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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

---

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..

Xnot, TS maybe kiasu, dun wan plotong, plo2 but willing to buy used recon car with his lousy pay. Basic pay so low no bank will provide unless there's colateral ie guarantee, FDs

Somemore in the salon profession lagi susah lor.... but Good Luck anyway to TS lor. This is the real world..................

how to do loan oh my god"??

hmm,they dun look at ur commision rite...they look at ur basic....y not just find a guarantor

face the truth ... even with the pay of Rm2k , u cant even able to pay for RM600-700 loan monthly (assume tat ur getting Rm42k++ myvi )

with ur Rm1.2k pay , u cant even get a credit card my frend .....

u can only able to get a car loan when u able to get ur 1st credit card....

bank is reluctant to issue a Rm3k credit limit credit card if ur pay is less than Rm1.6-Rm1.7k ....

wake up my frend

how do u pay ur car petrol if ur pay is so low ... RM1.2k is considered poverty ...

my pay is around Rm2k , without need to pay my car loan , also hard to survive in KL .....

This post has been edited by steventan85: Jun 28 2009, 07:29 PM

aiya ts, ya salary ... problems le...

-even get viva also damm hard d ... wanna get toyota somore? Think again!
-used car wor! More problems de, spare part also xpensive! Think again!
-after u get d car, depreciate more le... tak sakit hati meh? Think again!
-used car interest rate higher! Again, please think!

After thinking ... please consider some alternative:
- Find a guarantor.
- Change job, find some higher salary job
- Get a Credit Card
- Put more deposit
- Get some other car!

Suggestions: Try some other cars... Proton and Perodua might be problematic but it is also depend how u treat n drive d car! Cheaper, spare part also easier to find! New proton n perodua usually get problems after 5 years*!

*Usually... but not always! Gud luck!

welcome to the real world. to a bank, your salary is not $2k... (variable compensation can be a tough sell).. moreover, at your age of 21.. you're in high risk category (as a debtee and to insurance companies).. throw in the lousy balance sheet(aka savings).. no wonder you've rejected!!

learn the rules of money and get smarter next time..

Uh no ... I bought my first car with $452 monthly installment on a $1.6k salary 3 months into my first job, no need guarantor also.

different period of time.. the loan underwriting change (from time to time).
currently it seems that the standard is not so favorable to loan seekers..

ppsst.. it's not wise to call a bank stupid. you never know that they're 10,375.83 times smarter than you.

This post has been edited by lwb: Jun 28 2009, 10:28 PM

YES!!! MY LOAN APPROVE!! LOAN 4 YEARS 5.75% CAN APPROVE! MY DAD DO GUARANTO@@ MONTHLY RM1075++ ISSIT SO HIGH? 5.75%? PUBLICBANK DE

This post has been edited by Morris1127: Jun 29 2009, 10:38 PM

5.75% ? Wow, the hire purchase interest is so high now !

don't be jeles lol...

why only 4 years.... father do downpayment eh?

omg 1K + for used car monthly installment, that took more than my civic.. LOL

For u its good news coz you're too immature and naive to see to see the bigger picture (it aint pretty). For the rest of us ... in the true spirit of "financial-centric" opinions... I'm sorry to hear that.


- 1k per month takes up large percentage of your salary.
- 5.75% interest is very high
- Don't forget cars ran on petrol and there are recurring maintenance cost

But we can both agree that the BANK is VERY SMART this time around.

Good luck though.

wow, price of a new car
even a new honda city is less

earn less than 2k and the installment is 1k+
u gotta be banker slave for this 4 years

Bank are smart. I don't see any reason why the bank SHOULD approve your loan.

I was earning like 2.5k at around 25 yrs old and that was many many years ago. Only buy a 2nd hand Nissan 130y. for around 2xK.

Why does young people who can't afford to own a car so eager to get one?? Take a bus lah, until you can afford it!!!

(PS: If i'm your dad, i'll ask you to go fly kite if you want to ask me to be guarantor. No offense. Just factual opinion.)

This post has been edited by Matrix: Jun 30 2009, 11:25 AM

this is a good example of a case where "the end justify its means"..

morris1127(aka ts)'s financial intelligence is probably so low that a cow will have a better chance of surviving while crossing the road.
he's probably not aware that:

1. he'll end up paying more than 5.75% as the effective rate is different & higher than the published rate for customers.

2. he's literary paying through his butthole in such circumstance, rendering him a few paychecks away from repossession. (if his lau-piah has such a good credit standing, he wouldn't end up with such high interest rate in the first place)

remember, public bank is a very prudent and smart lender (the lowest npl in the industry).. having a dumb-dig ts proclaiming that banks are stupid because it doesn't fulfill his little gratification of owning a presentable car.. really reflects how sad such misplaced misconception ends up.

ts.. you've got buttsek by banks!

This post has been edited by lwb: Jun 30 2009, 11:46 AM

Yup, that what we called youngster now aday.
and what laugh my ass off is I wandering why TS so happy getting this loan, for me this is really a bad move, suffering 4 year high interested rate loan with second hand car, repayment is more than he 50% of he monthly income.

But, he dad is so good and nice become he guarantor without second thought.

This post has been edited by Walbur: Jun 30 2009, 11:53 AM

I'm sure his dad will disown him later a few months down the road when TS can't afford to pay his installment and the bank chase after his old man with 'debt collector'@Ah Long.

If no money, just buy an old < 10K car lah. Loads of 2nd hand kancil, iswara going for a song.

No money don't buy expensive car and show off.

This post has been edited by Matrix: Jun 30 2009, 11:57 AM

Its pretty much true about an article regarding the high percentage of Malaysia young adults going bankrupt before turning 30. What's more apalling that some of them are pulling their parents into the water with them.... sacrificing their retirement funds and mortgaging their houses to help their beloved children to stand back again.

Let's move on and try to "put some senses" into another "potential victim" in neighbouring topic about someone heavily in debt and he knows it, but donno what hit him in the head.... making him wanted to get a car loan INSTEAD of clearing debts first.

Sommore 90k car...superhero....

the equivalent reducing interest rate is around 10.54% per month or 11.06% per year
hope i got the numbers correct...

My guess
Loan amount RM42000
Hire purchase rate 5.75%
Year = 4

Interest = 42000 * 5.75 % * 4 years = 9660

Total loan (face) value = 42000+9660 = 51660
Year = 4 years = 48 months
Monthly payment = 51660 / 48 months = 1076.25 (near as TS's figure)


Annual rate (from excel)
Nper = 48
PMT = 1076.25
PV = -42000

Calculated rate = 0.87873% per month or 10.54% per annum ( BLR + 4.99% !!! )


Please correct if I am wrong - not a pro here.

Seriously, should ask them and the neighbour thread to buy NEW accord instead. Lagi best!

BANKS R NOT STUPID, SINCE NOWADAYS BANK ALSO SCARED TO LEND MONEY EASILY... A LOT OF COMPANIES SHUT DOWN, NO MONEY RETURN TO BANK.. THAT Y NOW WILL BE MORE STRICT A BIT..

This post has been edited by x132755: Jun 30 2009, 03:22 PM

5.75% its high i know now new toyota just 2.38% but now if bank can lend me i pay high a bit(why not)?? if i buy proton also need 3.88% them also same like..them its stupid malaysia proton! i am designer sure drive toyota,if not how can i chasing girl???

designer with so decent salary:
RM1200 <-- Salary
RM2000 <-- With Commission = not committed income

1200 - 1100<-- installment left 100
2000 - 1100<-- left 900

fyi - for my entertainment every month is more than RM900
not include with others, eat, pay bill home loan etc.....

drive a nice car and no money inside a pocket = unless

no wander so many youngster going to bankrupts now aday..

DRIVE NICE CAR CHASE NICE GIRL IS GOOD..
NICE GIRL NEED NICE DRESS, NICE FOOD, NICE CLUB, EVERYTHING NICE..... THEN I DUNNO U NICE OR NOT IF UR POCKET MONEY NOT NICE ENOUGH..

Yah don't buy car now, save up for like 5 years or more. Better yet don't buy car at all, save up and invest

that is the mentality of some youngster in our country
designer is just merely a name, it doesn't require u to drive a nice car or what ever, my auntie's husband working as a GM in a MNC and he didn't drive a luxury car(BMW or Mercedes), when he drive a Toyota Wish, nobody thought he working in such a high rank, in fact driving those luxury car will lure those robber "COME AND ROB ME, I'M RICH ENOUGH"

and Proton car isn't that bad as u think, their QC improve tremendously for the past few years, stop those mentality of "Proton car is not good"

Speechless....

Later girl find you with no money in pocket will leave also.

So what do you do then? Ask your dad to become guarantor again and loan money from bank to 'chase girls'???

Since you're on it, why buy Toyota at all? Should just go buy a Porsche. Sure you can get laid on first date.

Then maybe you mortgage your mom to loan more money from bank. No problemo.

This post has been edited by Matrix: Jun 30 2009, 04:47 PM

yes it seems correct 10.54% per annum when calculated in the monthly way.
for the yearly its ((((10.54/100/12)+1)^12)-1)*100 = 11.06%

the words in my previous posting are a bit misleading... hehheh

5.75% of interest for car loan is really scary. When my mom bought her Proton Waja back in the second-half of 2005, the interest rate was only 2.8% (EON Bank was having a promotion then). Then i bought my own Proton Persona in January last year and the interest was 3.7%, also from EON Bank. And our monthly repayment for each car is LESS THEN RM400 with a loan tenure of 5-year.


Yeah. Public Bank is very HSBC-like.

This post has been edited by MilesAndMore: Jun 30 2009, 05:02 PM

should buy more of their stocks
might give some nice dividends...

FYI,

For those who had taken a car loan in the mid to late 90's, the rate in those era is around 6 ~ 7%. In 98 during the crisis, was told by my colleague that his loan was 8.75%.

So, 5.75% while it is high by today standard, is still cheaper than those days.

I pay 7% HP rate in 1997 for a 3 years car loan.

Public Bank is known to give very good dividend, as published on the newspaper. But they are too expensive.

Public Bank is the third largest Malaysian company in terms of market value to be listed on Bursa Malaysia, behind Genting and Resort World.


That was because the time deposit interest rate was 10%+ during the 98 meltdown.

This post has been edited by MilesAndMore: Jun 30 2009, 05:31 PM

how could we compare the interest rate on the past? we are now at mid of 2009
but anyway, doesn't matter, i dont mind paying 10% extra interest fee, if i have alot of money. meaning, total earning - total spend = saving
but i do mind if the interest rate was give even it's just 1% but i spent everything, at the end left nothing.

this is what we concern.

This post has been edited by Walbur: Jun 30 2009, 06:27 PM

haiyo money i can find side imcome mah!!! sure need have a car 1st!! other thing find money again lohh!!! important its find more money nia nowaday

There's a very good "Effective Interest Rate" calculator in http://www.bebas-hutang.com Scroll down and look under Useful Tools. When I input the figures for TS' case, the effective annual interest rate came up to 11.07%! So you're quite accurate.

---

Added on July 1, 2009, 1:58 amHere's some info that I know. Banks usually favor hp loans for newer cars, especially cars that are considered hot cakes. Getting loans for those will be easier than for a "cold" car cos in case of default, it's very hard for them to dispose of it, summore, the value drops so fast that the bank may end up losing money. Chasing after a bankrupt may mean not getting their money ever.

A 98' model car is more than 10 yrs old, naturally the interest is sky high and the repayment period is short. Short repayment means high monthly payments; if it means more than 1/3 of your salary, then very hard to approve unless your record is clean and you have a guarantor.

Anyway TS, good luck on your new ride. Don't forget to put aside some cash every month for maintenance and repairs. The Nadia is not common on our streets, so don't drive fast and pray hard that no one bumps into your car, otherwise the parts can be pricey or have to wait dunno how long from Japan. My cousin's hubby who drives a Mazda 6, waited almost 6 mths for his front bumper.... Also, no chick will be attracted to a guy who drives a nice car, but with knocks and dings everywhere and car not functioning well cos no money to maintain

If I were you, honestly, sell it within a year and get a Gen 2 or Neo. Not bad wat, for a 20-something hotshot

This post has been edited by gregy: Jul 1 2009, 01:58 AM

No point discuss so much for the guy who thought he is very smart.

We need those "smart" fellas to revive the banking industries (HIGH HP Rates)

Morris1127,

Given that I am a PBBank share holder, I thank you for making me rich.

Some people work for the bank while others get the bank to work for them.

If people CHOOSE to be STUPID, I would make money out of them.

11% interest rate..... What can I say??

Dad as guarantor -> No wonder. The father is not very smart financially either.

Dreamer



This post has been edited by dreamer101: Jul 1 2009, 08:17 AM

Agreed. Let the smart fella suffer. I pity his old man only....have a 'char siew' for a son.

Well, to be fair. The car he's buying costs 43k, not a seriously big amount for a car. For a 2k+ salary (although variable), I think he can probably pay it. Though 44k would get him a brand new 1.3L MyVi with lower interest rates.

A mentality such as his - "buy toyota to chase girls", "money can find later", "banks are stupid" as well as "proton and perodua are substandard vehicles".....u think he can? LMAO...one thing I THINK will happen is he will go to Ah Long, get his family in trouble and will be an entertaining read for me once he appears in the papers as another 'tragic' case of Ah Long harassment....

Ya, the dividend sure is nice. Would like to say thank you very much.

For housing loan currently, the spread is blr - 2%, or there about.
So, the sum might not be big, but sure is lucrative. In fact the bank earn the same interest from him at the same amount as someone who is taking a RM70K housing loan @BLR - 2%.

Car loan is definitely lucrative.

we need more ppl like morris in malaysia!... just like the US State..

they could make us get richer.. just like the americian keep spending.. all business sales in US is earning big money! god

dont advise me proton and perdodua malaysia will look down of this 2 brand

before you look down at others brand, please look at the mirror you self, what make you look down at them? so you high classes that monthly income more than 10K? else I look down at you too. designer? with 1.2K salary? i cincai pick 1 promoter from street i guess their income more than you.

sorry to say that, but your kind of kid attitude totally fail us.

This post has been edited by Walbur: Jul 1 2009, 11:33 AM

that's the thing.. some "apples" don't fall far from the tree..
take a look at the "tree" and perhaps see why the vicious cycles of bad financial decisions circumvent itselves..

look.. ts has just reached legal drinking age.. highly impressionable and in deep need of materialism to prep up his other less-advantageous attributes (self-esteems, sense of pride, sense of belonging, sense of achievement, etc.)

throw in hormonal changes.. it's way too easily to be lead astray from matters which are fundamentally more important in life at this juncture..

you guys can continue stacking advices over advices on top of his poor head and try nailing some sense into him, but without a tiniest speck of doubt.. i don't think he can grasp what you guys are trying to say.. it's a different language, akin to a different world (of values, priorities, perceptions, etc).. unless he can decouple from his short term gratification to something further than say.. 600 yards from where he's standing right now? it's futile

perhaps it'll take him several decades to see the destructive financial consequence that precede later in his life.. then he will arrive at a very important point of his life to ponder on all the disarrays he may have caused.

if this "apple" manages to throw itself further away from the old tree.. he can emerge a better "apple".. the key component here is.. mistake is a very powerful tool in lessons of life..

to refuse "mistake" is akin to robbing yourself from the ability to learn.. so, mistakes are necessary to progress (provided this "apple" manage to extract the essence of his mistake and learn from it)..

otherwise.. the apple will not fall far from its tree

This post has been edited by lwb: Jul 1 2009, 12:44 PM

wow 21yr with income lower than 2k paying 1k monthly for car installment, other than car installment still need to feed with petrol ler ts. not to mention also maintainance for car also, older car if got alot of problem also spend alot of moneh to repair if lucky no problem then every 5k change lubricant only ok lar. for 5.75% that is damm high interest rate...

I wonder if many girls think this way also. Look down on guy who only drives local cars. If so, then I'm in trouble.
Because... I plan to get Perodua MyVi leh.

like that wut about Nissan Sentra 1990 rm10k can get d, not malaysia brand but a jap...very reliable and steady car. I used this car before and totalled it before now i driving malaysian brand wira 1999 i am in troubleeee

I guess it is time for Morris1127 to start apply CC. Very useful to be in debt to pay for petrol and car service. Wait, basic salary qualified or not ? Well, maybe can ask his father to supp card first.

Anyway, I'm a minority PBB shareholder as well. Thank you TS

I'm still driving my old Proton (fully paid) and still can date girls.

Actually the legal drinking age in Malaysia is 18. The thread starter is 21 ... or 22


The thread starter has a weird mentality. A very troubled mentality. I do not know why would he think he won't be able to impress girls with local car and why would he think girls will be into a guy who drives a Toyota.

There are many upper middle class kids whose parents drive expensive German cars (Mercedes, BMW etc.) and they drive Proton Waja or Perodua MyVi

who say my basic its 1.2k?? i got a lot of comission! and night i still got my self restaurant! thats why i want a car..cos i can paid of it!

You did.

Again, repeat, banks will only look at fixed monthly income, i.e. basic salary and fixed allowance as written in payslip. Any variable income like commission, bonus, etc. are not included.

Unless you can proof it with the EA or Income Tax form submission.

Anyway think this topic can be closed now, since the TS has already done the deed and gotten the loan. And he's not replying much to his own topic, except for vehemently disagreeing with everybody's advice with 1-liners.

hmm,
CONGRATULATIONS!!!! (smile sarcasticly)
guess TS just wanna show off he's RICH and he KIASU....
as a POV of a girl,nice car cannot attract girls attention....its the ATTITUDE of the guy tat attracts a girl

well.. despite all saying it can't attract girls... actually in this materialistic world... it does.. 70% of it.. seen it it works like charm... not me lol but friends does.. and other stories i've heard...

i don't see girls on bike.. except makcik... as much as we hate to say it..

TS, if got super model sit on your car, please let us know!!! thumbs up

in this world even drive toyota also just can can chasing 21 to 25 years old girl only

wow but u are paying alot to interest %5.35 is very high interest...

i really laugh at you now.
Designer must drive a nice car!!! then what about other people such as a owner of MNC must drive a place then!!!

well of couse you can get the girl, but then the girl treat you like waterfish!!!

two word: no planning and no brain to think

LOL, drive nice car to chase girls

if you dont have a 5 figure income, and you're still tit-feeding from your parents, you can go kiss your life good bye.

anyway, maintaining a gf is more expensive than spending a night with an escort, girls are very demanding nowadays

haha, well just let TS taste it then he will come back ask for another help in LYN

Congrats to you Morris for the new(old) car. Don't listen to these old uncles here in the forum. They all got no life and no girls. haha don't listen to them.

Yeah yeah toyota can get girls very easy one. Go to nightklab who else got your car but you. yeah yeah anyway interest only 1-2% like sap sap sui, heck care it. Who the heck wanna drive Kancil, only ppl with no money drive Kancil. Don't listen to these ppl and live your life!


Note: Yeah, I agree Public Bank is a good counter to own indeed.

dude you can survive ka paying half of your monthly pay for car? havent include petrol yet le...good luck...if you can get more girls by driving dat toyota ,what are you going to feed those girls ? your sperm ka?

OH MY EF**NG GOD ! A Kancil is still a car with a price tag of RM25000+- just so you know. People with Mercedes Benz do not even make such comment. There is nothing to shout about having a Toyota car besides its good fuel economy. If you own a Maserati then you can say whatever you want.


And not to mention car insurance he has to pay every year.

I think skiddtrader is being sarcastic

This is why he chose the Nadia * *




Attached thumbnail(s)

Now that i read it again ... yeah, it does sound sarcastic

nowaday many girl if u drive kancil or proton go brin them! they dont want out loh....nowaday need toyota,honda!! old nvm! must be japan car!!!

lol...girls girls girls...nth else except girls guess u got ur car n there is nth else u wan to rant...can close thread?

did your car really attract girl? i've seen my friend driving Wira or Kancil and manage to get a attractive girlfriend, all they need is a car that can travel anywhere they want

if something bad thing happen and u need a large sum of money, u will be in a deep trouble cause u don't have much saving

Minimum oso Wira loh, if Kancil not safe, if her parents see you oso you will paiseh, unless you have a promising career path. And your fren, when he first know the girl when driving Kancil oso ok, but after a few yrs if no progress then.....

Do you think those girls really love you? Do you have enuf bullet to maintain thier material "lust"? Be prepared to be PBB credit card slave.

Well, to own a better car just to hope to woo more girl, I could said that it was indeed very inmature-- Sorry

For me, i think own a landed property first, just drive small small car or whatever as long as it could move you around, help you get a better career-- than aim for a landed property and only start to think of changing car which isn't superb necessary!

I'm with my bf when he was driving a bike- so see-- it doesn't matter if you really treat that girl good-- whatever you drove, she will sure don't mind-- most important is attitude!