CIMB Bank Berhad has unveiled its “First Car Solution,” a pioneering programme designed to support first-time car buyers in Malaysia. Targeting individuals aged 18 to 30, the initiative offers competitive financing rates, two years of complimentary road tax renewal, and extensive insurance and Takaful protection. This comprehensive package aims to ease the financial burden of car ownership whilst promoting responsible financial habits.
The First Car Solution stands out by providing a full payout of the purchase price in the event of a total loss through Purchase Price GAP insurance. This covers the difference between the motor insurance payout and the original purchase price, offering peace of mind to new car owners. Additionally, the programme includes credit card benefits, such as cashback on petrol and car-related expenses, which can amount to up to RM1,200 annually.
Gurdip Singh Sidhu, CEO of CIMB Malaysia, highlighted the importance of the programme in helping first-time buyers manage costs effectively. “CIMB’s First Car Solution reflects our approach to responsible lending by incorporating features that help reduce common cost pressures associated with car ownership,” he stated.
Haniz Nazlan, CEO of Group Consumer Banking at CIMB Group, emphasised the programme’s role in fostering financial independence among young adults. “We’re helping the next generation build financial resilience and make sustainable financial choices,” he said.
CIMB’s initiative not only addresses immediate financial concerns but also supports long-term financial wellbeing, aligning with the bank’s broader mission to advance customers and society. For more details, visit CIMB’s website. Terms and conditions apply.
