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> Buying Car procedure?

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terrence_my
post Jun 15 2018, 08:14 PM

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Hi guys, I am currently in a procedure on buying car, so my understanding in the procedure will be:

1) Go to Showroom and talk to SA
2) Submit doc to SA apply loan (multiple bank)
3) bank calls interview
4) bank offer loan after interview
5) sign Agreement
6) SA receives LOU and allocate stock
7) register Car plate
8) Sign HP loan doc, pay the rest of amount and get car

is this means that buyer can actually cancel the purchase before step 8, even buyer signed loan agreement at step 5?
terrence_my
post Jun 15 2018, 09:51 PM

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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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Why it is not good at credit rating? can you elaborate more?
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.

 

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