Following several interest rate hikes by National Bank, the fixed car loan rate for domestic cars has now come to 3.55% p.a., while that for imported cars has come to 2.65% p.a.
National Bank has already raised interest rates three times this year by a total of 0.75%, while lending rates have followed suit by about 0.75% during the year.
According to CIMB’s website, the Fixed Rate for domestic vehicles has now increased to 3.55% p.a. from around 2.90% at the beginning of the year, while the Fixed Rate for imported vehicles has also increased to 2.65% p.a. from around 2.20% at the beginning of the year.
The latest Variable Rate for domestic cars has now come in at 6.10% p.a. and for imported cars at around 4.60%.
Of course, banks will also determine the interest rate of a car loan depending on the borrower’s credit history. If you have an unstable job with a low salary, the bank may give you a higher interest rate on your car loan. Borrowers with a good credit history may be able to enjoy a lower interest rate.