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Hire Purchase Loans

Hire Purchase

Financing for your new, secondhand and reconditioned motor vehicles

  • Margin of finance:

    Up to 90%

  • Loan period:

    Up to 9 years

Terms of Financing


Types of FinancingAuto Loan Fixed Rate FinancingAuto Loan Variable Rate Financing

Term Charges

Based on fixed interest rate per annum flat

Based on a spread above/minus the Bank’s Base Lending Rate (BLR)

Instalment

Fixed monthly instalment

Amount of each instalment or the number of instalments shall be revised whenever there is a BLR revision

Early Loan Settlement

  • No penalty fee
  • Net balance due less statutory rebate for term charges
  • No penalty fee
  • Net balance amount outstanding due plus accrued term charges up to the next payment due date
Type of vehicle Margin of finance Financing period
New passenger car, 4WD, MPV and SUV Maximum of 90% of seller's invoice Maximum 108 months
Secondhand passenger car, 4WD, MPV and SUV Maximum of 85% of seller's invoice Maximum 108 months
Unregistered reconditioned (imported) vehicle Maximum of 90% of seller's invoice Maximum 108 months

*All terms and conditions are subject to the financing guidelines by Bank Negara Malaysia and Maybank

How to Apply


Applicant New Vehicle / Unregistered reconditioned Used Vehicle
Individual (Fixed Income Earner) 1. NRIC 1. NRIC
- Purchase of passenger vehicle 2. Driving License (applicant only) 2. Driving License (applicant only)
- Purchase of vehicles other than passenger vehicle 3. Passport and employment / Contract Letter for foreigner 3. Passport and employment / Contract Letter for foreigner
4. Latest 2 months' Salary Slips /vouchers 4. Latest 2 months' Salary Slips /vouchers
5. Latest EA or EPF Statement orEmployment Confirmation or 3 months Bank / Passbook Statementor ASB/ASN. 5. Latest EA or EPF Statement orEmployment Confirmation or 3 months Bank / Passbook Statementor ASB/ASN.
6. Spouse details (NRIC and latest 2 months' proof of income if to support household income) 6. Spouse details (NRIC and latest 2 months' proof of income if to support household income)
* Local guarantor is compulsory for foreigner and guarantor need to submit documents as per item 1, 4 and 5. 7. VOC(Vehicle Ownership Certificate)
8. Pro forma invoice or invoice
* Local guarantor is compulsory for foreigner and guarantor need to submit documents as per item 1, 4 and 5.
Sole Proprietorship / Partnership / Self Employed 1. NRIC 1. NRIC
- Purchase of passenger vehicle 2. Driving License (applicant only) 2. Driving License (applicant only)
- Purchase of vehicle other than passenger vehicle 3. Passport and employment / Contract Letter for foreigner 3. Passport and employment / Contract Letter for foreigner
4. Latest 2 months' Salary Slips /vouchers 4. Latest 2 months' Salary Slips /vouchers
5. Latest EA or EPF Statement or Employment Confirmation or 3 months Bank / Passbook Statementor ASB/ASN. 5. Latest EA or EPF Statement or Employment Confirmation or 3 months Bank / Passbook Statementor ASB/ASN.
6. Spouse details (NRIC and latest 2 months' proof of income if to support household income) 6. Spouse details (NRIC and latest 2 months' proof of income if to support household income)
* Local guarantor is compulsory for foreigner and guarantor need to submit documents as per item 1, 4 and 5. 7. VOC(Vehicle Ownership Certificate)
8. Pro forma invoice or invoice
* Local guarantor is compulsory for foreigner and guarantor need to submit documents as per item 1, 4 and 5.

Customer may provide other evidence of income such as rental, investment etc as to strengthen the application

 

Financing, Fees and Charges


Hire Purchase Financing

Easy Road to your Repayment

Zoom through our fast and convenient banking channels for high speed servicing of your monthly repayments:

Pay via M2U

  • Go to "M2U"
  • Select "Pay & Transfer"
  • Select "Pay"
  • Select "Payee"
  • Select "Maybank Hire Purchase"
  • Key in “Amount and Effective Payment Date”
    “Set Recurring” & select “Effective Start & End Dates” if you want your payment to be automatically deducted on a monthly basis for subsequent months.
  • Request for :
    • "Secure Verification", You will receive a notification on your phone to authorize this transaction on the new Maybank app; or
    • "Secure TAC", Enter the 6 digit TAC number generated from your new Maybank app; or
    • "SMS TAC", Receive the 6 digit TAC via SMS to authorize the transaction
  • "Transaction Successful"

*Click 'Add as Favourite Payee' link to register your bill as a favourite


Pay via MAE

  • Go to "MAE” app
  • Select “Maybank2u”
  • Key in your 6 digit PIN
  • Select "Loan"
  • Select “Loan Account”
  • Click “Pay Loan”
  • Choose either “Monthly Instalment Amount” or “Monthly Instalment Due” or “Any Amount”
    • "Monthly Instalment Amount", the amount will be auto populated
    • "Monthly Instalment Due", key in amount due in the calculator
    • "Any Amount", key in any amount
  • Select “Crediting Account”
  • Click “Pay Now”
  • Select “Accept” or “Reject” for Secure Verification
  • “Transaction Successful”


Perform Payment via ATM/CDM Machine

ATM

  • Select "Other Transaction"
  • Select "Payment"
  • Select "Express Payment"
  • Select "Loan/Financing"
  • Select "Vehicle Loan/Hire Purchase"
  • Enter "Acc.No. or Vehicle no."
  • Enter "Amount"
  • Select the "Account" you wish to make payment from
  • "Confirmation" screen displayed
  • "Transaction completed"

CDM

  • Select "CDM"
  • Select "Cash Payment"
  • Select "Maybank Cash Payment"
  • Select "Loan/Financing"
  • Select "Vehicle Loan/Hire Purchase"
  • Enter "Acc.No.or Vehicle No."
  • "Insert Cash"
  • "Confirmation" screen display
  • "Transaction completed"


Apply for Standing Instruction

Alternatively, you may walk in to any of our branches to make payment. 

Payments via Maybank2u for Hire Purchase or Al-Ijarah Thumma Al-Bai (AITAB) - ie.car loan/financing must be in the exact/full instalment amount. Please add payments for any other charges eg. overdue interest or miscellaneous charges with your instalment payment. Partial payments or insufficient instalment payments will not be accepted.


Fees and charges

Click here for a list of hire purchase fees for purchase of new and reconditioned vehicles, used vehicles and after sales support services.

Click here for Hire Purchase Product Disclosure Sheet (Conventional)

Click here for Hire Purchase Product Disclosure Sheet (Islamic)


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