Interest kereta dah naik!!

National : from ave 3.5% increase to 4%

Non-national : from 2.8% increase to as high as 4.2%

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NST Online,  2008/07/31…“Our forecast for the second half has taken into account the banks’ decision to increase hire purchase interest rates, especially for non-national brands.
“Other factors include the impact of higher oil prices, inflation and material costs, stricter vetting by finance companies on hire purchase loan applications, drop in consumer sentiment, and fall in liquidity due to the bearish stock market,” she said at a media conference on market review for the first half 2008 yesterday.

Some banks have started to raise interest rates on car loans for both national and non-national makes effective Aug 1, on fears that future vehicle buyers might not be able to service their loans.

A check with loan officers and car salesmen revealed that some banks have increased the rates for hire purchase loans of new Proton and Perodua cars from an average of 3.5 per cent before, to four per cent.

For new non-national cars, some banks already charge as high as 4.2 per cent from as low as 2.8 per cent previously.

The rates are even higher for second hand cars at between four per cent and five per cent. Hire purchase loan rates can also vary between individuals, depending on the customer’s financial background….more

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