Welcome Guest ( Log In | Register )

132 Pages < 1 2 3 4 > » Bottom

Outline · [ Standard ] · Linear+

> Latest Car Loan Rate 2012...2016| 2017

views
     
Jinster
post Feb 17 2012, 03:21 PM

Saber <3
*****
Senior Member
901 posts

Joined: Mar 2009
From: 4°36′00″N 101°4′00″E


if i'm not wrong, that is up to the bank

1) Identity Card
2) Malaysian Driving License
3) Pay slip (3 or 6 Months Latest)* some still taking 3 months

Supporting Document (if Any):

1) Bank Statement (3 or 6 Months Latest)* some still taking 3 months
2) EPF Statement
3) Copies of last 2 years' income tax returns (J form or EA)
4) Confirmation Letter of Employment (latest)
5) Proforma invoice from seller

Guarantor: (If Required by Bank)

1) Identity Card
2) Pay slip (3 or 6 Months Latest)* some still taking 3 months

Applicants are encouraged to submit all document needed support by extra
documents in order to get better interest rate and approval chances…



if i'm wrong, then i'm sorry
as far as i know...those are what is needed

This post has been edited by Jinster: Feb 17 2012, 03:22 PM
dares
post Feb 17 2012, 03:23 PM

Getting Started
**
Junior Member
192 posts

Joined: Jul 2011
QUOTE(Jinster @ Feb 17 2012, 03:21 PM)
if i'm not wrong, that is up to the bank

1) Identity Card
2) Malaysian Driving License
3) Pay slip (3 or 6 Months Latest)* some still taking 3 months

Supporting Document (if Any):

1) Bank Statement (3 or 6 Months Latest)* some still taking 3 months
2) EPF Statement
3) Copies of last 2 years' income tax returns (J form or EA)
4) Confirmation Letter of Employment (latest)
5) Proforma invoice from seller

Guarantor: (If Required by Bank)

1) Identity Card
2) Pay slip (3 or 6 Months Latest)* some still taking 3 months

Applicants are encouraged to submit all document needed support by extra
documents in order to get better interest rate and approval chances…
if i'm wrong, then i'm sorry
as far as i know...those are what is needed
*
Thanks.

My SA told me starting this year banks will be asking for 6 months salary slip / bank statements ohmy.gif
selinix
post Feb 17 2012, 03:37 PM

Look at all my stars!!
*******
Senior Member
6,828 posts

Joined: May 2005

QUOTE(dares @ Feb 17 2012, 03:23 PM)
Thanks.

My SA told me starting this year banks will be asking for 6 months salary slip / bank statements  ohmy.gif
*
That means fresh graduate must work at least 6 months first to be eligible to buy a car.. and that also provided that their net salary is withing the approval range
Jinster
post Feb 17 2012, 03:48 PM

Saber <3
*****
Senior Member
901 posts

Joined: Mar 2009
From: 4°36′00″N 101°4′00″E


just nice for after probation period i guess?
GARYPKK
post Feb 17 2012, 04:33 PM

Getting Started
**
Junior Member
98 posts

Joined: Apr 2008


I got my 2nd hand car loan Hong Leong Bank 3.92% for 6yrs
stargate8
post Feb 17 2012, 10:42 PM

Live Long and Prosper
******
Senior Member
1,192 posts

Joined: Nov 2009
From: Kuching + KL


depends on those who want to be cash rich or "debt deep"...hahaha

if u earn 5k/month, but drive viva, you are saving more cash

use cash grow cash

jay
post Feb 17 2012, 10:56 PM

Legendary
*****
Senior Member
883 posts

Joined: Jan 2003
From: Central Region Status: Safe Trader
QUOTE(stargate8 @ Feb 17 2012, 10:42 PM)
depends on those who want to be cash rich or "debt deep"...hahaha

if u earn 5k/month, but drive viva, you are saving more cash

use cash grow cash
*
teach me master! notworthy.gif
cybermaster98
post Feb 18 2012, 09:30 AM

Look at all my stars!!
*******
Senior Member
4,070 posts

Joined: Jan 2010
From: Kuala Lumpur


QUOTE(dares @ Feb 17 2012, 02:42 PM)
I always find that these so called financial gurus to be a wee bit out of touch from reality.

15% of monthly income for max 5 year tenure? that means if I earn 4k a month I can only buy what? the kosong Viva?. The only option will be the used cars, but if the car have problems you'll be paying to fix them on top of your installment.

In the US, maybe they are right. In Malaysia...Hah!
Max 7 year loans for cars are acceptable. So with a 4000 salary, u can afford a new but reasonable car. The idea behind these financial guru's is that ppl need to spend less on cars since its always a losing investment. Minimise expenditure on cars and target investments which actually put money into your pocket e.g property, gold, equity funds, etc.

Buying a car should be based on need rather on prestige. Evaluate on a case by case basis. If ure a person who drives long distance alot, then safety is paramount thus spending a little more and getting a better car makes sense. But if ure just driving around town, why bother spending half your salary paying for a car just to keep up to the times and peer pressure? But if ure earning well, and uve got enough investments (generating good income elsewhere) then giving yourself a bit of luxury isnt bad.

But its sad to see mere office clerks (whos husbands are also holding low paying jobs) driving cars like Forte. Every month their salaries are finished by the 3rd week and they're gasping for breath till the next pay day.
dares
post Feb 18 2012, 10:13 AM

Getting Started
**
Junior Member
192 posts

Joined: Jul 2011
QUOTE(cybermaster98 @ Feb 18 2012, 09:30 AM)
Max 7 year loans for cars are acceptable. So with a 4000 salary, u can afford a new but reasonable car. The idea behind these financial guru's is that ppl need to spend less on cars since its always a losing investment. Minimise expenditure on cars and target investments which actually put money into your pocket e.g property, gold, equity funds, etc.

Buying a car should be based on need rather on prestige. Evaluate on a case by case basis. If ure a person who drives long distance alot, then safety is paramount thus spending a little more and getting a better car makes sense. But if ure just driving around town, why bother spending half your salary paying for a car just to keep up to the times and peer pressure? But if ure earning well, and uve got enough investments (generating good income elsewhere) then giving yourself a bit of luxury isnt bad.

But its sad to see mere office clerks (whos husbands are also holding low paying jobs) driving cars like Forte. Every month their salaries are finished by the 3rd week and they're gasping for breath till the next pay day.
*
Point taken. My beef is with these financial gurus who simply dish out figures that is so far out of touch with reality. A person with half a brain knows a car is a money pit. But many rely on a car to make a living (Thanks to our fantastic public transport rolleyes.gif ), buying a safe, decent car does not make them stupid as long as it is well within their means to do so. Your example of office clerks is a good example of stupid people.
danabu
post Feb 18 2012, 10:31 AM

Casual
***
Junior Member
386 posts

Joined: Dec 2011
QUOTE(dares @ Feb 17 2012, 02:42 PM)
I always find that these so called financial gurus to be a wee bit out of touch from reality.

15% of monthly income for max 5 year tenure? that means if I earn 4k a month I can only buy what? the kosong Viva?. The only option will be the used cars, but if the car have problems you'll be paying to fix them on top of your installment.

In the US, maybe they are right. In Malaysia...Hah!
*
Well, in reality some malaysian are:

Thinking uni grad. should drive a decent car.

Thinking RM3k to RM5k salary is high in malaysia in year 2012. Need to show class.

Thinking driving P1 & P2 car no standard, driving 2nd car is even worst. Fixing 2nd had car might be 3 times per year, car loan installment is 12 times per year. One can save money on depreciation by driving cheaper value car.

Thinking living is malaysia is like best coutry in the world. Why fress grad in indo, viet, india can affort to buy car? Malaysia is heading to that direction.

Proud to work for the car.


If the job need to travel then a good car is a need, if the family size is big then 7 seater is a need. If a single with RM 3k salary and minimum downpayment want to drive a RM80k and above car.... em.... good luck this is his/her life. Syok sendiri, money better spend on family or investment. Unless he/she is from a rich family and money is not his worry. But this kind of person usually get car as their present after uni. grad.

One of the reason why the G extend loan from 5 yrs then 7 then 9yrs is because the G want more ppl to buy car, so the country economy growth figure look good. But end up every tom and jerry in the country pay big portion of monthy income in car loan. End up no money to spend on other things.

Example if one could save RM 300 on car loan and spend RM150 in investment, and the other RM 150 on better foods or education purpose then everybody will be better in longer term.

Happy paying loan!! biggrin.gif


FlamingFox
post Feb 18 2012, 11:48 AM

o(@_@)o
******
Senior Member
1,192 posts

Joined: Oct 2005


I started off as a fresh grad and took a 9 year loan at 3.75% interest. Monthly payment is RM420 and my net salary back then was RM2.1k. Now it's increased to RM3.6k. If I had taken a shorter period, I would be suffering so much back then. Am I doing it wrong, financial gurus?
danabu
post Feb 18 2012, 12:17 PM

Casual
***
Junior Member
386 posts

Joined: Dec 2011
QUOTE(FlamingFox @ Feb 18 2012, 11:48 AM)
I started off as a fresh grad and took a 9 year loan at 3.75% interest. Monthly payment is RM420 and my net salary back then was RM2.1k. Now it's increased to RM3.6k. If I had taken a shorter period, I would be suffering so much back then. Am I doing it wrong, financial gurus?
*
First, sorry to those who thinks I am condeming them. I don mean here.

2nd, I hope the financial guru is not refer to me coz i juz quoted the point of the book. The book is written by a malaysian by the way. It is about financial planing. It is juz about guide lines and advice. The key point here is about save more money on investment and put less on depreciate item. Don loss to much money on loan interest. Compare 9 yrs interest lost and 5 year interest loan it is quite a big percentage.

No one would say it is right or wrong. Anyway, good job done on RM2.1k to RM3.6k.


ben83
post Feb 18 2012, 01:02 PM

IT & GADGETS ELITE SPECIALIST
******
Senior Member
1,602 posts

Joined: May 2006
It seems there is a new ruling from Bank Negara for early settlement for hire purchase loan. If it is true, 9 years loan with reasonable interest rate is not necessary bad.
Jinster
post Feb 18 2012, 01:14 PM

Saber <3
*****
Senior Member
901 posts

Joined: Mar 2009
From: 4°36′00″N 101°4′00″E


all in all....
once u own a car....
please please take good care of it
u take good care of ur car
ur car take good care of u
no matter what kind of car make/model
i've seen all kinds of people..i'm sure u all got notice also
buy car and whack it on the road, didn't take care..in the end say the car no good, this and that..
some can even take good care of their car, a 10 year old car doesn't actually look like it is a 10 year old car...
reapertiew
post Feb 19 2012, 11:01 AM

Getting Started
**
Junior Member
71 posts

Joined: Aug 2009


hi all gurus!!! biggrin.gif my question may be out of topic, but just wan some advise from all of u,
what car is recommended for a salary bout 3k nett? tongue.gif
Mikeshashimi
post Feb 19 2012, 11:23 AM

10 Years on LYN
*******
Senior Member
3,854 posts

Joined: Jun 2009
From: Kuching


QUOTE(reapertiew @ Feb 19 2012, 11:01 AM)
hi all gurus!!! biggrin.gif  my question may be out of topic, but just wan some advise from all of u,
what car is recommended for a salary bout 3k nett?  tongue.gif
*
Something that cost between 50-80k.


reapertiew
post Feb 19 2012, 01:34 PM

Getting Started
**
Junior Member
71 posts

Joined: Aug 2009


QUOTE(Mikeshashimi @ Feb 19 2012, 11:23 AM)
Something that cost between 50-80k.
*
biggrin.gif oic... actually im thinking of buying city or forte, but what i heard from other ppl said,
they said after election car tax will be reduce blink.gif ... but dunno how true is it... blush.gif
Mikeshashimi
post Feb 19 2012, 01:52 PM

10 Years on LYN
*******
Senior Member
3,854 posts

Joined: Jun 2009
From: Kuching


QUOTE(reapertiew @ Feb 19 2012, 01:34 PM)
biggrin.gif oic... actually im thinking of buying city or forte, but what i heard from other ppl said,
they said after election car tax will be reduce  blink.gif ... but dunno how true is it...  blush.gif
*
forte about 80k++

you'd be paying about 850-950 per month depending on interest and loan-length of course...

if u dont have other commitments then 3k a month is good enough.
eistern
post Feb 19 2012, 02:13 PM

Getting Started
**
Junior Member
97 posts

Joined: Jan 2010
hi gurus,
me planning to buy a 75k car..
1)is it better to pay 10% downpymnt or better to pay more downpayment (i can afford to pay until 20k, but have to fork out from savings la)
2)is it better to take 9 yrs loan (and try to finish earlier, say like after 5/7 yrs) or is it better just take the 5 yrs loan?
btw i'm earning around 4k/mnth, i do need a car, and expecting 1 st baby in august
the interest rate for 9 yrs loan ard 2.86% p.a..dunno for 7 yrs

This post has been edited by eistern: Feb 19 2012, 02:14 PM
reapertiew
post Feb 19 2012, 02:30 PM

Getting Started
**
Junior Member
71 posts

Joined: Aug 2009


QUOTE(Mikeshashimi @ Feb 19 2012, 01:52 PM)
forte about 80k++

you'd be paying about 850-950 per month depending on interest and loan-length of course...

if u dont have other commitments then 3k a month is good enough.
*
laugh.gif so far i dun hav any commitments for now... tongue.gif


Added on February 19, 2012, 2:31 pm
QUOTE(eistern @ Feb 19 2012, 02:13 PM)
hi gurus,
me planning to buy a 75k car..
1)is it better to pay 10% downpymnt or better to pay more downpayment (i can afford to pay until 20k, but have to fork out from savings la)
2)is it better to take 9 yrs loan (and try to finish earlier, say like after 5/7 yrs) or is it better just take the 5 yrs loan?
btw i'm earning around 4k/mnth, i do need a car, and expecting 1 st baby in august
the interest rate for 9 yrs loan ard 2.86% p.a..dunno for 7 yrs
*
hi bro, might to share what car that u r preferring??? tongue.gif


This post has been edited by reapertiew: Feb 19 2012, 02:31 PM

132 Pages < 1 2 3 4 > » Top
 

Switch to:
| Lo-Fi Version
0.0512sec    1.60    6 queries    GZIP Disabled
Time is now: 19th October 2019 - 10:50 AM