Car & Motorcycle Loan Calculator

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Calculate your Malaysian hire purchase instalment with the Hire Purchase Amendment Act 2026 reducing-balance toggle — the most important update to Malaysian auto financing in decades.

Why HPAA 2026 matters

The Hire Purchase Amendment Act 2026 changes how Malaysian banks compute interest on car and motorbike loans. The legacy “flat rate” method computed interest on the original principal for the entire tenure, even after you’d paid most of it off — meaning the effective interest rate was substantially higher than the advertised flat rate. HPAA 2026 mandates a reducing-balance (effective interest rate, EIR) method, where interest is computed on the outstanding principal — the same way home loans work.

For a typical 7-year car loan, this can mean saving thousands of ringgit versus the legacy flat-rate computation.

What MYkira computes

Given:

• Vehicle price
• • Down payment
  • • Loan tenure (years)
    • • Interest rate

      • • Method: HPAA 2026 reducing balance (EIR) OR legacy flat rate

        • …MYkira computes:
        • • Monthly instalment under your chosen method
          • • Total interest paid over the tenure

            • • Side-by-side comparison of HPAA 2026 vs legacy flat rate, so you can see the savings

              • Why both methods are still relevant

              • Banks have a transition period (~1 year) under HPAA 2026 to migrate existing systems. Older hire purchase contracts signed before the cutover continue under the flat-rate method. MYkira lets you model whichever applies to your specific contract — toggle the HPAA 2026 setting based on your contract date.

              • Example

              • Scenario: RM 100,000 vehicle, RM 10,000 down payment, 4.0% interest, 7-year tenure.

              • MYkira output:

              • Method

                Monthly

                Total Interest

              • |—|—|—|

              • HPAA 2026 (EIR / reducing balance)

                ~RM 1,232

                ~RM 13,500

              • Legacy flat rate (4.0% on full principal)

                ~RM 1,371

                ~RM 25,200

              • Savings under HPAA 2026: ~RM 11,700.

              • Free vs Premium

              • Car Loan calculator is a Premium feature. Unlock with a Monthly (RM 7.90), Yearly (RM 79.90), or Lifetime (RM 399.90) subscription.

              • Privacy

              • Loan inputs and amortization tables stay on your device.

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