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Looking for the best car loan rates in Malaysia 2025? This guide compares the lowest car loan interest rates and highlights the cheapest car loan in Malaysia for both new and used vehicles. Whether you’re eyeing a Perodua, Proton, or an EV, get the facts to save more.
Table of Contents
TL;DR – Which Bank Offers Malaysia’s Lowest Car Loan Interest Rate (2025)?
| Bank Name | Interest Rate (Flat) | Car Type | Notes |
| BSN | 2.35% p.a. | New | Islamic, up to 90% margin, 9 years |
| Bank Islam | 2.35% p.a. | New | Islamic, up to 90% margin, 9 years |
| Maybank | From 1.98% p.a.* | New (EV) | EV promo, selected models only |
| CIMB | From 2.38% p.a.* | New (EV) | EV promo, selected models only |
| Public Bank | 2.45% p.a. | New | Conventional, up to 90% margin |
*EV = Electric Vehicle; promo rates may be limited to selected models and campaigns.
2025 Car Loan Interest Rate Comparison Table
| Bank Name | New Car Rate | Used Car Rate | Max Tenure | Max Margin | Fixed/Variable | Notes/Conditions |
| BSN | 2.35% | 3.10% | 9 years | 90% | Fixed | Islamic, national cars focus |
| Bank Islam | 2.35% | 3.10% | 9 years | 90% | Fixed | Islamic, national cars focus |
| Maybank | 1.98%* | 3.45% | 9 years | 90% | Fixed/Promo | EV promo, selected models |
| CIMB | 2.38%* | 3.50% | 9 years | 90% | Fixed/Promo | EV promo, selected models |
| Public Bank | 2.45% | 3.60% | 9 years | 90% | Fixed | Conventional, broad coverage |
| RHB | 2.65% | 3.80% | 9 years | 90% | Fixed | Islamic and conventional |
| Bank Muamalat | 2.95% | 3.95% | 9 years | 90% | Fixed | Islamic, grad scheme |
| Bank Rakyat | 3.05% | 4.10% | 9 years | 90% | Fixed | Islamic, flexible packages |
*Promo rates for EVs; check with banks for model eligibility.
Read our complete guide on Malaysia car loan types, interest structures, and rate calculation.
What Influences These Rates?
- New cars, especially national brands, usually get the lowest rates.
- Used cars come with higher interest.
- Rates may differ by loan tenure or financing amount.
Tips to Get the Lowest Interest Rate Possible
Go with national car brands (Perodua, Proton)
National brands like Perodua and Proton consistently offer the best car loan rates in Malaysia 2025, thanks to government incentives and strong partnerships with local banks.
Financing packages for these brands often come with lower interest rates, higher approval rates, and flexible repayment plans.
For example, Perodua buyers can benefit from flexi plans that allow early settlement and extra payments to reduce total interest, giving you more control over your loan and long-term savings.
Choose a Shorter Loan Tenure
While many Malaysians stretch their car loans to the maximum nine-year term, opting for a shorter tenure can save you a significant amount in total interest. Due to the “Rule of 78,” most interest is front-loaded early in the loan. If you can manage higher monthly payments, a shorter loan period reduces your overall cost dramatically.
Leverage Promotions or Dealer Tie-Ups
Banks often collaborate with car dealers to offer exclusive flat rates, sometimes as low as 0.99% or 2.00%, especially during special campaigns. These limited-time deals are typically tied to selected models, so stay alert for promotions and act fast to lock in better rates.
Consider Islamic Banks for Better Rates
Islamic banks sometimes offer more attractive car financing through Shariah-compliant products like AITAB (Al-Ijarah Thumma Al-Bai’). These options often come with lower profit rates, flexible payment terms, and benefits like no penalty for early settlement. Comparing Islamic and conventional loan packages could land you the cheapest car loan in Malaysia.
Explore EV Loans for Special Low Rates
If you’re considering an electric vehicle, banks now offer green financing packages with rates as low as 1.98% per annum for selected models. These deals often include perks like tax exemptions or reduced fees, making EV loans a smart way to secure the best car loan rates in Malaysia 2025 while supporting sustainability.
By combining these strategies—choosing national brands, buying new, opting for shorter tenures, leveraging promotions, considering Islamic banks, and exploring EV loans—you can maximise your chances of securing Malaysia’s lowest car loan interest rates.
Best Low-Interest Car Loan Offers Right Now
Here are the standout car loan offers available as of April 2025, including both regular and special EV promotions:
Current Top EV Loan Promotions
| Bank | EV Interest/Profit Rate (p.a.) | Details |
| Maybank | 1.98% | Exclusive EV financing (e.g., Tesla), tailored insurance, ongoing promo till mid-2025 |
| CIMB | 2.38% | Special EV loan rates to support green vehicle adoption. |
| BSN | 2.30% | Competitive Islamic EV financing, flexible tenure, up to 90% margin. |
| Bank Islam | 2.10%–2.20% | Lowest rates for electric vehicles, Shariah-compliant, up to 9 years. |
These EV rates are among the lowest in the market, but are limited to selected models and may require specific eligibility or documentation.
Regular Top Contenders for All Car Types
| Bank | Regular Interest/Profit Rate (p.a.) | Notes |
| Affin Bank | 2.92%–3.00% | New/used cars, up to 9 years, high margin financing. |
| Public Bank | 3.31%–4.10% | Widely accessible, flexible tenure, reliable for new and used cars. |
| CIMB | 2.85%–4.45% | New/used cars, Islamic and conventional options. |
| Maybank | 3.40%–4.25% | Conventional and Islamic, broad eligibility, new and used cars. |
| Bank Islam | 2.30%–3.30% | Shariah-compliant, lowest for non-national/hybrid (2.30%), national cars from 2.50%. |
Caveats and Important Notes
- Rates vary by car type (new, used, EV, hybrid), loan amount, tenure, and your eligibility.
- Promotional rates (especially for EVs) are often limited to selected models and may require higher down payments or specific documentation.
- Always confirm the latest terms and requirements directly with the bank or authorized dealer before applying.
These offers reflect the most competitive car loan deals in Malaysia as of April 2025, with both regular and EV-focused packages available to suit different buyer needs.
