Buying a new Proton now comes with another financing option, with PROTON officially launching Proton Capital Sdn Bhd, its dedicated automotive financing company.
The new company is designed to give eligible Proton customers another route to financing their vehicle purchase, alongside the financing options already available from banks and other financial institutions.
For consumers, the main difference is that Proton Capital is focused specifically on Proton vehicles and will work directly with authorised Proton dealers, bringing the financing application closer to the vehicle purchase process.
Starting With 12 Klang Valley Outlets
Proton Capital will initially serve eligible individual customers buying new Proton vehicles through 12 participating authorised outlets in the Klang Valley.
Applications can be submitted through participating Proton dealerships, with Proton Capital considering factors including the applicant’s income, existing financial commitments, credit information and ability to repay.
The service is open to salaried employees, self-employed individuals and customers with other verifiable sources of income.
For applications that are complete and straightforward, Proton Capital says it aims to provide an initial decision within one working day. Applications requiring additional documents, verification or further credit assessment may take longer.
Bear in mind that an application is not an automatic approval. All financing remains subject to Proton Capital’s credit policies, required documentation, terms and conditions.
What Financing Is Available?
At launch, Proton Capital will offer conventional hire-purchase financing for new Proton vehicles, including a standard fixed-rate package.
It will also offer a dedicated financing package for the Proton S70 taxi, with further products planned as the business expands.
Proton Capital says financing for e-hailing customers is also planned, while a Shariah-compliant financing option is targeted for early November, subject to product availability and the relevant terms and conditions.
The company says it will progressively introduce more products based on the needs of different Proton customer groups.
No Application Fee
There is no application fee for submitting a financing application through Proton Capital.
However, you should still check the complete cost of your financing before signing an agreement. Stamp duty, statutory charges, insurance or takaful premiums, registration charges and other applicable fees will be disclosed in the relevant product disclosure sheet.
This means the absence of an application fee should not be confused with financing being completely free of additional charges.
Customers can make their monthly instalment payments through online banking or DuitNow Transfer using the unique CIMB Bank account assigned to their financing account. Direct debit is also available.
PROTON also encourages customers to insure their vehicles through the Proton Insurance Program, subject to successful vehicle registration.
Another Option, Not A Replacement For Banks
Proton Capital says it is not intended to replace or compete directly with existing financial institutions.
Instead, its role is to add another financing route for Proton customers while giving PROTON and its dealer network a more integrated process covering financing application through to vehicle delivery.
“The establishment of Proton Capital adds an important capability to PROTON’s business model. Financing plays a major role in the vehicle-purchase journey, and having a dedicated financing company allows us to work more closely with our dealers and respond more effectively to customers’ needs,” said Zhang Qiang, Chairman of Proton Capital.
Song Tao, Chief Executive Officer of Proton Capital, said the company intends to start with standard hire-purchase products before expanding its offerings for different customer groups.
More Proton Dealers To Follow
The launch also formally authorised 10 dealership groups to offer Proton Capital services as the company begins public operations.
For now, the service is limited to participating outlets in the Klang Valley, but Proton Capital intends to progressively expand across the wider Proton dealer network.
For buyers, that expansion could make the new financing route more relevant outside the Klang Valley as more dealerships come on board.
Customers interested in Proton Capital can approach a participating authorised Proton outlet or contact Proton Capital Customer Care at 03-5888 1668 or procap_cs@proton.com.
CarTok Editor’s Note
A new financing company may not sound as exciting as a new car.
But Proton Capital gives PROTON another part of the ownership journey to manage more closely, while customers still have the option of comparing its terms with financing from banks and other financial institutions.
The important word here is option. A dedicated Proton financing route does not automatically mean it will be the cheapest route for every buyer. Consumers should still compare the interest rate, total repayment, upfront payment and other applicable charges before signing.
What to watch for would be how quickly Proton Capital scales beyond its initial Klang Valley footprint. And whether its planned e-hailing and Shariah-compliant products can address customer groups that may have different financing requirements.
