🚗 Car Loan Calculator Interactive

Calculate your monthly repayment and compare rates from major Malaysian banks — Maybank, CIMB, Public Bank, Hong Leong, RHB.

Loan Details

Car Price (RM)

On-the-road price including insurance & road tax

Down Payment (%)

Minimum 10% required by most banks. Higher = lower monthly

Loan Tenure (Years)

Max 9 years for most banks in Malaysia

Interest Rate (% per year)

Flat rate (not reducing balance). Typical: 2.8%–4.5%

Your Results

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Enter your loan details and click Calculate to see your monthly repayment.

📊 Bank Rate Comparison

Live estimates based on your inputs above. Rates are indicative — actual rates depend on your credit profile and the car model.

Bank	Rate (p.a.)	Monthly (RM)	Total Interest	Notes
Enter loan details above and click Calculate to compare banks.

How Malaysian car loan interest works: Banks in Malaysia use a flat rate system, not a reducing balance. This means interest is calculated on the full loan amount throughout the tenure — so the effective interest rate is roughly double the flat rate quoted. A 3.5% flat rate ≈ 6.5%–7% effective annual rate.

💡 Tips to Reduce Your Car Loan Cost

Put down 20–30% instead of 10% — this significantly reduces monthly payments and total interest.
Choose a shorter tenure (5–7 years vs 9 years) to pay less interest overall, even if monthly payments are higher.
Compare at least 3 banks — rates can vary by 0.5–1%, which adds up to thousands of ringgit over 7 years.
Check if your employer or car brand offers a staff rate or rebate — Perodua and Proton often have promotions.
A good credit score (CCRIS / CTOS) can get you a lower rate. Check your record before applying.
Some banks offer a flexi loan feature that lets you make early repayments penalty-free.

🙋 Frequently Asked Questions

What is the minimum down payment in Malaysia?

For new cars, banks typically require 10% down payment. For used cars, this can be 20–30%. If you're a first-time borrower with a lower credit score, banks may require a higher margin.

What is the maximum car loan tenure in Malaysia?

Most banks allow up to 9 years for new cars. Used cars generally cap at 7 years depending on the car's age. Bank Negara Malaysia guidelines require loan tenure to end before the borrower turns 70.

Is the rate here flat or reducing balance?

This calculator uses a flat rate, which is the standard for Malaysian hire-purchase (HP) car loans. The effective interest you actually pay is roughly 1.8–2× the flat rate quoted.

Can I negotiate a lower rate?

Yes — especially if you have a good credit score or are buying a Proton/Perodua. Dealers often have pre-arranged rates with specific banks. Always ask for a lower rate and compare across at least 2–3 banks.

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Disclaimer: This calculator provides estimates only. Actual loan terms, interest rates, and monthly payments depend on your credit profile, the bank's current offerings, and the specific vehicle. Always confirm figures directly with your bank or financial institution before committing to any loan.