CIMB Introduces 'First Car Solution' Financing Package

KUALA LUMPUR, June 19 (Bernama) -- CIMB Bank Bhd is offering first-time car buyers a financing package that includes competitive financing rates, insurance or takaful protection, and CIMB credit cards, known as the "First Car Solution" programme.

It is designed to assist customers aged 18-30 years to manage their finances through tailored financing and protection options.

In a statement today, the bank said first-time car buyers will enjoy complimentary road tax renewal for two years, amounting to RM240. CIMB the first bank in Malaysia to offer this value-added facility. 

"Competitive financing rates make the car‑buying process more convenient and accessible," the statement said.

Insurance and takaful protection under its bancassurance financing provides coverage against unforeseen events, such as accidents and other life circumstances that may affect borrowers' financial commitments, at a minimal cost, the statement said.

A key benefit is the full payout of the car’s purchase price in the event of a total loss, available with Purchase Price GAP (PPG) insurance.

PPG covers the difference between motor insurance payout and the original purchase price of the vehicle, it said.

The programme reflects the bank’s brand promise of "Moving You Forward", enabling customers with access and opportunities to progress to achieve their long-term goals. 

CIMB Malaysia and CIMB Bank chief executive officer (CEO) Gurdip Singh Sidhu said the First Car Solution programme 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 support customers in making informed ownership decisions that are financially sustainable," said Gurdip.

Meanwhile, CIMB Group, Group of Consumer Banking CEO Haniz Nazlan said the programme is designed to help buyers plan for their long-term financial wellbeing. 

"By combining lifestyle benefits and protection plans, we are helping the next generation build financial resilience and make sustainable financial choices while staying committed to our broader purpose of advancing customers and society," he said. 

-- BERNAMA