In summary it’s very unlikely interest rate for Proton cars change (still higher than foreign car rates).

Extract from Business Times.

KUALA LUMPUR: The downward revision in the banks’ base lending and financing rates will have negligible effect on sales of Proton cars, said Proton Edar Dealers Association (PEDA).

Following Bank Negara’s latest rate revision, it was doubtful that any interest rate adjustment would be made to new Proton cars and on the bank facilities subscribed by Proton dealers, said its acting president Armin Baniaz Pahamin in a statement.

He said currently, the interest rate for Proton cars remained at 3.88% for hire purchase loan duration of seven years or less and 3.99% for hire purchase loan duration of eight and nine years.

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Popularity: 12% [?]

CCRIS it is somewhat a small collaboration between banks and Bank Negara Malaysia where credit information of all Malaysians are kept. CCRIS or Central Credit Reference Information System.

Most Malaysians may be amazed at how when you try to apply for a credit card or a bank loan or even a hire purchase on your next vehicular purchase, the bank or financial institution will know all your previous credit transaction. Each customer will be given a rating on how good a paymaster they have been and if they had been naughty and been missing out on their payment. It will also provide an overview of how much you have borrowed from financial institution.

I know this system rather well as I fully utilize banking facilities to help my business grow. Bank may charge exorbitant rates but if you can generate returns higher than the interest rate, it will make the transaction worth while.

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Popularity: 7% [?]