CIMB has introduced First Car Solution, a car financing package aimed at first-time buyers aged 18 to 30.
The package combines auto financing with insurance and takaful options, Purchase Price GAP cover and CIMB credit card benefits.
The bank is giving the product a wider media push three months after it went live.
The main offer is two years of complimentary road tax renewal, capped at RM120 per year, or RM240 in total. CIMB said it is the first bank in Malaysia to offer this as part of a car financing package.
The programme runs until Aug 31, 2026. To qualify, buyers must be buying their first car, whether new, used or reconditioned. The financing must also be approved, accepted and disbursed by Oct 31, 2026. Customers with an existing car financing record in CCRIS are not eligible.
The Purchase Price GAP cover works like this: if a car is declared a total loss, the normal motor insurance payout may be lower than the original purchase price. GAP protection is meant to cover that difference, subject to policy terms.
CIMB Malaysia CEO Gurdip Singh Sidhu said first-time buyers need to look beyond loan access and keep monthly commitments manageable amid rising living costs.
Haniz Nazlan, CIMB Group’s Group Consumer Banking CEO, said the programme is also about helping young adults build financial independence.
However, this is not guaranteed financing. CIMB’s terms state that applications and rates remain subject to the bank’s credit and risk assessment.
