As far as I know, most banks are fixed, if you qualify, you will be offered the same rate, which is entirely based on the car model, loan tenure and amount.
If not mistaken, some banks like Ambank may rely on credit scoring and risk analysis in determining the final interest rate offered to the hirer. If hirer is considered high risk, then the interest % is also higher.

Yes, interest rate for national cars is higher than non-national.

Most outlets prefer to do with their panel banks for 2 reasons:

1) They are familiar with the arrangement and because they give most of their cases to that particular bank, the bank will do their utmost best to help in borderline cases to get the approvals which non-panel banks may not support

2) The outlet may have some financing facility with their panel banks, example floor stocking / floorplan, whereby they take in the stocks thru a loan, and when they submit the HP cases to the same bank, they do not have to come up with massive capital to buy the stocks. This enables healthy and good cash flow, which can in turn, be passed on in the form of good discount to consumer like yourself.

It's really up to you...to go thru the trouble in search of a better rate or to just let your SA do everything for convenience sake.
Having said that, the difference in the interest rate is quite insignificant for national cars as the loan margin is relatively small. The usual difference of around 0.05% translate to savings of only RM25 a year or about RM2 a month for a bank loan amount of RM50,000 Is it worth the fuss, you decide.

Car loan is based on flat rate, so at 4.2% , the total interest you are paying is much higher than housing loan rate which is based on reducing principle.
What car model are you buying? Such high interest rate given could be low to several factors which include low scoring, unpopular model, high risk profession etc...

All banks have certain loan targets to meet, whether they are housing loan, personal loan or car loans. One bank may offer low interest rate for auto loan, and for another, low interest rate for housing loan. Each to its own strenght and area of focus.

As for hidden cost, it is very difficult to compare. For example, if you are are late in repayment, the bank will impose certain interest, and may even charge you for sending reminder letters. Normally such charges are only posted on the notice board or if you search further in their website.

It is possible if your income is sufficient, not over committed and if you have a good loan repayment track record. It also depends on the car model that you are buying.

Not possible if he/she doesn't have a permanent job and no prove of consistent income. More so, since he is not going to continue working in Malaysia. Only possibility is if he /she can produce his/her parent (with income) to stand as guarantor for the loan.

Maybe he/she should consider car leasing ? There are now many car leasing companies in Malaysia.

If you are salary based, the primary objective of the bank is to verify the amount banked into your account tally with that stated in your salary slip every month.

However, if you are doing own business, the account balance (total debit & total credit) can indicate positive or negative cash flow , it is important for the bank to assess the profitability of your business.

There is really no harm to reveal the account balance, in my opinion. If you are salary based, a low balance does not mean you are poor because you could have withdrawn the money and put into other investments.

First, you need to get a full settlement letter from the bank to be sure of the exact amount you owe. Supposing the final full settlement is 50K and your buyer is buying it with cash for 45K, the best thing to do is you can go the the bank with him, you need to pay 5K and he needs to pay 45K to settle the loan, and thereafter you can transfer the car ownership to him at JPJ.

No bank is going to pay the 5K on your behalf.

Applying for credit card is easier than applying for a car loan. If you can't get approval for credit card, chances are , your car loan application would also be declined, unless you can submit a guarantor.

Bank will check ccris record for both your name as well as your brother's. The fundamental question is that if even your credit card application is denied, what more when it comes to car loan which will be an even greater exposure to the bank.

3.8 - 3.9 % is more likely for loan amount that you mentioned.

There is no need for you to settle the loan of your current car, just yet. You can just declare to the bank that your car will be "traded-in" when purchasing another car, and the bank will knock off the monthly installment for your current car from your total commitment when processing your application.

Depends on what you value more : higher loan amount , so you pay lower down payment and you have more cash in hand (to invest or spend) OR you value more savings in the lower interest but at the expense of having to fork out more down payment.

Banks only do re-financing when you change ownership of the car to another person.

The sales agent need to screen thru your documents and attach the vehicle sales order from the sales outlet before he/she sends to the bank. This is normal. I think it is immaterial whether it is a company e-mail or a personal e-mail, as long as the agent you are dealing with is an authorised sales consultant of the outlet you are buying the car from.

If you are referring to the bank agent, yes sometimes, they prefer personal e-mail than company e-mail which may have a limitation in the size of the files that you are sending.

This post has been edited by Buydirect: Sep 18 2017, 06:26 PM

I can never find a satisfactory answer for this. Could be a form of protectionist policy for national cars. Somehow, banks don't seem to be able to give equal interest rate to national cars as what they offer for non-nationals. Or it could be due to the high NPL (non performing loans), hence higher interest rate is required to cover losses from reposessed /auction cars.

Try to go back to the same bank and branch that does the financing for the seller. They might consider to do it, without settlement.

As far I know, you need to specify the car model to the bank. This is because banks normally can give 90% financing for hot models but for some less popular models or those that came with very high discounts, bank may only willing to give 85% or 80% margin of financing.

In addition, some banks practice different scoring system for different makes too. There have been cases where the loan is approved for one particular make, but when buyer switch over to a different brand, the same loan is declined.

Try to go back to the same bank and branch that finance the car of the current seller. They might be able to do it. Most of the time, banks prefer to deal thru used car dealers who are able to give them tax invoice and proper documentation.