Published on October 19th, 2020 | by Daniel Sherman Fernandez0
Finance A Toyota Depending On Your Financial Goals
Let’s face it, the economy is not doing too well, and it will most likely take many years for it to recover to pre-COVID levels of growth, if it ever does. But until that happens, life goes on, you still got to keep moving forward, but with a little more sensibility and financial restraint.
During the MCO, many cars were left unused and unmoved for many weeks. Older vehicles that were passed their service date may have become too unreliable and this has been a wake up call for many Malaysians to trade their vehicles in for something new and reliable.
But in this climate, your next car will have to be something that offers good value for money, minimum upkeep costs, and strong resale value. Of course, we know one brand that has stuck to these aspects throughout the good times and bad, and that’s Toyota.
Every person is going through a different kind of financial situation. Some are business owners who can’t afford the upkeep of a premium German car, others are students who have been lucky enough to secure a job after the MCO, while others have had their salaries cut and have had to cut monthly expenses for the time being.
That in mind, here are some options you have if you’re shopping for a Toyota today, depending on your financial goals/situation.
If you want the Lowest monthly installments – EZ Beli
With EZ Beli, you can get a 9-year financing plan that starts with lower monthly installments, then steadily increases as time passes. While this may not be the best idea for some, it’s quite customisable and there are different tiers of financing depending on your preference.
If you want the Lowest upfront payment/100 per cent financing
These Islamic Financing schemes will bundle the regular upfront costs of car ownership and effectively give you 100 per cent financing on your vehicle. The Maybank MVTF-i programme has more stringent limitations than the Bank Rakyat one, but consider checking them both out. There is also a 100 per cent Financing package from Bank Rakyat for all Malaysians between ages 18-65 that can be used on any Toyota or Lexus.
2.a If you’re a fresh graduate in Peninsular Malaysia, below 30, looking at a Yaris, Vios or Avanza – Maybank MVTF-i
2.b If you’re a fresh graduate below 30 looking at any of Toyota’s models – Bank Rakyat An Naqlu 2
2.c If you’re between the ages of 18-60 and have been working for 6 months at least, – Bank Rakyat An Naqlu 1
If you are looking for the biggest discount
Until the end of 2020, Toyota themselves are giving frontliners and all government staff a 5 per cent rebate of almost all their models. It’s only the more commercial vehicles like the Hiace and single-cab Hilux that are not covered by this rebate. This 5 per cent rebate is on top of the current SST exemption on all cars sold in Malaysia. A locally-assembled Yaris could end up costing a lot less than what you would expect!
So, now you know how to take advantage of the current financing deals available on Toyotas in Malaysia. Head to their website or contact their dealerships for more details.