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Malaysia Car Loan Calculator


TIPS: Do not use commas when quoting prices in RM.

Car purchase price (RM) :
Down-payment (RM) :
Nominal Interest rate (%) :
Loan Period(months) :




Monthly Installment (RM):

Nominal versus effective interest rate

The nominal interest rate is the periodic interest rate times the number of periods per year. For example, a nominal annual interest rate of 12% based on monthly compounding means a 1% interest rate per month (compounded).[2] A nominal interest rate for compounding periods less than a year is always lower than the equivalent rate with annual compounding. A nominal rate without the compounding frequency is not fully defined: for any interest rate, the effective interest rate cannot be specified without knowing the compounding frequency and the rate. Although some conventions are used where the compounding frequency is understood, consumers in particular may fail to understand the importance of knowing the effective rate.

Nominal interest rates are not comparable unless their compounding periods are the same; effective interest rates correct for this by “converting” nominal rates into annual compound interest. In many cases, depending on local regulations, interest rates as quoted by lenders and in advertisements are based on nominal, not effective interest rates, and hence may understate the interest rate compared to the equivalent effective annual rate.

The term should not be confused with simple interest (as opposed to compound interest). Simple interest is interest that is not compounded.

Via Wikipedia.

If you happen to have a Financial Calculator, you can easily use the following guide to determine your Effective Interest Rate:

For example, you borrowed RM58,000 for your new Toyota VIOS for 5 years, with a nominal interest rate of 3.00%. According to the repayment schedule issued by your bank, you are expected to pay RM1,112.00 monthly for the next 5 years (60 months).

(i) Loan Amount (PV) = 58,000
This value must be positive because you are actually getting RM58,000 from the bank into our pocket.

(ii) Monthly Installment (PMT) = -1,112
This value must be negative because you are going to pay out this amount out from our pocket.

(iii) Repayment period (n) = 60 months
We need to convert this repayment period of 5 years into 60 months because you are paying the installment is in monthly mode.

With the calculator, you just need to punch the numbers in the following order:

Step 1: 58000 PV
Step 2: 1112 (+/-) PMT
Step 3: 5 [Shift] [n]
Step 4: [Comp] [i%]

In this example, you should get a monthly interest rate of 0.47%. Hence, your Effective Interest Rate is 0.47% x 12 = 5.65%. Hence, the difference between the rate advertised by the bank is 5.65% – 3.00% = 2.65% (Oops!).

Other Useful Tools

To find out how much you will be paying for your road tax, check out Malaysia Road Tax Rate.

To calculate your vehicles insurance premium, use the Motor Insurance Premium Calculator.

To apply or renew your car insurance, head over to InsuranceOnline.my.

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    Gerrally i too prefer used cars
    They are ecomomic and affordable

  • http://www.iplugmedia.com neosheva

    buying used cars can save us lots of money.

  • Ravi

    what is the current interest rate for second hand car?

  • meilier
  • sleeprunner

    Great article! Very well put! Thank you!

  • K_ribena

    interest yg paling rendah utk bli new car bank ape?

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    • Ang_geck

      I am Julie Kanh i was in need of a loan of S$300, 000 and was scammed by those fraudulent lenders and a friend introduce me to Mr Ang Geck.and he lend me the loan without any stress,you can contact him at ang_geck@yahoo.com.sg 

  • Abunasihah

    new import car is between 2.98 – 3.5
    but new local car 3.5 – 3.9
    used car is between 4.0 – 4.65

  • http://blog.badcreditwhiz.com/ Bad Credit Mortgage

    Great helpful article, I have been searching for this application, but can anyone tell me what is minimum interest rate.

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    This article is very informative especially the Malaysia Car Loan Calculator is very helpful to all. Thanks for sharing all these information with all the useful tools.

  • http://pulse.yahoo.com/_TK2O6O3T7USB47OOIR76L5RXYU Prateek Panchal

    Yes it is one of the easiest tool to use for loan calculations…..i loved it….cheers!!!

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    I like you article, there must be according to the consumer’s interest rate.

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    NOTE YOU ARE TO GET BACK TO US VIA: ang_geck@yahoo.com.sg

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     {BORROWER’S DATA INFORMATION}

     * Applicant Full Names:……………
    * Applicant Contact Address:……….
    * Phone No:………………………
    * Country:……………………….
    * Age:…………………………..
    * Marital Status:…………………
    * Amount Required As Loan:…………
    * Proposed Terms/Duration Of Loan:….
    * Annual Income:………………….
    * Occupation:…………………….

    Thanks and God Bless.
    Regards,Mr.Acg Geck
    via e -mail: ang_geck@yahoo.com.sg
    via e -mail: anggeck@gmail.com

  • Ang_geck

    I am Julie Kanh i was in need of a loan of S$300, 000 and was scammed by those fraudulent lenders and a friend introduce me to Mr Ang Geck.and he lend me the loan without any stress,you can contact him at ang_geck@yahoo.com.sg 

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    Thanks for sharing, vehicle finance calculator really helps to those who wants to buy a car.

  • Anonymous

    Great..I have been searching for this application, but can anyone tell me what is minimum interest rate..Thanks!!
    Car Finance

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