Yes, your age is one of the factors that influence the scoring in the application system. If the scoring is low, adjustments need to be made to the margin of financing or bank may impose additional requirement such as the need of a guarantor. Other factors could be your current loan repayment track record that includes credit cards. If you are "too clean" with very little, or zero record, your scoring will also be affected.

For a start, try apply for credit card. Then use it and pay promptly, but do not overcharged the card, because bank will regard that as a monthly commitment. With that record, hopefully it will clear the way and create confidence for bank to approve your car loan. Otherwise, bank would mostly likely ask for a guarantor for assurance.


Yes, you can put the car under your dad's name and you can stand-in as a guarantor for the loan. In so doing, the car will also be registered under your dad's name. However, some banks will also look at his age and it may affect the loan tenure. Short loan tenure should be no problem.

Bank will consider Father-Child / Husband-Spouse for COMBINED-income, one as an hirer, the other as a guarantor . As such, even one of them is not working, but the other does, banks will still grant the loan. That is why, you can have the father (income earner) buying cars for their children who are still studying or housewife.

On the other hand, banks will not consider COMBINED-income for sibling relationship. Sibling can only stand as guarantor in cases where the hirer has income but failed in the scoring , eg not so favourable loan repayment track record , too "clean", border-line high commitment, too young in age etc...

2.XX% is based on Fixed Loan interest. If you convert that to something like a housing loan , where the interest charged is based on remaining principal, the total interest you are paying back is actually around 4.5 - 5.0 %. Still relatively low as long as you can use your money for other investment that can generate higher returns, that it is fine. But if you just put the money in FD that gives your back at 4.0 - 4.2 % per annum, then not much point, except that you have the option to withdraw the money in case you need it in an emergency situation.

Usually for Parent-children or spouse as guarantor, the answer is yes, as the bank consider that as joint income. But if you stand as a guarantor for your sibling as in the case where your sibling's income is sufficient but because he has no previous loan history, and therefore bank insist a guarantor to strenghten the case, then your total commitment for future loan is unaffected.

No significant difference or advantage. You still need the vehicle sales order from the sales outlet in order for the bank to approve the loan.

1) Normally, your SA will send the application to a bank in Penang for you because some banks have restrictions in granting loans for hirers who are from other states because it would be difficult to track , in event of any default in the installment repayment. You can therefore sign the agreement in Penang.

2) Nowadays, most banks do not keep the new registration card anymore and your SA will pass the original to you during delivery. Anyway, you do not need the original registratinon card anymore these days to do road tax and insurance renewal because everything is now online. To cancel the HP claim, there is no need to go back to the origin branch, they will update in the system and you can go to the nearest JPJ to have the ownership claim cancelled.

FYI, in event your SA still send the application to a bank in KL and the KL bank is able to approve the loan, they will prepare the agreement and send to the nearest branch in Penang, so that you can go and sign there. But this process is a little time consuming, as they need to print out the agreement and courier the papers over to Penang, and upon signing, they need to courier it back to KL branch.

There are special conditions, whereby an outstation bank is able to approve your loan such as , you are an existing account holder of that bank, or you are a government servant or some highly regarded professions such as lawyer, doctors, engineers etc...

You need to check what is the price valuation set by the bank for that model and year make that you are selling and what the maximum loan is that they can give.
Please note that bank can only give maximum 90% from the selling price. In some instances, it is only 80 to 85%.

It doesn't mean that your buyer can get 66K loan, if the valuation for the bank is lower than that.

Online transfer has an optional personal data that you can key in. This optional data could be your name or IC number or car plate number, which serves as a security and verification that the payment is intended for your car loan.

If you had keyed in this optional data, sometimes, it doesn't match that of the bank record, for example the name could be slightly different or the IC number has hyphen or without, plate number has a space in between alphabet and digit. Such inconsistency will lead to the transaction being rejected.

If you are trying this transaction again, you may want to leave out such optional data and just key in the car loan account number alone but make sure it is 100% accurate, else your payment could go into someone else's account.

Most likely heavily subsidized by the car company for bookings at that event only.

To do refinancing, you got to change ownership to someone else like your spouse or any close relative. Bank won't normally give car loan to the owner himself.

Yes, what you said is true, because bank need proper documents like invoice/ delivery note to adhere to their SOP. Secondly, they prefer to deal with certified used car dealers under their panel, as there is some element of trust and track record to take into consideration in their business policy.

If the current car is still under financing, it might be possible if you apply to the same bank and branch of the seller. All the best.

7.3% is from CREDIT companies, like AEON Credit. It is almost like getting a personal loan in which maybank is offering at 8% per annum interest rate. Most commercial banks are not willing to finance cars that are too old, as the risk outweigh the gain, in event of payment default.

It is not the same . Car loan is on fixed rate, meaning you get charged 3% on interest on the original principal (loan amount) every year, regardless of how much you have paid back in installment. The effective rate for car loan is mostly in the region of 4.5 - 5.0% , which should be the equivalent comparison , in order for FD rate to make any sense.

Yes, you will get charged RM3K every year. Here is the difference for car loan.

Take the example of 100K loan and 9 years loan at 3.0% Interest. Your monthly installment would be Rm1,176
Total interest for 1 year is 3K. After 9 Years, total interest payable is 27K.

Here is the thing, you need to progressively make repayment to the bank each month at RM 1176. It is not like you only have to pay 127K to the bank at the end of 9 years, right? That progressive payment you make each month is an opportunity cost itself, in which you can invest in other things and earn interest from.


Just say for easy calculation (broken into year basis, although it should be monthly basis), bank gets back the following
After 1 year : 1176 X 12 = 14112 (if you invest in FD at 3.8 % would have earned you : 423.36)
After 2 year : 1176 X 24 = 28224 (if you invest in FD at 3.8 % would have earned you : 846.72)
......
......
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After 9 Years : 1176 X 108 = 127000 (if you invest in FD at 3.8 % would have earned you : 3810 )

This means your money has gone back to the bank over time, but the bank still charging you 3% flat rate on original loan you borrowed of 100K.

Housing loan on the other hand, is based on interest on remaining principal only, so you get charged for what you still owe to the bank only. That is why housing loan is usually higher at 4-5% per annum.

Yes, some banks can even impose site visit to work place, as condition for loan approval. Sometimes, they need that to increase their confidence when approving the loan.

For 3 years loan, the rate is considered very good, in my opinion. Any tenure shorter than 5 years, the rate will be higher. The best rate is between 5-7 years.

7 years probably 3.5%
9 years around 3.8%
Estimated.

Try to go back to the same branch and bank of the one used by the current owner. They might allow it. Most banks won't do without an intermediary company to issue invoice, sales order, delivery order etc and one that has a good and consistent track record in the sales of used cars. It is difficult for other banks to do direct auto loan to end user due to trust issue. Good luck.