Proton Commerce Sdn. Bhd. (PCSB), a company under the PROTON Group, has announced a campaign that provides fresh graduates an opportunity to own their first car with low Hire Purchase (HP) loan rates. This Fresh Graduate Campaign only requires a letter of employment or a month’s salary slip in order to qualify for a loan. The offer will run until 31 December 2020, coinciding with the sales tax holiday currently being enjoyed by all Proton cars.
One important we note aside from the ease of fresh grads to buy a Proton is that Proton is now branching out and having their own financing arm. This should make things a little bit easier for people to get financing when it comes to Proton cars. Sometimes, it is quite an issue with Malaysian banks who seem to make it tough for Proton customers who seek financing and even if they are given financing, the interest rates are slightly higher than if one buys a Japanese or even Korean car.
Speaking of financing rates, PCSB is offering rates starting at just 2.98%. If you qualify, this is currently one of the lowest in the segment. Basic requirements for a customer to get such a loan includes being a graduate (minimum qualification diploma), be aged between 18-30 years and have a job with a minimum salary of RM1500.
The campaign is designed to help address the issues of mobility for those entering the job market. A key deterrent for this segment of buyers has often been the ability to obtain a HP loan without having the proof of income for three months, a common requirement for most HP loans.
“In today’s connected economy, mobility is important for young adults just entering the workforce. It provides a sense of empowerment and autonomy to these graduates. We are confident that this package will assist fresh graduates to own a car, as monthly repayments start from as low as RM239 per month” said Mooi Fi Phang, Chief Executive Officer of PCSB.
According to Mooi, the HP industry is projected to experience a surge in the near future, as a result of recent reduction in the reduction of the Overnight Policy Rate and the exemption of sales tax for passenger vehicles.
Therefore, in addition to the Fresh Graduate Campaign package, PCSB also announced that as of 7 July 2020, it has reduced the overall offering interest rates to as low as 2.22% based on customer creditability and margin of finance. This means customers would directly benefit as their lower monthly repayment would enable them to use the savings on essentials, and conserve some funds for emergencies.
Of course, on the same note, we now think that in the future, PCSB will be something like Proton's in-house financing and eventually Proton itself would be an option for their customers to finance their Proton cars. This simple fact where more accessible financing should make sales numbers rise. This is good news indeed as the future is where we shall see more car companies providing in-house financing solutions. These days, we are only seeing this in premium marques and some brands here, but with this move, we should see more in-house financing deals coming in the future.
For more information on PCSB and its products, please visit www.protoncommerce.com.
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