AmBank car loan is a financing product designed to help individuals purchase new or used vehicles in Malaysia. It offers competitive interest rates, flexible repayment tenures, and financing options up to 90% of the vehicle’s value. The loan is available through both conventional and Islamic financing structures, catering to diverse customer needs.
AmBank car loan 2025 provides interest rates from 3.48%, with financing amounts reaching 90% of the car’s price and repayment periods extending up to 9 years. The bank supports applications for electric vehicles (EVs) with preferential rates as low as 2.36%, aligning with Malaysia’s push for sustainable mobility. Borrowers can choose between fixed or variable profit rates, depending on their financial preferences.
AmBank Car Loan Rates and Application
What Are the Current AmBank Car Loan Rates?
AmBank car loan rates vary based on vehicle type, loan tenure, and borrower eligibility. For conventional loans, interest rates start at 3.48% per annum, while Islamic financing under Arif Hire Purchase-i begins at 3.05%. Electric vehicles qualify for reduced rates, with some promotions offering 2.36% to encourage eco-friendly purchases.
Used cars generally have slightly higher rates, averaging 3.66% for local vehicles and 3.4% for foreign models. The exact rate depends on factors like credit score, loan amount, and repayment period. AmBank provides an online loan calculator to help borrowers estimate monthly instalments before applying.
How Does AmBank Car Loan Financing Work?
AmBank car loan financing follows a structured process, beginning with application submission and ending with loan disbursement. The bank evaluates creditworthiness, income stability, and vehicle value before approval. Successful applicants receive funds directly, enabling them to complete their vehicle purchase.
For Islamic financing, AmBank uses concepts like Al-Ijarah Thumma Al-Bai (AITAB), combining lease and sale agreements. Customers make monthly rental payments before owning the vehicle outright at the end of the tenure. Conventional loans operate similarly but with interest-based repayment structures. Both options include early settlement rebates and flexible payment methods.
What Are the Eligibility Criteria for AmBank Car Loan?
AmBank car loan eligibility requires applicants to meet minimum income and age requirements. Salaried individuals must earn at least RM3,000 monthly, while self-employed applicants need proof of consistent income. The minimum age is 18 years, and the maximum age at loan maturity is 70 years.
Documentation includes MyKad, driving license, salary slips (3 months), and bank statements. For used car purchases, the vehicle registration card is mandatory. Foreign applicants need a local guarantor. Government employees and GLC staff may qualify for salary deduction schemes like Auto Finance-i Murabahah Tawarruq.
How to Apply for an AmBank Car Loan?
Applying for an AmBank car loan involves submitting documents online or at a branch. The bank processes applications within 1-3 working days for complete submissions. Borrowers can use the AmBank website to fill out forms, upload documents, and track approval status.
Dealer-assisted applications are also available through AmBank’s 3,000+ panel dealers nationwide. EV buyers booking a Tesla can follow a streamlined process via the Tesla website, where AmBank representatives contact them for financing assistance. Pre-approval options help borrowers gauge eligibility before finalizing their car choice.
What Documents Are Needed for AmBank Car Loan Application?
Required documents for AmBank car loan include identity proof, income verification, and vehicle details. Salaried employees submit MyKad, driving license, 3 months’ payslips, and EPF statements. Self-employed applicants provide 6 months’ bank statements and income tax returns.
New car purchases require a supplier’s quotation, while used car financing needs the vehicle registration card. Foreign nationals must include a guarantor’s details. Missing documents delay processing, so applicants should prepare files in advance.
What Is the Maximum Loan Tenure for AmBank Car Loan?
AmBank car loan tenure extends up to 9 years, allowing borrowers to reduce monthly instalments. Longer tenures increase total interest costs but improve affordability. Shorter terms (e.g., 5 years) save on interest but require higher monthly payments.
EV financing often includes extended tenures with preferential rates. The bank adjusts terms based on vehicle age—new cars qualify for maximum periods, while used cars may have shorter options. Borrowers can use the loan calculator to compare tenure scenarios.
Does AmBank Charge Penalties for Late or Early Repayment?
AmBank imposes a late payment penalty of 2% per annum on overdue amounts, calculated daily. Consistent defaults risk vehicle repossession after 2 missed payments. Early repayments are allowed without fees, and borrowers receive rebates for settling loans ahead of schedule.
Islamic financing under Arif Hire Purchase-i follows similar terms but structures penalties as Ta’widh (compensation) instead of interest. The bank encourages timely payments to maintain credit health and avoid additional charges.
Does AmBank Offer Refinancing for Existing Car Loans?
AmBank provides car loan refinancing to help borrowers secure better rates or terms. Applicants can switch from other banks or adjust their current AmBank loan. The process requires a credit assessment, vehicle valuation, and updated income documents.
Refinancing is ideal for those seeking lower interest rates, extended tenures, or cash-out options. The bank evaluates the car’s market value and outstanding loan balance before approval. Existing AmBank customers may receive faster processing.
What Insurance Is Required for AmBank Car Loan?
AmBank mandates comprehensive insurance or takaful coverage for financed vehicles. Policies must cover accidents, theft, and third-party liabilities. EV buyers can access exclusive discounts, such as 5% off InsureMyTesla through Liberty General Insurance.
Borrowers must maintain active coverage throughout the loan tenure. The bank offers assistance with renewals at selected branches. Optional add-ons include hire purchase protection insurance, covering outstanding loans during unforeseen events.
How Does AmBank Support Electric Vehicle Financing?
AmBank promotes EV financing with rates as low as 2.36% and high margins of finance. Tesla buyers benefit from a dedicated application process, including online forms and direct bank follow-ups. The bank aligns with Malaysia’s Low Carbon Mobility Blueprint, offering incentives for green vehicles.
EV loans include extended tenures and competitive terms, making sustainable transport more accessible. Borrowers can use the AmBank loan calculator to estimate instalments before committing. The bank partners with dealers to streamline EV purchases.
What Additional Benefits Does AmBank Car Loan Offer?
AmBank car loan benefits include online account management, over 3,000 dealer partnerships, and fast approvals. Borrowers can renew road tax and insurance at AmBank On The Spot branches. The bank also provides Hire Purchase-i aftercare services, assisting with documentation and renewals.
Islamic financing customers enjoy Shariah-compliant terms with transparent profit rates. The bank’s digital tools, like the instalment calculator, help borrowers plan repayments. Government employees benefit from salary deduction schemes for hassle-free payments.
Where Can Borrowers Get Help for AmBank Car Loan Queries?
AmBank offers customer support via branches, phone banking, and online channels. The website features detailed FAQs and loan guides. Applicants can visit AmBank or AmBank Islamic branches for in-person assistance.
EV buyers receive dedicated support from the bank’s auto finance team. The Tesla financing process includes direct communication with sales staff. Borrowers can also use the AmOnline portal to manage accounts and track applications.