CIMB car loan refers to a secured financing product offered by CIMB Bank in Malaysia for purchasing new or used vehicles. CIMB car loan rates start from 3.18% p.a., with financing covering 80%-90% of the car’s value, and tenure options extending up to 9 years. The bank provides online applications through its InstaApproval platform, which processes approvals within 1 minute for eligible applicants.
CIMB offers both conventional and Islamic auto financing, with rates varying based on vehicle type, loan tenure, and borrower eligibility. For example, new national cars like Proton or Perodua qualify for rates as low as 3.75% p.a., while foreign-used cars may have rates from 4.45% p.a. The bank requires a minimum annual income of RM24,000 and accepts applications from Malaysians aged 18-70 years.
CIMB Car Loan Rates and Application
What Are the Current CIMB Car Loan Rates in 2025?
CIMB car loan rates in 2025 range from 2.70% to 4.45% p.a., depending on the vehicle category and financing type. For new national cars, the fixed rate is 3.75% p.a., while foreign-used cars are priced at 4.00% p.a. Islamic financing options like Hire Purchase-i start at 2.85% p.a., with variable rates tied to the Base Financing Rate (BFR).
The bank adjusts rates for commercial vehicles, with loans for trucks under 7,500kg at 4.25% p.a. and heavier vehicles at 4.70% p.a. Borrowers can check real-time rates using CIMB’s online loan calculator or by contacting its Auto Finance Centres.
How Does CIMB Calculate Car Loan Interest?
CIMB calculates car loan interest using flat or variable rates, applied to the principal amount over the loan tenure. For a RM100,000 loan at 3.75% p.a. over 9 years, the total interest payable is RM33,750, resulting in monthly instalments of RM1,238. Variable rates fluctuate with the Base Lending Rate (BLR), currently 6.60% as of July 2025.
The bank discloses all fees upfront, including RM10 stamp duty, RM50 consent letter charges, and an 8% p.a. penalty for late payments. Early settlements qualify for rebates on unearned interest, reducing the total cost.
What Are the Eligibility Criteria for a CIMB Car Loan?
CIMB car loan eligibility requires applicants to be Malaysians aged 18-70 with a minimum annual income of RM24,000. Salaried employees must submit 3 months’ payslips, while self-employed applicants provide EPF statements or tax receipts. First-time buyers under 21 need a guarantor, typically a parent or sibling.
The bank evaluates credit scores, with approvals favoring borrowers with a clean repayment history. Those with low scores may face higher rates or rejection. Government employees and GLC staff often qualify for preferential rates due to stable income.
What Documents Are Needed to Apply for a CIMB Car Loan?
CIMB requires NRIC, driving license, and income proof for car loan applications. Salaried workers submit 3 months’ bank statements showing salary credits, while business owners attach 6 months’ company bank records and SSM registration. Foreign applicants must provide valid work permits.
For used cars, additional documents like the JPJ vehicle registration card and Puspakom inspection report are mandatory. CIMB’s InstaApproval streamlines the process by accepting digital uploads via its mobile app.
How Does CIMB’s InstaApproval Work for Car Loans?
CIMB InstaApproval delivers loan decisions in 1 minute for applicants with complete documents. The system uses biometric verification and auto-populates data from NRIC scans. Approved borrowers receive SMS notifications and a digital Letter of Undertaking for dealership coordination.
This feature is available at partner showrooms like Perodua and Proton, with 90% of applications processed instantly. Delays occur only if income documents are incomplete or credit checks require manual review.
What Is the Maximum Loan Tenure and Financing Margin at CIMB?
CIMB offers up to 9 years’ tenure and 90% financing for new cars, reducing the down payment to 10%. Used cars qualify for 80-85% financing, with higher rates to offset depreciation. Commercial vehicle loans cap at 7 years due to faster asset depreciation.
The bank adjusts margins for reconditioned imports, limiting financing to 70%. Borrowers can use the CIMB loan calculator to simulate different tenures and down payment scenarios.
Are There Penalties for Early Settlement or Late Payments?
CIMB charges an 8% p.a. penalty on overdue instalments, compounded daily. Two consecutive missed payments trigger vehicle repossession. Early settlements incur no fees if the loan is older than 6 months, with rebates prorated for the remaining tenure.
For a RM50,000 loan repaid 2 years early, the rebate might save RM3,000 in interest. The bank provides a settlement statement upon request, detailing the final payable amount.
How Does CIMB Compare to Other Banks’ Car Loan Rates?
CIMB’s rates are competitive, with Maybank and Public Bank offering similar products. For a Proton X70 priced at RM109,800, CIMB’s 3.75% rate results in RM1,194 monthly payments over 9 years, slightly higher than Maybank’s 3.40%. However, CIMB’s InstaApproval outperforms competitors in processing speed.
Islamic options like Bank Rakyat’s An Naqlu 2 undercut CIMB at 3.30%, but lack digital application features. Borrowers should compare total interest costs, not just rates, when choosing a lender.
What Additional Fees Apply to CIMB Car Loans?
CIMB imposes RM10 stamp duty, RM20 JPJ fees, and RM50 consent letter charges per transaction. Late payments add 8% p.a. to the outstanding balance. Refinancing attracts a 1% processing fee, while early settlements waive penalties after the 6-month lock-in period.
Dealers often bundle these fees into the loan amount, increasing the principal. Borrowers should request a fee breakdown before signing the agreement to avoid hidden costs.
Can Foreigners Apply for a CIMB Car Loan?
Foreigners with valid work permits can apply, but face stricter terms. They need a local guarantor and are limited to 70% financing for used cars. Rates are higher at 4.45% p.a., and tenure is capped at 7 years.
Approval depends on visa validity and income consistency. CIMB requires 6 months’ local bank statements and employer confirmation letters for foreign applicants.