CIMB Bank Berhad (CIMB) has introduced what it described as the first-of-its-kind First Car solution for new car owners in Malaysia.
Besides offering competitive financing rates for first car owners aged between 18 and 30 years old, they are complementing the ownership experience with essential financial protection facilities which include insurance and Takaful protection along with extra rewards through its CIMB credit cards.
The extra perks include free road tax renewal and greater protection to cover price gap if you encounter a total loss with your vehicle.
CIMB First Car Solution offers Free Road Tax and Petrol Cashback
One of the key benefits of the programme is two years of complimentary road tax renewal worth up to RM240 (up to RM120 per year). CIMB says it is the first bank in Malaysia to offer this value-added benefit for first-time car owners.
In addition, customers can enjoy cashback on petrol and car-related spending of up to RM1,200 per year through participating CIMB credit cards. As shown above, CIMB Visa Platinum-i Credit Card holders can earn up to 8% cash rebate at Petronas. The programme also includes cashback benefits for groceries and dining, helping to reduce the ongoing cost of vehicle ownership.
According to CIMB, these benefits are intended to help first-time car buyers manage both the upfront and recurring expenses that come with owning a vehicle.
Purchase Price GAP insurance for greater peace of mind
Beyond financing and cashback benefits, the programme also includes insurance and Takaful protection through CIMB’s Bancassurance Financing offering.
A key feature is 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. This helps protect owners from potential financial shortfalls if the market value payout is lower than the amount originally paid for the vehicle.
CIMB Malaysia and CIMB Bank Berhad CEO, Gurdip Singh Sidhu said, “Car ownership in Malaysia requires careful consideration, particularly for first-time buyers navigating competitive vehicle prices and balancing rising living costs. Beyond access to financing, buyers should ensure monthly commitments remain manageable over time. CIMB’s First Car Solution reflects CIMB’s approach to responsible lending by incorporating features that help reduce common cost pressures associated with car ownership, such as road tax and insurance protection. By addressing these practical considerations upfront, we aim to support customers in making informed ownership decisions that are financially sustainable.”
Meanwhile, CIMB Group Chief Executive Officer of Group Consumer Banking Haniz Nazlan said, “We understand that, for young adults it is not just about owning a car, but it is also important to build a foundation for financial independence and security. The Programme is designed to make that goal happen through a well-structured car ownership programme to help the buyer in planning for long-term financial wellbeing. By combining lifestyle benefits and protection plans, we’re helping the next generation build financial resilience and make sustainable financial choices whilst staying committed to our broader purpose of advancing customers and society.”
For more info, you can visit CIMB’s First Car Solution page.
