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This post has been edited by Morris1127: Dec 7 2009, 10:55 PM

Don't blame the bank yet.
There are many other criteria to look into apart from your income.

From your limited details,
all i can say is they are quite reluctant to approve the loan due to the model and age of the car.

i dont want buy new car like lousy kancil,viva! i buy this toyota nadia only 43k!i hope can approve haizz....got other way can make it approve?? i not any guaranto

Try MyVi or try again with other banks. We have so many banks that offer car loan.

This post has been edited by MilesAndMore: Jun 26 2009, 12:45 AM

"but me not much saving every month" tells the bank officer that this person is just earning enough for monthly expenses (however high or low that is). She's thinking, "this man does not have any excess money in his monthly income. How is he going to repay the loan? Where would the money come from. If he turn out to be like that other guy I gave the loan to 6 months ago, I'll get into trouble with my boss. That guy never even made a single payment. We repossessed the car, but still it's a big loss. Better get this guy to get a guarantor. If he's as irresponsible as that, we can go after the guarantor."

get yourself a guarantor, preferably someone that owns property.
guarantor don't pay up, the bank can go for the property

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Added on June 26, 2009, 1:12 amaiyo, ask your mom or dad then can jor

This post has been edited by radioactive: Jun 26 2009, 01:12 AM

what did u expect bank will approve u so soon based on your criteria?
u have a low fixed salary and taking a car loan for a over 5 years old car, the bank will have to carefully evaluate whether u manage to pay the installment monthly

besides the bank consider the age of the car, the loan amount is quite large for your salary to pay with... some more you already say your salary has not much savings... if house loan, bank may allocated 33% - 50% of your salary to see if you are eligible... hire purchase i think it should be more flexible but the only part if you want to convince them you can pay by showing maybe 10k / 20k fixed deposit

another step is ,i think maybe you need to reduce the amount you want to loan, any amount which is lower than the market value... if you want fast track, i think you need to pay runner / agents to do for you

Bank is smart. That's why your loan not approve.

i think your case cannot approve because of a few things

1)your occupation, not entirely stable
2)your age, very young they need guarantor. just use ur parents lah, easy
3)you probably got no other loans, so no records of payment, bank a bit skeptical to give you loan. solution also guarantor.

you buy any other car also need to do the same thing. i would think this 3 thing is the main issue

my age cannot do loan? if i loan nelow 25k car can or not?

Bro, if your monthly installment will be more than RM400, most likely your loan won't be approved.

The most basic criteria for car loan is that your montly installements should not be more than 1/3 your montly salary (official). Banks will be more carefull in approving loans in view of our economy situation at the moment.

Sorry but if you have a "lousy" NETT monthly salary, you must make do with cheaper alternative. Bank are NOT BEING STUPID by rejecting your loan.



You're merely 21 years old. Try work harder in the coming few years and save more $$$ for deposit, then try take the loan again (smaller amount this time).


I was about 26 when I bought my own car. Even that also I didn't wear a hat too big for my head., I borrow "just" 20k for a 38k proton (18k deposit from hard earned savings).

last time very easy , now a bit difficult
my car salesman friend say, many people with rm1500 basic also difficult to get loan approved to buy viva/myvi.

they will only approve if you put huge deposit

Below 25 year always need a guarantor to do car loan.

do you have credit card ? do you pay them on time ?

buy new car la better...all the salesperson will arrange...when i bought my car, i just came to bank once to sign the documents...get free credit card from the bank as well....

if 43k buy new car just can buy proton or perdodua

Let's put it this way (and I'll be blunt) - anybody that earns < 2k and is buying a new car is an idiot and does not know how to manage their money.

A 40k loan will give you a repayment of 600-900, depending on interest rate and repayment period.

You can see your finance is going to be very strained every month. You will (potentially) be eating maggi mee for 5 years or more.

hahaha..
best option buy kup chai 1st and save up ur money..
later got like 10k or so only buy car la..