Used Car Loan EMI Calculator

Get an instant estimate of your used car loan EMI with Zigwheels's user-friendly loan calculator. Simply enter the loan amount, tenure, and interest rate, then hit 'Apply Now' to see your personalized EMIs in seconds.

Loan Tenure
Estimated Monthly EMI
Down Payment
Loan Amount

*Rate of interest can vary subject to credit profile. Loan approval is at the sole discretion of the finance partner.

*Fees such as insurance, administrative, provision fees, etc. are not included in the simulation.

*The simulation is only a general description and is not the actual amount. The final amount will be determined by the financier.

*The base price (Total cost) is calculated subject to the price of the popular models available in your selected area

Eligibility & Documents Required for Used Car Loan

  • Eligibility
  • Documents
  • Malaysian citizenship with a minimum age of 18 years (not exceeding 60 years at the end of loan tenure)
  • Any salary earning individuals, sole proprietorship, partnership firm, self-employed individuals, public listed companies, private limited companies can apply for a car loan
  • In the case of individuals, min monthly income should be RM 1,500, which is subjected to Debt Service Ratio
  • In the case of foreign applicants, a local guarantor is required
Salary Earning Individual
  • A copy of NRIC (National Registration Identity Card)
  • A copy of the driving licence
  • Passport and employment / Contract Letter in case of foreign applicant
  • Latest salary slips/vouchers (last 1-6 months as per the loan package)
  • Latest EA or EPF Statement or Employment Confirmation or 3 months Bank / Passbook Statement or ASB/ASN.
  • Spouse details (NRIC and latest 2 months' proof of income if to support household income)
  • Local guarantor in case of foreign applicant and guarantor needs to submit NRIC, latest salary slips, and latest EA or EPF Statement
Sole Proprietorship / Partnership / Self Employed
  • A copy of NRIC (National Registration Identity Card)
  • A copy of the driving licence
  • Business registration certificate
  • Latest Borang/BE with the validated receipt of tax payment LHDN
  • Bank statement for the 3 to 6 latest months
  • A relevant business income proof document
Private Limited Companies
  • Certified copies of Memorandum of Association and Articles of Association
  • Latest form 9, 13, 24, and 49
  • Bank statements for the 3-6 recent months
  • Management’s profile
  • Profile of the company’s director
  • A copy of the Certificate of Commencement of Business
Public Listed Companies
  • Latest form 24 and 49
  • Latest audited annual financial statement
Graduate & Young Professionals
  • Ages 18 to 30
  • Valid Malaysian Identification Card (IC)
  • Driving Licence
  • Latest 3 Months' Payslips
  • Job Offer Letter (for applicants working less than 3 months)
  • Copy of Degree or Diploma Certificate

FAQ’s on Used Car Loan Calculator

How to Use a Used Car Loan EMI Calculator?

    Using a used car loan EMI calculator is relatively simple and straightforward. The following are the steps to use a used car loan EMI calculator:
  • Enter the loan amount: The first step is to enter the amount of loan you wish to take for the used car.
  • Enter the interest rate: The second step is to enter the interest rate offered on the loan by the lender.
  • Enter the loan tenure: The third step is to enter the tenure or the duration of the loan in months.
  • Click on "Apply Loan": Once you have entered all the required information, click on the "Apply Loan" button to get the EMI.
  • View the EMI: The calculator will then display the EMI that you need to pay every month to repay the loan.

What are the benefits of using an online Used Car Loan EMI Calculator?

    Convenience: Online used car loan EMI calculators can be accessed from anywhere and at any time.
  • Speed and accuracy: Online calculators are quick and efficient in providing accurate EMI calculations.
  • Comparison: Online calculators allow users to compare different loan options based on interest rates, tenures, and down payments.
  • Cost-effective: Online calculators are free to use and don't require any additional costs.
  • Helps in planning: Knowing the EMI amount can help users plan their budget and finances, and make an informed decision about whether to take the loan or not. Additionally, it allows users to estimate the cost of a used car.

What is the eligibility criteria for used car finance?

    To apply for a used car loan, one must need to fulfil the following eligibility criteria -
  • Malaysian citizenship
  • 18 years old and above
  • Must have a valid driving licence
  • Employed for the last 6 months
  • A guarantor is required in case of a non-Malaysian applicant or to prove affordability in meeting repayment obligations

What documents are required for a used car loan application?

    Following documents are required to submit with a used car loan application -
  • A copy of NRIC
  • A copy of the driving licence
  • Latest salary slips/vouchers (last 1-6 months as per the loan package)
  • Latest EA or EPF Statement
  • Latest 3 to 6-months bank statement
  • Latest BE Form/EA Form with a tax payment receipt

What are the advantages of taking a used car loan?

    Taking a used car loan is a great way to get the car you want without paying the high price. The advantages also include lower interest rates, lower monthly payments, and less depreciation in value.

What are the important things to check when purchasing a used car?

    You should check the car’s registration, history, and mileage. Also ensure that the car is not damaged and stolen.

What is the interest rate on a used car loan?

    The interest rate on used car loans varies from one bank to another. Depending on the type of used car (national or foreign). It ranges from 2% to 8% per annum.

What is the tenure of a used car loan?

    The tenure varies from 3 years (36 months) to 9 years (108 months), depending on the vehicle’s age.

What is the minimum down payment required for a used car loan?

    Most banks in Malaysia offer up to a 90% margin of financing, which implies that at least 10% down payment is required to be made for a used car loan.

Which Malaysian bank offers the best used car loan?

    Different banks offer competitive used car loan interest rates. You can compare the deals and opt for the one that suits you best.

What are the general requirements for applying for a used car loan?

    First, know the type of car you want and can afford, then check your credit score, compare interest rates offered by different banks and apply with all supporting documents.

How long does the used car loan application take to process?

    The used car loan application usually takes 3 to 5 days to process.

What is the maximum age of a used car valid for financing?

    The maximum age is 9 years starting from the year of manufacture. That means, a bank does not finance any vehicle older than 10 years usually.

Can I settle my used car loan early?

    Yes, you can settle your used car loan early. Some lenders also offer a rebate on the same, which can be the refund of the term charges for the unused tenure.

Can I change the monthly instalment amount in case of financial difficulties?

    The change in the monthly instalment amount depends on the specific bank or financial institution's discretion from which you have taken the used car loan.

Can Zigwheels help me with my application for a used car loan?

    You can use Zigwheels’s Used Car Loan calculator to estimate your monthly amounts. Also, to start processing your used car loan application, you can fill out the form available on the website. The approval of the loan depends on the lending institution.
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