Drivecost

Car loan and insurance, worked out in ringgit.

Car loan

Car price (on the road)

Down payment10%

Loan period5 years

Interest rate per year3.30%

Banks usually quote hire purchase as a flat rate on the full amount, for the whole period.

Car insurance

Sum insured (market value)

Same as car price

Engine size

No-claim discount (NCD)

First-time buyers start at 0%. An NCD from your previous car can be transferred.

Extra cover

Flood, storm and landslide0.5% of sum insured Strike, riot and civil commotion0.3% of sum insured Passenger legal liabilityRM 7.50 per car Windscreen and audio15% of the value you declare

Additional named drivers first two are free

You pay each month

RM 0

Loan

Insurance

Cash on day one About a day

Loan

Amount financed
Total interest
Effective rate
Instalments
Total repaid

Insurance, per year

Basic premium
NCD discount
Extra cover
Stamp duty
Yearly premium

Share of your income

Monthly income (example, change it)

How the loan shrinks

Balance still owedInterest paid so far

Year	Principal paid	Interest paid	Balance left

Loan. Flat rate: interest is charged on the original amount for the whole period, so the effective rate is higher than the quoted one. Banks may add processing, stamp duty and other fees, and set their own margin of financing and eligibility.

Insurance. Comprehensive cover for a private car in West Malaysia, using the standard tariff structure: a basic premium by engine size, plus RM 26 for each RM 1,000 of sum insured above the first RM 1,000, less NCD on the basic premium, plus extra cover and RM 10 stamp duty. Insurers price within their own rules, so treat this as a guide and compare real quotes. Method reference: CompareHero.