myTukar is collaborating with DRB-Hicom and Bank Muamalat to provide car buyers up to 33% lower and flexible monthly payment with the latest Step Up Auto Financing-i plan which includes guaranteed buy back value. Cars bought will now be less of a burden, making car ownership easier for the average Malaysian during the recovery period.
As a car is not a small investment, you expect to own a car you buy for many years, paying off loans the whole time. So buyers tend to go through thorough research and consideration before coming to a decision. Circumstances such as a tight budget, uncertainty about owning a car, might cause an aversion to car buying. So, the average person might commute via public transport, an e-hailing service, or rent a car for the short term even though it may cost more in the long term.
Guaranteed Buy Back Value
With the new Step Up Auto Financing-i, you can have flexible loan payments 13% – 33% lower in monthly repayments! myTukar will also provide guaranteed buy back value for the car when it is three years old. In this way, the customer can sell the car to myTukar three years after buying the car at the market rate when the car was bought. Should the car be valued higher than the agreed price, customers can opt for the higher valuation.
|Step Up Auto Financing-i
|Standard Car Loan
|Can transition into long-term investment
|Fixed buy back value on the 3rd year
|No fixed buy back value
|Flexible loans up to 33% lower
Customers who choose this step-up loan tenure will have never before seen flexibility when buying a new car. For example, if customers are not keen on choosing the buy back option in the third year, they can continue to keep it. The customer can then choose between regular loan repayments or settling the loan entirely. This allows flexibility in turning a short term investment into a long term one or proceed as planned and myTukar can buy back the car. If owning a new car still sounds like a financial burden bigger more than you would like to bear, considering buying used car with myTukar – our certification process means cars go through a rigorous inspection for quality before they are sold.
For more information on Step Up Auto Financing, visit Bank Muamalat’s website or call 03-2600 5500.