Car Loan & Hire Purchase Calculator

Malaysian car loans use a flat interest rate, so the true cost is higher than it looks. Educational estimate only.

Car price (RM) Down payment (RM) Flat interest rate (% p.a.) Tenure (years)

Loan amountRM81,000

Monthly repaymentRM1,167

Total interestRM17,010

Approx. effective rate~5.5% p.a.

What the flat rate really costs

With a flat rate you pay interest on the full amount for the whole term, so interest is a bigger slice than it looks.

A flat rate of 3% is roughly equivalent to an effective (reducing-balance) rate of about 5.5%, because you pay interest on the full amount for the whole tenure. Verify with your bank and Bank Negara Malaysia. Educational use only.