Buying a used car in Malaysia? Hire purchase rates for second-hand vehicles are higher than new cars โ typically 2.8% to 3.5% flat rate โ and banks impose stricter conditions on car age and mileage. Here is everything you need to know to get the best used car loan.
Used Car Loan Rates Malaysia 2026
| Bank | Flat Rate (used) | Max Car Age | Max Tenure |
|---|---|---|---|
| Bank Rakyat | 2.80% | 10 years | 7 years |
| Public Bank | 2.90% | 10 years | 7 years |
| Maybank | 3.00% | 10 years | 7 years |
| CIMB | 3.10% | 8 years | 7 years |
| RHB | 3.20% | 10 years | 7 years |
| AmBank | 3.10% | 10 years | 7 years |
Documents Required for Used Car Loan
In addition to standard income documents, used car loans require: Sales and Purchase Agreement (SPA) from the seller, vehicle inspection report (some banks), car grant / VOC copy, and road tax validity. The car must also pass a JPJ inspection if it is being transferred.
Loan-to-Value for Used Cars
Banks typically finance 80%โ90% of the car's forced sale value (FSV), not the transaction price. If you pay RM30,000 for a car with an FSV of RM25,000, the bank will only finance RM20,000โ22,500 โ leaving you to fund the gap.
Calculate Your Used Car Loan
Our ๐ Hire Purchase Calculator handles used car scenarios โ just enter the loan amount, flat rate, and tenure to see total cost and monthly payment.
Our editorial team specialises in Malaysian personal finance โ covering loans, taxation, insurance, EPF, and Islamic finance. Every article is fact-checked against Bank Negara Malaysia (BNM), LHDN, and major Malaysian bank publications. We reference our calculators (which use industry-standard formulas) to ensure consistency between our written content and tools. Learn more about our methodology โ