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Smart Car Loan Financing

(with a Full-Term Partner)

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A Smarter, Safer Way to Borrow

  1. 01
    AI-Powered Match

    AI-Powered Match

    In 5 minutes, our AI scans thousands of loan options from licensed lenders to find the best match for you.

  2. 02
    Human Expert Review

    Human Expert Review

    A dedicated expert reviews your AI match to ensure every detail is correct and answers your questions.

  3. 03
    Drawdown

    Drawdown

    Finalize your loan with transparent terms and a guided process.

  4. 04
    Case Manager Support

    Case Manager Support

    After drawdown, your dedicated Case Manager helps you manage payments and looks for new offers.

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A Fairer Process for All Malaysians

Our Car loan is designed for Malaysians who:

Multiple Credit Card Users

Prefer Shariah-compliant financial products

Muslim borrowers, or anyone seeking ethical financing

Borrowers with Several Personal Loans

Want interest-free, transparent contracts

no riba, no hidden charges.

Civil Servants & Salaried Workers

Individuals who would otherwise be rejected under conventional lending

but fit Islamic contract structures.

Borrowers with Lower Credit Scores

Borrowers seeking personal

car, or property financing under Islamic modes.

Self-Employed & Gig Workers

Government / civil servants and private-sector workers

wanting salary-based deductions in Islamic format.

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Your Guide to Getting a Car Loan (Hire-Purchase) in Malaysia

For most Malaysians, buying a car is the second-biggest purchase after a home. Understanding how a "pinjaman kereta" (car loan) works is essential. In Malaysia, most car loans are technically "Hire-Purchase" agreements.

What is a Hire-Purchase (HP) Agreement?

A Hire-Purchase agreement is different from a standard loan.

  1. You (the "hirer") pay a down payment, which is typically 10% of the car's price.
  2. The bank (the "owner") pays the remaining 90% to the car dealer.
  3. The bank legally owns the car, and you hire (rent) it from them by making monthly payments.
  4. Once you make the final payment, ownership of the car is officially transferred to you.
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Two professionals in discussion about personal loans

Key Terms to Know:

  • Down Payment: The 10% (or more) you must pay upfront.
  • Margin of Finance: The 90% (or less) that the bank will finance.
  • Flat Interest Rate: Car loans in Malaysia use a "flat" interest rate. This means the interest is calculated on the original loan amount (the 90%) and stays the same for the entire tenure. This is different from the "reducing balance" rate used for home loans.
  • Tenure: The loan period, typically from 5 to 9 years. A 9-year loan is very common, but remember: a longer tenure means you pay much more in total interest.
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Financing a New Car vs. a Used Car

Is Financing a New Car vs. a Used Car

  • New Car: It's easier to get 90% financing and a longer tenure (up to 9 years) with a lower interest rate. .
  • Used (Second-Hand) Car: Financing is often lower (e.g., 80-85%) with a shorter tenure and a slightly higher interest rate, as the car is a depreciating asset and seen as higher risk

What Documents Do I Need?

Conventional Loan

  • NRIC (MyKad) and a valid Malaysian Driving License.

What Documents Do I Need?

  • The relationship is "Buyer and Seller" or "Partners." The bank earns a "profit" from a trade or lease.

Proof of Income (Self-Employed)

  • The relationship is "Buyer and Seller" or "Partners." The bank earns a "profit" from a trade or lease.

Booking Form

  • The official "Vehicle Sales Order" or booking form from the car dealer.

Choosing a car loan can be confusing. Our platform helps you find the best conventional or Islamic hire-purchase rates from our panel of licensed lenders. Our human experts can also review your case if you are self-employed or have a unique income profile, giving you a fairer shot at driving your dream car.

Eligibility Requirements

Service Providers

We partner with licensed Islamic financial institutions in Malaysia, including

Local Banks & Islamic Banks with SME

Full-fledged Islamic Banks offering personal financing-i, car financing, home financing under Islamic contracts (Murabahah, Tawarruq, etc.).

SME-focused banks & development institutions

Banks with Islamic windows (parts of conventional banks offering Islamic products).

Digital SME

Institutions (banks or finance companies) that operate under Shariah governance frameworks, overseen by Shariah Advisory Committees and aligned with Bank Negara Malaysia's SAC guidelines.

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Payment Calculator

Repayment Calculator

Use our Islamic Financing calculator to

  • Input financing amount, tenure, and profit rate.
  • See monthly profit-based instalments (not interest).
  • Compare scenarios (short vs long tenure, different rates) to choose what's most manageable for you.

Note: result is estimate; final terms are subject to lender evaluation.

Eligibility

Typical eligibility criteria used by Islamic banks in Malaysia (may differ by partner)

Citizenship

  • Malaysian citizen or Malaysian Permanent Resident.

Age

  • Usually between 21 - 60 years old (some banks extend to 65).

Minimum income

  • Depends on lender. For example, Maybank's personal financing-i requires RM3,500 minimum.

Employment status

  • Salaried employees (government or private sector), some self-employed allowed with proper proof.

Documents required

  • Salary slips / EA / BE / business documents

Bank statements

  • Other income verification

Credit record

  • The business or personal credit history will be reviewed, but structure must align with Shariah contracts.

Example

  • JCL's i-FUND financing allows 18 to 60 years old, minimum gross income RM1,000, financing from RM1,000 to RM50,000.
Eligibility Requirements

How to Apply

Getting a personal loan with us is simple and transparent:

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  1. 1 Start with our online enquiry form or chat via WhatsApp/AI.
  2. 2 Our AI engine matches your profile to Islamic financing options.
  3. 3 Human review ensures fair consideration, especially in non-standard cases.
  4. 4 Choose your preferred option and submit required documents.
  5. 5 Lender evaluates under Shariah-compliant contract (e.g. Tawarruq, Murabahah).
  6. 6 Upon approval, funds are disbursed according to Shariah contract structure.
  7. 7 Post-financing, Case Manager monitors your financial status and provides support.
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FAQ (Car Loan Focus)

How much can I borrow for a car loan?

Typically up to 90% of the car's price, depending on bank policy.

What's the tenure?

Still have questions? Can't find the answer you're looking for? Please chat to our friendly team. Get in touch