Following Proton’s success of selling 141,432 cars in 2022 (its highest sales number since 2013), Proton’s financing arm, Proton Commerce Sdn. Bhd. Issued 22,467 loans to Proton buyers in 2022. Eight months saw more than 2,000 monthly disbursements with September setting an all-time high of 2,872 disbursements.
Proton Commerce Sdn Bhd was incorporated in 2003 and is a joint venture between Proton Edar and CIMB, serving to provide financing for Proton buyers. In 2022, Proton Commerce saw a 54% growth from the previous year. In May and June last year, the approval rate was at an all-time high of 59%.
The financing arm was the leading financier for the Proton Saga last year. In November 2022, Proton Commerce set a new highwater mark, being the financier of 32% of purchases of the Proton Saga.
Proton Commerce Chief Executive Officer, Moo Fi Phang said, “Proton faced a tough start to 2022 and this had a knock-on effect for Proton Commerce. However, we mounted a recovery and made up for lost ground to emerge with a new disbursement record. For 2023, we aim to grow our volume and approval rates even more by leveraging on the continued popularity of the current Proton model range as well as the introduction of new and updated models. Hopefully, this will propel us forwards to become the number one Proton financier.”
One month into the new year, Proton Commerce has announced a new benefit for its customers. Effective immediately, the validity of Letters Of Undertaking (LOU) issued will be extended from 90 to 180 days making it more convenient for buyers of Proton models who face a long waiting time for the variant of their choice.
“Aside from extending the validity of our LOUs, Proton Commerce will also honour the interest rate offered at the time of approval and as we offer fixed rate financing, our customers do not need to worry about increasing monthly payments. This will make it easier for Proton buyers waiting for their cars and help control their personal budgets,” added Mooi Fi Phang.
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