CIMB Bank has introduced a First Car Solution for young Malaysians buying their first vehicle, with financing, protection and road tax support in one package.
The programme is aimed at first-time car owners aged 18 to 30.
It combines vehicle financing with insurance and takaful protection, Purchase Price GAP insurance and CIMB credit card benefits.
It also includes two years of complimentary road tax renewal worth RM240.
CIMB said this makes it the first bank in Malaysia to offer the road tax renewal facility.
The package is designed to help younger buyers manage both upfront and ongoing costs.
Its protection options, offered through Bancassurance Financing, are meant to provide a safety net against events such as accidents or other life circumstances that may affect a customer’s financial commitments.
Purchase Price GAP insurance applies if a car is declared a total loss.
The cover helps bridge the gap between the motor insurance payout and the original purchase price of the vehicle.
Gurdip Singh Sidhu, Chief Executive Officer of CIMB Malaysia and CIMB Bank Berhad, said,
“CIMB’s First Car Solution reflects CIMB’s approach to responsible lending by incorporating features that help reduce common cost pressures associated with car ownership, such as road tax and insurance protection.
By addressing these practical considerations upfront, we aim to support customers in making informed ownership decisions that are financially sustainable.”
The programme also offers cashback on petrol and car-related expenses of up to RM1,200 a year through CIMB credit cards. Customers can also receive rebates on groceries and dining.
Haniz Nazlan, Chief Executive Officer of Group Consumer Banking at CIMB Group, said,
“We understand that, for young adults it is not just about owning a car, but it is also important to build a foundation for financial independence and security.
The programme is designed to make that goal happen through a well-structured car ownership programme to help the buyer in planning for long-term financial wellbeing.”
Featured image: Edited by Fintech News Malaysia, based on image by tamirt via Magnific
