According to news resources, car buyers will have to pay more in monthly instalments now that hire purchare interest rates have gone up in Malaysia.
Just a few months ago, banks offered interest rates at around 2.5%. Now, the rates are between 3.4% and 4.7% for new cars starting 2 months ago.
Further, Maybank had experienced a drop of about 40% in car loan applications in the past two months due to higher rates.
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