Ok ppl, need your help. I am buying a car which is currently being financed by a bank, and the owner is a foreigner. I intend to use the same bank as the rate they offered is competitive. Would like to have feedback - or suggestions -

- i sent my Mykad photostat and 3 months salary credited via screenshot to the bank. They offered 3.5% per annum which is standard. Assuming I agree, will they prepare a loan agreement while asking me or seller to do the following

- me and seller sign an agreement to purchase the car with reg card details with deposit of x amount.
- get the car inspected at Puspakom to get approval slip to bring back to the bank
- bank proceeds to transfer and close the early settlement amount in the seller account
- i sign the loan agreement and then buy a bank draft for the difference of the loan amount to seller.
- I pay for the all the charges - puspakom, - when do i pay the transfer fees to bank etc
-

Is it urgent because CNY is around the corner. In short, the foreigner should settle the outstanding balance and obtain the release letter. With that you and him can go to puspakom to do the ownership transfer and you should also have your loan approval already completed. It's easier of your bank is the same as the foreigner instead of 2 separate banks which will incur longer time and costs ie runner etc.