Car Insurance Financing For Malaysian

Earlier this month, my car insurance expired. Being in a low income bracket and living in Kuala Lumpur, renewing my car insurance requires almost a month of my salary and my savings can get depleted. What other choices do I have? The first thing I had on my mind is to get a loan. I'm not getting any personal loan just to pay for my car insurance because of their high interest rate. My only choice is now to get AEON Car Insurance Financing. By the way, I'm not getting paid for this post by AEON or any other party, this is just to share with you what I have found. Maybe I should ask them for a small fee to promote their products and services online, that would be a good idea.

The most interesting feature I like about AEON Malaysia website is their estimation calculator:

As you can see above, the maximum length of repayment is 10 months. Breaking it down, an insurance premium of RM1000 requires you to pay only RM114 per month. Eventhough the interest rate is calculated to be 14%, however it reduces my financial burden so I don't have to decide to withdraw my savings. Of course, if you can find the money the total amount, then there is no need to apply for this car insurance financing. This could have save you RM140. For more information, you can go to the nearest AEON Malaysia branches.

Eventually, I borrowed some money from my family since it is interest free. To not take things for granted, I recorded the money borrowed in my personal financial sheet. Well, at least now you know what other choices you have if you are stuck in a financial dilemma.