Car Calculator Malaysia 2026

Yes, car loan refinancing is available in Malaysia. You can refinance to get a lower interest rate, extend your tenure for lower monthly payments, or get cash-out from your car's equity. Banks like Maybank, CIMB, Hong Leong, and Public Bank offer car refinancing. Your car should typically be less than 10 years old and the remaining loan balance above RM 10,000.

Savings depend on your current interest rate, new rate, and remaining tenure. For example, refinancing a RM 60,000 car loan from 3.5% to 2.8% flat rate with 5 years remaining could save you RM 2,100 in total interest. The biggest savings come when you refinance from a high-rate used car loan to a competitive new rate. Use our calculator to see your exact savings.

Flat rate calculates interest on the original loan amount for the entire tenure — a 3% flat rate on RM 100,000 over 7 years means total interest of RM 21,000. Effective rate (reducing balance) calculates interest on the remaining balance, which decreases each month. A 3% flat rate is approximately equivalent to a 5.5-6% effective rate. Malaysian car loans (hire purchase) use flat rate, while housing loans use effective rate.

Typically you need: IC (MyKad), latest 3 months salary slips, latest 3 months bank statements, EPF statement, vehicle registration card (geran), current car loan statement, and a vehicle inspection report. Self-employed applicants may need additional documents like business registration and income tax returns (Form B/BE). Processing usually takes 1-3 weeks.