How long usually you guys get to know after submitting all documents?

Ah ok.
I'm waiting for mine. Submitted on 20th till now no news haih

68k 7 years 3.55%

Not bad. Mine 68k 3.55% 7 years PBB

Car Age + Loan Tenure = 15 or below.
9 + 6 = 15.

Max 6 years.

Company need 2.5 years
can try if 2 years
liquidity movement of 50k should be around 20k-25k per month

Company SSM need to have history of 2 years or more in operation. Anything less than 2 years straight reject.
Next 6 months bank statement. For 50k loan bank will look into the inflow and outflow of liquidity of around 20-25k per month.

Cannot compare to New Car rate.
Used car rate is always higher. Starts from 3% all the way to 4%+

Quite good rate for local car

10 Years old car unlikely to get 7 years. Max is 5 years.
But some banks can only lend out 3 years.

How old is the car?

Self employed usually harder and requires guarantor.
Rental income some banks may consider less commitment (80%). I know tiger bank ignores rental income.

But rule of thumb for sole prop is to take revenue per month, then multiply that figure by 15% = that's your perceived monthly income.
Take that figure, multiply by 70%, less any commitment you have and then see if the leftover amount is enough to cover loan instalment.

OPR is up 0.25% so this is reflected across all new car loans. (More OPR hike expected to tame inflation)
If you want to get a new car, Dec 2021 - March 2022 was the best time to get.

This post has been edited by Icehart: Jun 3 2022, 11:02 PM

There is no SST for used car.
Don't get cheated.

Loan amount, tenure and imported/local car?

Didn't appeal?

My friend got 2.2% and after submitting some docs he got 2.05%

200k loan
so that's 2.7k in savings

Your SA didn't help you get the best rate?

Do remember Maybank project 100bps hike by end 2023.
Have you include that into your cashflow projection?

Variable rate is only good if you're planning to do early settlement in the future.

This post has been edited by Icehart: Jul 11 2022, 09:30 PM

You only take variable if you can make extra payments here and then, as the interest is calculated on the balance owed.
For flat rate, do read up on the rule of 78. If you the kind that prefer to stick to the payment schedule, then better take flat rate.

End June large amount of bookings made.
So banks are swarmed with paperwork now.