CIMB Bank Berhad has launched its First Car Solution, a financing programme aimed at helping Malaysians aged 18 to 30 purchase their first vehicle through a combination of automotive financing, financial protection and lifestyle benefits.
Under the programme, eligible customers will receive two years’ complimentary road tax renewal worth up to RM240, making CIMB the first bank in Malaysia to offer such a benefit as part of a vehicle financing package.
The initiative combines competitive financing rates with insurance and Takaful protection, as well as credit card benefits designed to help young adults manage the costs associated with vehicle ownership.
CIMB Malaysia and CIMB Bank Berhad CEO Gurdip Singh Sidhu said the programme was developed to support first-time buyers facing rising living costs and increasing vehicle prices.
“Car ownership in Malaysia requires careful consideration, particularly for first-time buyers navigating competitive vehicle prices while balancing rising living costs,” he said.
“Beyond access to financing, buyers should ensure their monthly commitments remain manageable over time.
“CIMB’s First Car Solution reflects our approach to responsible lending by incorporating features that help reduce common cost pressures associated with car ownership, such as road tax and insurance protection.”
As part of the package, customers can also obtain insurance and Takaful protection through CIMB’s Bancassurance Financing offering, providing coverage against unforeseen circumstances such as accidents or life events that may affect their ability to meet financial obligations.
Among the features available is Purchase Price GAP (PPG) insurance, which covers the difference between the motor insurance payout and the vehicle’s original purchase price in the event of a total loss.
The programme also includes credit card privileges offering cashback on petrol and car-related expenses of up to RM1,200 annually, as well as rebates on groceries and dining.
Group Consumer Banking CEO Haniz Nazlan said the initiative was designed to support young Malaysians in building financial independence while managing the responsibilities of vehicle ownership.
“We understand that for many young adults, owning a car is not just about mobility but also about building a foundation for financial independence and security,” she said.
“By combining financing, protection and lifestyle benefits, we aim to help customers make sustainable financial decisions while strengthening their long-term financial resilience.”
According to CIMB, the programme forms part of the bank’s efforts to provide accessible and affordable financial solutions while supporting customers’ long-term financial well-being.
More information on the First Car Solution is available at CIMB’s website. ‒ Focus Malaysia
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