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TASK 1 Ahmad has decided to purchase a new car for RM80000.

After down payment of 30% , he will finance the remainder with a car loan. He has the option to get the car loan from several banks. He don`t know to choose which of the bank deals the most suitable for him. After down payment 30%,he pay for loan is RM56000. My choice bank is Maybank and CIMB islamic bank. After analysis maybank and CIMB Islamic Bank. My choice for him is CIMB Islamic Bank. My analysis is in the next page.

ANALYSIS

Types of

Comparison

bank

Ambank Aspects

CIMB Islamic Bank

The interest

5.00% ( 12 months to 24

rate

months ) to 5.50% ( 36 months

4.88% ( 1year )

to 240 month )

The monthly RM 5 108 ( 12 months ) to RM

RM 4 933 ( 12 months ) to RM

payments

506 ( 240 months )

463 ( 240 months )

Payment 12 months to 240 months time 12 months to 240 months

The cost of

RM 61 296 ( 12 months ) to

RM 59 196 ( 12 months ) to

the loan

RM 121 44O ( 240 months )

RM 111 120 ( 240 months )

CONCLUSION ANALYSIS The best bank that I choose to Ahmad is CIMB Islamic Bank. That is because it is reasonable and suitable for easier to pay and it not burden for him to pay it. Reasonable for his price car that is RM80000, he pays about RM 463 ( for 240 months ). Beside that,CIMB Islamic Bank have the lowest interest rate. That is 4.88% for a year. Different with Ambank that is 5.00% ( 12 months to 24months) to 5.50% ( 36 months to 240 month ). For the cost of the loan is RM 59 196 ( 12 months ) to RM 111 120 ( 240 months). this is other package that I see CIMB Islamic bank is easier to have the loan. Like Ambank the package is RM 61 296 ( 12 months ) to RM 121 44O (240months ). That why I choose CIMB Islamic Bank to Ahmad for his loan car in the bank.

IPG Kampus Tawau, KM 36, JLN. Balung, beg berkunci no. 27, 91009, Tawau, Sabah.

20 October 2010

Dear Ahmad In your letter the next month ago,you want me to choose your option to get the car loan from several banks. After read your letter, i ask several bank to get the best loan for you. I have make analysis about loan that offered by two bank that is Maybank and CIMB Islamic Bank. After make the analysis, I think the bank that give best deal for you is CIMB Islamic Bank. First, this bank offered the lowest i nterests rate. The interest rate is about 4.88% for a year. This bank also offered the smallest monthly payment. For example,this bank is offered RM805.00 for a monthly. Besides that, this bank also prepared the best payment duration about 12 months ( 1 year ) up to 240 months ( 20 years ). Lastly, this bank also offered the loan with lowest cost. For example, if you ask loan about RM 56 000 from this bank and you choose payment duration for 240 months ( 20 years ), you have to pay back the loan about RM 111 120 only. That is my opinion for the choice bank that you will choose. I hope this tip for the car bank loan can help you to choose this bank. You also can find another
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bank how to pay a monthly but this two bank is have their benefit but i choose CIMB Islamic Bank. Lastly, thank you to you because send me a letter last week. The landscape pictures that you send last week is very beautiful.

Thank you and see you soon.

Your friend,

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