KUALA LUMPUR: CIMB Bank Bhd has introduced a new financing programme for first-time car buyers aged between 18 and 30, offering financing, insurance or takaful protection, and credit card benefits under a single package.
In a statement, CIMB said its First Car Solution programme offers first-time car buyers a range of financing and protection benefits, including two years of complimentary road tax renewal worth up to RM240, making it the first bank in Malaysia to provide such a feature as part of a car financing package.
The bank said the programme also includes insurance and takaful protection through its bancassurance financing offering, as well as Purchase Price GAP (PPG) insurance, which covers the difference between a motor insurance payout and the vehicle's original purchase price in the event of a total loss.
CIMB Malaysia and CIMB Bank chief executive officer Gurdip Singh Sidhu said the programme was designed to help first-time car buyers manage the costs associated with vehicle ownership.
"Car ownership in Malaysia requires careful consideration, particularly for first-time buyers navigating competitive vehicle prices and balancing rising living costs," he said.
He added that the programme incorporates features aimed at reducing common ownership costs, including road tax and insurance protection, while supporting responsible borrowing.
The programme also offers credit card benefits, including cashback on petrol and car-related spending of up to RM1,200 a year, as well as rebates on groceries and dining expenses.
CIMB Group
Consumer Banking chief executive officer Haniz Nazlan said the initiative aims to support young adults in building financial independence through structured financing and protection plans.
The bank said the programme is part of its efforts to provide more accessible and flexible mobility financing solutions for younger customers.
