Proton has officially launched Proton Capital, its dedicated automotive financing arm, giving customers a new way to finance the purchase of a vehicle from the national carmaker. The move also provides an additional tool to drive vehicle sales, according to The Edge Malaysia.
For its initial phase, Proton Capital will serve individual customers purchasing new Proton vehicles through 12 participating outlets in the Klang Valley. The company says eligible applicants include salaried employees, self-employed individuals and those with other verifiable sources of income.
During the launch, Proton Capital chairman Zhang Qiang said the new company will allow it to “work more closely with our dealers and respond more effectively to customers’ needs”. At launch, Proton Capital is offering conventional hire-purchase financing for new Proton vehicles. This includes a standard fixed-rate package, as well as a dedicated financing package for the Proton S70 taxi under the Teksi Madani programme.
Proton Capital said it will not charge an application fee, while stamp duty, statutory charges, insurance or takaful premiums, registration charges and other applicable fees will be disclosed in the relevant product disclosure sheet before the financing agreement is signed. According to paultan.org’s report, all applications remain subject to the company’s credit policies, required documentation and terms and conditions. For complete applications, Proton Capital aims to provide an initial decision within one working day, although those requiring additional documents, verification or further assessment may take longer.
Successful applicants can pay their monthly instalments via online banking or DuitNow transfer using the unique CIMB Bank account assigned to their financing account, with direct debit also available. Customers are also encouraged to use the Proton Insurance Program for vehicle coverage, though that is subject to successful registration.
paultan.org reports that Proton Capital’s financing model is similar to those offered by automakers such as BMW and Mercedes-Benz through their respective financing arms. These include packages such as BMW’s EasyDrive and Mercedes-Benz’s Agility, which can come with features such as Guaranteed Future Value, balloon payments or step-up financing. Whether Proton Capital will eventually offer similar financing solutions remains to be seen.
The company is also expected to introduce more financing products in the future, including options for e-hailing drivers. A Shariah-compliant financing option is targeted for early November, although Proton Capital has yet to provide further details on its specific availability alongside its terms and conditions.
(Source: The Edge Malaysia, paultan.org)
