Buying a first car is usually where young Malaysians hit a wall: banks want years of income history that undergraduates and fresh graduates simply don’t have yet. Maybank’s My First Car Plan approaches hire purchase financing differently, building eligibility around degree status, age, and guarantor support rather than a lengthy credit file.
My First Car Plan: best loan for first-time buyers with limited credit history
Whether you’re still studying or just landed your first job, My First Car Plan doesn’t require what a typical loan applicant needs. Employed graduates need only one month on the job and a RM2,500 salary; undergraduates can apply with a parent or sibling as guarantor.
That structure matters because most hire purchase products are built for someone already earning steadily for years. This plan instead opens the door at 18 and keeps it open through age 30, covering the exact window when most Malaysians are shopping for their first car.
Should I get a hire purchase loan from Maybank?
Maybank is Malaysia’s largest bank by total assets and was named the country’s Best Bank for a second consecutive year, so the institution behind the paperwork is as established as it gets in Malaysian banking.
Beyond scale, the bank’s footprint of more than 400 branches and its Maybank2u platform mean day-to-day servicing, from instalment payments to queries, rarely requires a special trip, which matters over a multi-year repayment commitment.
How to get a loan from Maybank?
To get My First Car Plan, you need to:
- Hold at least a degree (graduates) or be enrolled in one (undergraduates)
- Fall between 18–30 years old
- Meet a minimum salary of RM2,500 if employed at least one month, or arrange a parent/sibling guarantor if not
- Ideally work in a preferred profession (government officer, teacher, nurse, or licensed professional), though this isn’t mandatory
Apply for the loan:
- Visit a Maybank Auto Financing Centre or an appointed car dealer
- Submit required documents (NRIC, proof of income or student status, guarantor details if applicable)
- Wait for processing and approval
- Sign the hire purchase agreement and drive away
FAQ
1. Can I get a loan from Maybank without a job?
Yes. If you’re an undergraduate pursuing a degree at a recognised institution, you can apply with a parent or sibling as guarantor, even without your own income.
2. How much will I get approved for My First Car Plan?
Maybank does not publish a fixed amount; approval depends on your income (or your guarantor’s), the vehicle chosen, and the dealer’s terms, so the best way to know your figure is to apply directly.
3. How to pay off My First Car Plan?
Settle instalments through Maybank2u (Pay & Transfer), any ATM or CDM, Standing Instruction for automatic monthly deduction, or in person at any Maybank branch.
4. How to cancel a loan application with Maybank?
Contact the Maybank Auto Financing Centre or the branch handling your application directly, as cancellation terms depend on how far your application has progressed.