hello~
currently i'm planning to get a 2nd hand CR-Z
which around 50k...
here's my question,
i'm almost 30 and currently i'm not working officially but my part time webdesign/graphic design job give me around 2k~10k per month from the last few month...
*i quit my last job and go travel around since May 2019 backed in jan 2020*
i do have 28k epf and 140k+ FD
own a credit card with 10k limit,
but no housing loan or car loan or even personal loan,
Clean as white paper~
so i prepared 15k as front payment...
but will the banker still accept my loan since i have no official income?
or Latest 3month payslip as they mentioned...

Edited: i do keep paying my EPF around 500+ even i stopped my job,
so i do have EPF, BE form but just without payslip.

This post has been edited by TyroneS: May 1 2020, 09:36 PM

Curious about this too.
Will car loan interest rate lower after BLR dropped by another 0.5%?

Wouldn't affect much for fixed rate, if variable rate loan yes

Better pay cash then since FD so low.

Yes or you could find a good deal in property and earn more from there

You can always submit a guarantor with income, that will help in your scoring. You need to submit your 6 months part time (sales invoices etc) and the corresponding bank statements that can prove the transaction. Cash payments cannot be considered as it is not traceable.

Not having any loan may not be a good thing, as bank is unable to see your repayment trend. Do make sure you pay promptly for your Credit card. All the best.

Hey, thanks for replying...
my credit card payment is beautiful since i always overpaid.
yea, i did submitted without guarantor last wednesday,
but then keep holiday this few days,
i do submit more document than usual for trying.
*bank & EPF statement, Payment voucher, cert & FD statement, Credit Card statement also*
Anything will update again if the loan approved

Any idea what the rates are for used cars? Planning to take around 30k loan for 5 years for a 10 year old car

A 10 year old car may not get any financing anymore as banks are not keen for cars that are 10 years or older. Some credit companies may still wanna do the loan but the interest rate is higher. Anyway, do check with the banks directly for confirmation as they may make exception for some car models.

Average interest rate as 3.8% or so before MCO, not sure of the latest rate though.

Go personal loan. 30k * 5 years is easy and good deal easy paperworks as well.

Cool, thanks, will check around with a few banks

Yup that's one of my other choice as well since the BLR is quite low now

This post has been edited by SomeoneElse: May 12 2020, 06:04 PM

my loan just approved~
loan 40k interest 3.52%
Used CR-Z 2013


This post has been edited by TyroneS: May 16 2020, 06:43 PM

Wow so high at a time with low interest rate. Which bank/finance co?

Public Bank.

When it comes to car loans, the stated interest rate is not the same as the real interest rate (called the Effective Interest Rate, or EIR). This is because car loans always use what’s called a flat interest rate.
So at 3.52% EIR is > 6%. https://loanstreet.com.my/calculator/flat-t...rest-calculator
If can afford I would rather pay cash. My last car loan was 6+ years ago at 2.3%(EIR 4.33%), took it cos I can get returns of ~6% from investment.

i could pay with cash also,
but current status keep cash maybe is better choice...
actually my annual income over that car price/loan only i purchase it,
even without income now or later,
my investment earning enough to spare the car loan, fuel, service & etc already.
so loaning this doesn't hurt my aset yet...
i'm not that kind of people who gaji below 2k die die get god car.
personally i think your annual salary is what car you should buy,
50k then buy 50k, 100k then buy 100k,
don't let Kesombongan control you.
yes, 3k salary might allow you to loan 100k car...
but not worthy at all.

My loan just approved and sign... Ambank, loan 22k. 4.56%

Can forummers state whether the loans are for national or non national cars so that we can get better picture of the rates offered, new car or 2nd hand cars? All these details would help and for better comparison.

This post has been edited by Kcee: May 15 2020, 07:56 PM

Hp at 4.56% is outrageous. How many years?

short loan tenure will get higher interest rate too