Malaysians Can Get A Brand New Car Every 3 Years With New SmartLease Service

From being tied down to car loan of 9 years to dealing with the depreciating value of cars, buying a new car is a major commitment for most Malaysians

    • Not only is the process a hassle, but even if everything goes smoothly and you end up with the car of your choice, you're left with a slew of concerns once the initial euphoria fades. :(
  • Well, MyMotor SmartLease, the new financial service launched by automotive portal MyMotor could very well be the solution that Malaysians need

    • Here's everything you need to know about both MyMotor and their new service:

  • 1. Who exactly is MyMotor?

    • An online platform that helps to facilitate hassle-free buying and selling of cars by bringing both parties together. They serve as sort of a concierge service by assisting customers every step of the way with their expertise, helping to ease the otherwise complicated transaction process. They are backed by Malaysia's leading e-Government Service Provider, My E.G Services Berhad.
  • 2. How will MyMotor SmartLease help you?

    • Normally, buying a car would involve you committing to two contracts that are equally lengthy: (1) a vehicle ownership contract and (2) a loan repayment scheme. This means that you are bound to the same ever-depreciating in value car and are also stuck paying off a loan for far longer than necessary.

      MyMotor SmartLease offers you an alternative to this situation by essentially allowing you to claim a car for yourself via a short-term rental system.

  • 3. How does it work?

    • Through MyEG Credit, MyMotor SmartLease offers a flexible short-term lease period of 3 or 5 years. With just a 3 months security deposit* and a low fixed monthly payment, you will be able to own (for the duration of the lease) your chosen car from MyMotor's selection of brand new and used vehicles.

      *Note: This is a one-time only payment so if you choose to use the service again after the end of your lease, you won't have to pay this again.
  • 4. How much money will this save you?

    • How much you'll save will depend on a few criteria, such as which car you choose for example. But on average, your grand total payment (down payment + monthly payment) will be less than half of what you would normally pay for a car loan.

  • 5. What car models are available?

    • Here's the selection of cars that are currently available under this service (more coming soon):
  • 6. What happens once the lease period is up?

    • You will have the following options at the end of your lease period:

      - Return the car (no need to worry about depreciating car value).
      - Renew the lease with the same car.
      - Opt for a new car and new lease.
      - Change the lease agreement into a purchase agreement and own the car for good.
  • 7. What exactly are you paying for? Is it just the car?

    • Nope! Whatever price you end up paying is inclusive of road tax, insurance and maintenance fees (all of which MyMotor will help to settle for you) for the entire lease period.

  • 8. What happens if the car breaks down or has problems?

    • Just contact MyMotor. They will assist you in the event of any breakdown issues or insurance claims.

  • 9. How do you get everything set up?

    • It only takes a few simple steps, as per the diagram below:


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