CIMB has introduced a new automotive financing initiative called the First Car Solution, which is designed to help Malaysians purchase their first vehicle while providing additional financial protection and ownership benefits. This programme is targeted at customers aged between 18 and 30 years old.
According to the bank, the initiative combines car financing, insurance or Takaful protection, and credit card benefits into a single package aimed at making vehicle ownership more affordable and manageable. It adds that the initiative reflects its commitment to supporting customers’ mobility needs while encouraging responsible financial management.
Two Years Complimentary Road Tax
One of the First Car Solution programme’s main benefits is two years of complimentary road tax renewal, worth up to RM240. CIMB claims to be the first bank in Malaysia to offer such a benefit as part of an automotive financing package.
To qualify, customers must take up three CIMB products under the programme. These include CIMB Auto Financing, selected protection products, and an eligible CIMB credit card. The campaign is currently running from 15 March until 31 August 2026, while approved financing must be successfully disbursed by 31 October 2026.
Other Benefits
Under the financing component, customers can obtain up to 90% financing with repayment tenures of up to nine years, subject to the bank’s credit and risk assessment policies. The programme is applicable to new, used, and reconditioned vehicles, provided the applicant is purchasing a car for the first time.
CIMB has also included a range of protection products designed to safeguard owners against unexpected circumstances. Among them is Purchase Price GAP (PPG) insurance or Takaful, which covers the difference between a motor insurance payout and the vehicle’s original purchase price in the event of an accidental total loss. The protection can extend for up to five years.
Additional coverage includes Secure Warranty or Takaful protection. These provide up to RM30,000 for selected mechanical and electrical repairs, as well as IKHLAS Private Car Comprehensive Plus Takaful, which offers up to RM15,000 in additional personal accident coverage.
Eligibility Requirements
The bank says the programme is open to both new and existing CIMB customers who are first-time car buyers and do not have an existing car financing record reflected in Bank Negara Malaysia’s CCRIS (Central Credit Reference Information System) database. Eligible applicants must be between 18 and 30 years old, submit an application for CIMB Auto Financing, accept the approved financing offer, and ensure that the financing is successfully disbursed by 31 October 2026.
Customers above the age of 30, or those who already have a car financing history, are not eligible to participate. As with all financing applications, approval and financing rates remain subject to CIMB’s prevailing credit and risk assessment policies.
What’s The Catch?
While the First Car Solution offers several benefits that may help reduce the upfront and ongoing costs of car ownership, many of the headline perks are not entirely standalone. The complimentary two-year road tax, for instance, is conditional on customers taking up multiple CIMB products, which includes financing, protection plans, and a credit card.
This effectively means the incentives are bundled into a product ecosystem, which may not suit every first-time buyer depending on their actual financial needs. It also means the real value of the package will vary depending on how much of the ecosystem a customer would have adopted anyway.
That said, the programme does go beyond basic car financing by including protections such as Purchase Price GAP coverage, repair warranty support, and so on. For first-time buyers who were already planning to use CIMB’s banking and credit products, the package could still offer meaningful savings during the early years of ownership.
(Source: CIMB press release / official website / T&C document)
