pay slips from the past six months) and do not have bad credit history, the chances that your car loan will be approved are quite high. However, you would need to know how to gauge the interest rate on your car loan as sometimes, they tend to increase or sky rocket according to the times. So you really want to make sure that you are not paying extra money to the bank on your loan.

If you are thinking of purchasing your car, now would be as good a time as any to make your move. Remember that the country has just recently come out of an economic crisis, and things are looking brighter in the future. That means that the prices of cars foreign make or otherwise will most probably increase in the near future. So if you do not take the opportunity to buy a car now, chances are by the prices would have risen again by the time you finally make your decision.

Of course before making your move, you would need to gauge how much the bank would be willing to loan you to purchase a car, and also the interest rate on your overall loan. Like I mentioned earlier, there really is no point if you are busting your head every month trying to pay back your car loan. First, make sure that your car will not be a burden to you financially, and that you have the necessary finances in order to maintain your loan every month. Then, you can start sourcing and getting more information about car loans from different banks before ultimately making your decision.

A very simple way to understand your car interest rate is to realize that the interest for the first year of your car loan is always higher than in the following years. If you dont really understand the concept behind that, just think about it logically. You are charged higher on interest in the first year of your loan only because you still owe the bank a lump sum, of which an amount will be deducted of that total sum every year as you are paying back your loan. As such, the total amount that is charged with interest gets lower year by year, and as such, your interest rate will also decrease.

by: Anthony

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