Loans -
Creative auto loans combat fuel prices - 11/06/2008
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After a hike in the price of fuel was announced in Malaysia, banks have come up with a variety of creative auto loan solutions which will help consumers survive the price rises.
The schemes aim to lower the monthly repayments during times of minimal cash, allowing customers to hold on to their cars and have spare cash for fuel.
CIMB introduced a loan on Monday which allows customers to restructure, refinance and reschedule their existing loans in order to leave them with up to 30 per cent more cash each month.
Head of retail banking at CIMB, Peter England, said “This move will help ease the financial burden and cash-flow concerns of vehicle owners after the recent fuel price hike.”
Malaysia's biggest lender, Malayan Banking Bhd, or Maybank, also has a scheme to help borrowers who are struggling with repayments and need a little extra cash.
Their scheme specifically offers tailored assistance to customers who are unable or are finding it hard to keep up with their financial commitments.
This scheme has been around since October 2006 but has risen in popularity due to recent economic woes.
So far the scheme has benefited over 23,000 Maybank customers with a total loan amount of over 650 million ringgit, or just over £100 million British pounds.
Three other local banks have said that they have no plans to offer a new car loan scheme which reflects current economic climates as they already have a range of flexible lending options available.
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