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> Buying Car procedure?

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xeon1989
post Jul 13 2018, 05:27 AM

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QUOTE(ZeneticX @ Jun 15 2018, 09:01 PM)
One thing for new car buyers to take note, especially those applying loan through SA, make sure to clarify with your SA how they gonna apply for your loan

Some SA actually submit your application to a few banks at once, this will not be a good record on your credit rating and score
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QUOTE(terrence_my @ Jun 15 2018, 09:51 PM)
Why it is not good at credit rating? can you elaborate more?
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Want to know also.
Submit application to a few banks at once will affect rating one? why?
In this case if I want to compare interest rate will gg lor?

This post has been edited by xeon1989: Jul 13 2018, 05:28 AM
ZeneticX
post Jul 13 2018, 10:12 AM

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QUOTE(xeon1989 @ Jul 13 2018, 05:27 AM)
Want to know also.
Submit application to a few banks at once will affect rating one? why?
In this case if I want to compare interest rate will gg lor?
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there used to be a link to an article but i can't seem to find it right now

but basically, if you apply loan to a few banks at once, its an indicator of someone desperate for money as banks will need to "pull" your record from CCRIS, every request from the bank will impact your score
xeon1989
post Jul 14 2018, 05:06 AM

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QUOTE(ZeneticX @ Jul 13 2018, 10:12 AM)
there used to be a link to an article but i can't seem to find it right now

but basically, if you apply loan to a few banks at once, its an indicator of someone desperate for money as banks will need to "pull" your record from CCRIS, every request from the bank will impact your score
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ok, didn't expect this.
Maybe I can also confirm with my agent.
terrence_my
post Jul 14 2018, 01:20 PM

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QUOTE(xeon1989 @ Jul 14 2018, 05:06 AM)
ok, didn't expect this.
Maybe I can also confirm with my agent.
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I read through some. CCRIS will have your records for every loan (personal, mortgage and hire purchase) when you submitted application. Regardless it is approved or not and you accept or not, it shows that you are behaving in a way that "need money" so it will lower your score for a period.

The loan application records will stay with you for 12 months.
mushigen
post Jul 14 2018, 01:32 PM

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QUOTE(terrence_my @ Jul 14 2018, 01:20 PM)
I read through some. CCRIS will have your records for every loan (personal, mortgage and hire purchase) when you submitted application. Regardless it is approved or not and you accept or not, it shows that you are behaving in a way that "need money" so it will lower your score for a period.

The loan application records will stay with you for 12 months.
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To a layman like me, for personal loans, it makes sense.

For car loans, it does not make sense as cars are big ticket items where paying in full is not common. In most cases, taking a loan and investing the rest of the money which you could have used to buy the car in cash makes more financial sense.
ZeneticX
post Jul 14 2018, 03:06 PM

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QUOTE(xeon1989 @ Jul 14 2018, 05:06 AM)
ok, didn't expect this.
Maybe I can also confirm with my agent.
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instead of asking your sales agent maybe asking someone from the banking side would be better, like your loan agent if you planning to apply yourself
xeon1989
post Jul 15 2018, 11:43 AM

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QUOTE(ZeneticX @ Jul 14 2018, 03:06 PM)
instead of asking your sales agent maybe asking someone from the banking side would be better, like your loan agent if you planning to apply yourself
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True, will do so.
vvip
post Aug 5 2018, 11:30 PM

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is it a must to collect the new car on the same day salesman call?
voncrane
post Aug 6 2018, 01:29 PM

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QUOTE(vvip @ Aug 5 2018, 11:30 PM)
is it a must to collect the new car on the same day salesman call?
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No!
ic3kacang
post Sep 3 2018, 04:17 PM

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is there by any chance that the SA will just sell me a showroom car without me knowing?
voncrane
post Sep 4 2018, 07:03 AM

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QUOTE(ic3kacang @ Sep 3 2018, 04:17 PM)
is there by any chance that the SA will just sell me a showroom car without me knowing?
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Yes.. Chance is very high if one dealt with an unethical salesman. I would know, been there. Don't always trust what they say. There are those who would blatantly lie or misrepresent a vehicle despite you strictly telling you do not want a display vehicle. All to close the sale. Worse than unscrupulous roadside used car salesmen.
JakkReaper
post Nov 20 2018, 10:39 PM

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QUOTE(voncrane @ Sep 4 2018, 07:03 AM)
Yes.. Chance is very high if one dealt with an unethical salesman. I would know, been there. Don't always trust what they say. There are those who would blatantly lie or misrepresent a vehicle despite you strictly telling you do not want a display vehicle. All to close the sale. Worse than unscrupulous roadside used car salesmen.
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How to ensure one don't get display car then?

Also, can I apply for loan without 3 mths payslip?
voncrane
post Nov 20 2018, 10:59 PM

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QUOTE(JakkReaper @ Nov 20 2018, 10:39 PM)
How to ensure one don't get display car then?

Also, can I apply for loan without 3 mths payslip?
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If you are one easily pleased and won't bother about such.. Then it's better not to bother and not know.. Just continue living in lala land. Else, check everything.. VIN, Tags, look for scratches or wear and tear that shouldn't be there on a new vehicle.. Ask for delivery or factory release docs, etc.. Up to you to know how much fuss you want to put up.. of course, be polite about it, don't be that a$$hole and watch out for signs of deception. Once the SA says he/she doesn't know this or that about the car's origins (things they should know), one too many times? I'd bounce. You can't walk into a showroom and walk out without paying for a car and getting documents.. Similarly, they must have paper trail of the car in question. These are things I know now to do, that I didn't do earlier cuz I trusted too much.. Next time, it's my cash, my rules..

Yes, there are other ways.. but based on your financial profile and the bank. You are not limited to only applying to one bank or through the SA for a loan. You can shop around yourself and try to score a better rate. Going with the SA's suggestions or they run for you, is just to make it more convenient for you..is all.

This post has been edited by voncrane: Nov 20 2018, 11:02 PM
toneking
post Jan 12 2019, 12:11 AM

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Is there another 'agreement' (not booking one) to sign with SA stating that you now confirmed that you are buying a car of which model/color with how much down payment & loan amount before the SA apply car loan with bank(s)?
Because that is what I heard from my parents who bought 4 cars before this
But the latest car they bought was 7 years ago
Wondering if this procedure has changed? As the SA never do this for me
crusher
post May 18 2019, 02:16 PM

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Hi guys,

Done got my loan application approve.

Just receive the SMS notification from Proton saying the booking request got on the same day.

Banker and car seller asked me sign the loan agreemrnt first before the car arrive.

Is it safe to do so? I scare if sign already car dont know when only arrive..
Archemedia
post May 18 2019, 08:47 PM

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QUOTE(crusher @ May 18 2019, 02:16 PM)
Hi guys,

Done got my loan application approve.

Just receive the SMS notification from Proton saying the booking request got on the same day.

Banker and car seller asked me sign the loan agreemrnt first before the car arrive.

Is it safe to do so? I scare if sign already car dont know when only arrive..
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Why scared? the car belongs to the bank now... the bank should worry more
voncrane
post May 18 2019, 11:14 PM

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QUOTE(crusher @ May 18 2019, 02:16 PM)
Hi guys,

Done got my loan application approve.

Just receive the SMS notification from Proton saying the booking request got on the same day.

Banker and car seller asked me sign the loan agreemrnt first before the car arrive.

Is it safe to do so? I scare if sign already car dont know when only arrive..
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While it's fairly "harmless".. I would not sign any such agreement without actually setting eyes on or at minimum a car waiting (at the branch/dealer) to be registered in your name. Just to be safe. Of course, this tactic depends on how sought after the car in question. Cuz, some sales agents will take those who've gotten loan approval more seriously than those that just placed a booking and refused to commit further.

QUOTE(Archemedia @ May 18 2019, 08:47 PM)
Why scared? the car belongs to the bank now... the bank should worry more
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AFAIK, he should be scared.. He could be signing that he must begin loan repayments even without getting the car first. In most cases, yes the car belongs to the bank, but the loan belongs to you. The car is only a collateral in-case you aren't able to continue servicing the loan. This only works if the car is worth more than the loan balance, should any issues occur. Else, must topup the difference to the bank.
crusher
post May 19 2019, 10:36 PM

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QUOTE(Archemedia @ May 18 2019, 08:47 PM)
Why scared? the car belongs to the bank now... the bank should worry more
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Just being careful and understand better how it works.

QUOTE(voncrane @ May 18 2019, 11:14 PM)
While it's fairly "harmless".. I would not sign any such agreement without actually setting eyes on or at minimum a car waiting (at the branch/dealer) to be registered in your name. Just to be safe. Of course, this tactic depends on how sought after the car in question. Cuz, some sales agents will take those who've gotten loan approval more seriously than those that just placed a booking and refused to commit further.
AFAIK, he should be scared.. He could be signing that he must begin loan repayments even without getting the car first. In most cases, yes the car belongs to the bank, but the loan belongs to you. The car is only a collateral in-case you aren't able to continue servicing the loan. This only works if the car is worth more than the loan balance, should any issues occur. Else, must topup the difference to the bank.
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Since I have received SMS from Proton itself, i think can verify with proton directly right
voncrane
post May 20 2019, 08:00 AM

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QUOTE(crusher @ May 19 2019, 10:36 PM)
Just being careful and understand better how it works.
Since I have received SMS from Proton itself, i think can verify with proton directly right
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Yes, you can verify from the branch you booked. A car is just a car.. Don't rush it, there's going to be stock today or next year biggrin.gif.. As with any items purchase, when one rushes into things, you tend to overlook stuff and open yourself to being cheated by a dishonest salesman. As long as you have a good financial record, banks will be willing to loan you money anytime. So take your time, double check all is good with the car before they plan to register it in your name. Then only agree. Most loan officers can come to your workplace to get your signature. They want your money after all..

This post has been edited by voncrane: May 20 2019, 08:01 AM

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