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How to apply car loan to buy a new or second hand car?
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TOPIC: How to apply car loan to buy a new or second hand car?

How to apply car loan to buy a new or second hand car? 09 Feb 2011 14:14 #3736

  • susana
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How to apply car loan to buy a new or second hand car?

How is the handling of all the documents required for car vehicle purchase?

HOW TO BUY A CAR IN MALAYSIA?

DOCUMENTS & REQUIREMENTS
DOCUMENT FOR CAR PURCHASE

Basic documents for submitting to bank for a car purchase loan application.


PHOTOSTAT COPY OF :

1) Identity Card / Kad Pengenalan

2) Driving license / lesen memandu

3) 3 Month Latest Pay slip / Slip gaji 3 bulan terkini

4) EPF Statement / Penyata KWSP

Some banks may need following extra document especially if you are buying a high end vehicle:

5) 3 month Bank Statement / Penyata Bank 3 bulan terkini

6) Appointing Letter under any company / Surat perlantikan jawatan dalam Syarikat

Other to be considered on buying a new car with car purchase loan from any bank.

If you are under 21 or if you are a foreigner you need a guarantor and his following documents:

Guarantor preferably your parents or siblings. Exception for those who have very strong income, though still under 21, 5 times the monthly payment and from a big stable company.

GUARANTOR (PENJAMIN) PHOTOSTAT COPY OF:
1) Identity Card / Kad Pengenalan

2) Driving license / lesen memandu

3) 3 Month Latest Pay slip / Slip gaji 3 bulan terkini

4) 3 month Bank Statement / Penyata Bank 3 bulan terkini

If you are purchasing a vehicle such as Mini Bus, Truck and Van under a company name, the following documents are required:

BUSINESS OWNER DOCUMENT (PEMBELI YANG MEMPUNYAI SYARIKAT) PHOTOSTAT COPY OF:
1) Company Registration Certificate 3 document / Sijil Pendaftran Syarikat 3 dokumen

2) 3 month Bank Statement / Penyata Bank 3 bulan terkini

4) Business owner document which state that you have steady income to apply a loan for car purchase.


Before applying for car loan :
1) You must have a salary of at least 3 times the monthly payment of the car. If not, you will need a guarantor.

2) Deposit payment of any car purchase is usually 10% of the total car price. The bank only provide 90% loan. Unless you are a government staff and university graduated person you may get as much as 100% loan.

3) Blacklisted person usually cannot apply for any car loan from any bank. However, some of the blacklisted government staff can apply the car loan.

4) Interest rate for a new car is usually from 2% to 4% per year and for second hand car interest rate is 4% to 8 % per year.

5) Loan are 5 years, 7 years, 9 years or even 12 years for new cars.


6) You can still apply for the car loan without a driving license.

7) To trade in your old car, usually you need to bring the car for price evaluation by the car seller. Then all the process of trade in will be handled by them.

Normal interest rate 3.75%.

9) The interest rate for Local cars Proton and Perodua is usually higher than imported cars.

Local cars is 3.5%-4%, Imported cars 2%-3% per year.

10) Make sure the car you are purchasing is affordable and practical for you.

11) Find a sales agent that you know well and can help you. Don’t ever buy from any car dealer that you don’t know that have published an interesting offer on any advertisement board.

12) If you have a bank book, print the latest page and the front page. If you don’t have bank book (buku akaun), just print from internet banking.

13) Ask the sales agent for a test drive first before making a decision on buying a new car. You also can ask almost everything with him and surely the sales agent will help you.

14) The interest for Proton and Perodua is higher because

a) First. the risk factor the banks factored in the calculation. The risk is the very high chance a Proton or Perodua owner will default in servicing their loan. This is via statistical analysis of the payment behavior of the lower and middle income group of owners who are most likely to chose either Proton and Perodua as the vehicle of their choice. And these group of owners have a high incidence of defaulting their loan repayments.

b) Secondly the banks faced a very long period of recovery the full loan amount-7 years, 9 years, and even up to 10 or 15 years for government servant.

c) Thirdly the asset depreciation factor of our national car against the loan amount still need to be serviced. Mind you, nowadays it is very easy to take ownership-RM0 down payment. Which means there is a very high amount which haven’t been repaid yet.

Re: How to apply car loan to buy a new or second hand car? 29 Apr 2011 14:53 #7759

When buying a used car, make sure to check the car's history specially it's current condition. If you're not confident doing this, get an expert inspector to do the work for you.
"The winner ain't the one with the fastest car its the one who refuses to lose."

Re: How to apply car loan to buy a new or second hand car? 03 Nov 2011 13:44 #14181

I have read about Ally Financial (formerly GMAC Financial Services), getting ready to start car loans that will please any automobile consumer who has dealt with an upside down loan.

They provide another flexible financing option for dealers to offer customers, allowing them to meet a variety of customer needs.According to the Detroit Free Press, vehicle buyers in the five most populated U.S. states will have the option of selling their automobile back to Ally after four years without paying anything on their contract.

The proof is here:Ally Financial to offer upside-down-proof auto loans
Last Edit: 03 Nov 2011 15:23 by woven.

Re: How to apply car loan to buy a new or second hand car? 03 Nov 2011 22:35 #14216

  • abz
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how? look intereting

Great to meet all of you here on www.autobizz.com.my. 09 Nov 2012 09:31 #17948

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Last Edit: 10 Nov 2012 22:43 by woven.

Re: How to apply car loan to buy a new or second hand car? 14 Mar 2013 12:58 #18705

  • deepti
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susana wrote:
How to apply car loan to buy a new or second hand car?

How is the handling of all the documents required for car vehicle purchase?

HOW TO BUY A CAR IN MALAYSIA?

DOCUMENTS & REQUIREMENTS
DOCUMENT FOR CAR PURCHASE

Basic documents for submitting to bank for a car purchase loan application.


PHOTOSTAT COPY OF :

1) Identity Card / Kad Pengenalan

2) Driving license / lesen memandu

3) 3 Month Latest Pay slip / Slip gaji 3 bulan terkini

4) EPF Statement / Penyata KWSP

Some banks may need following extra document especially if you are buying a high end vehicle:

5) 3 month Bank Statement / Penyata Bank 3 bulan terkini

6) Appointing Letter under any company / Surat perlantikan jawatan dalam Syarikat

Other to be considered on buying a new car with car purchase loan from any bank.

If you are under 21 or if you are a foreigner you need a guarantor and his following documents:

Guarantor preferably your parents or siblings. Exception for those who have very strong income, though still under 21, 5 times the monthly payment and from a big stable company.

GUARANTOR (PENJAMIN) PHOTOSTAT COPY OF:
1) Identity Card / Kad Pengenalan

2) Driving license / lesen memandu

3) 3 Month Latest Pay slip / Slip gaji 3 bulan terkini

4) 3 month Bank Statement / Penyata Bank 3 bulan terkini

If you are purchasing a vehicle such as Mini Bus, Truck and Van under a company name, the following documents are required:

BUSINESS OWNER DOCUMENT (PEMBELI YANG MEMPUNYAI SYARIKAT) PHOTOSTAT COPY OF:
1) Company Registration Certificate 3 document / Sijil Pendaftran Syarikat 3 dokumen

2) 3 month Bank Statement / Penyata Bank 3 bulan terkini

4) Business owner document which state that you have steady income to apply a loan for car purchase.


Before applying for car loan :
1) You must have a salary of at least 3 times the monthly payment of the car. If not, you will need a guarantor.

2) Deposit payment of any car purchase is usually 10% of the total car price. The bank only provide 90% loan. Unless you are a government staff and university graduated person you may get as much as 100% loan.

3) Blacklisted person usually cannot apply for any car loan from any bank. However, some of the blacklisted government staff can apply the car loan.

4) Interest rate for a new car is usually from 2% to 4% per year and for second hand car interest rate is 4% to 8 % per year.

5) Loan are 5 years, 7 years, 9 years or even 12 years for new cars.


6) You can still apply for the car loan without a driving license.

7) To trade in your old car, usually you need to bring the car for price evaluation by the car seller. Then all the process of trade in will be handled by them.

Normal interest rate 3.75%.

9) The interest rate for Local cars Proton and Perodua is usually higher than imported cars.

Local cars is 3.5%-4%, Imported cars 2%-3% per year.

10) Make sure the car you are purchasing is affordable and practical for you.

11) Find a sales agent that you know well and can help you. Don’t ever buy from any car dealer that you don’t know that have published an interesting offer on any advertisement board.

12) If you have a bank book, print the latest page and the front page. If you don’t have bank book (buku akaun), just print from internet banking.

13) Ask the sales agent for a test drive first before making a decision on buying a new car. You also can ask almost everything with him and surely the sales agent will help you.

14) The interest for Proton and Perodua is higher because

a) First. the risk factor the banks factored in the calculation. The risk is the very high chance a Proton or Perodua owner will default in servicing their loan. This is via statistical analysis of the payment behavior of the lower and middle income group of owners who are most likely to chose either Proton and Perodua as the vehicle of their choice. And these group of owners have a high incidence of defaulting their loan repayments.

b) Secondly the banks faced a very long period of recovery the full loan amount-7 years, 9 years, and even up to 10 or 15 years for government servant.

c) Thirdly the asset depreciation factor of our national car against the loan amount still need to be serviced. Mind you, nowadays it is very easy to take ownership-RM0 down payment. Which means there is a very high amount which haven’t been repaid yet.



Thanks dear... for very informative post.

Re: How to apply car loan to buy a new or second hand car? 26 Dec 2013 19:27 #24440

  • KinG
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  • Fresh Boarder
  • Posts: 1
here's my problem..my dad wanna buy a peroduo Myvi 1.5 SE but his EPF all already been take out cos he already 50 years old..now he dint have EPF anymore..so what should we do?and also every month his salary is take cash so very less bank in..so what we need to do so that can buy a peroduo car?pls reply ASAP...

Re: How to apply car loan to buy a new or second hand car? 21 Apr 2014 10:47 #25574

  • sitinue
  • OFFLINE
  • Senior Boarder
  • Posts: 41
What is the lastesst car loan rate? which bank is the lowest?
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