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 Latest Car Loan Rate 2012-2021| 2021

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Jinster
post Feb 16 2012, 11:21 PM

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9years is okay but the interest rate is a lil bit higher compared to 7years and 5years and below..if they are willing to use the car for 9years, then can't say them..usually if u know the car can last long then by all means, go for 9years unless u're the kind that will keep changing cars after 5years or so...

proton and perodua is having somewhat a lil high interest rate compared to other makes, to balance it maybe? lol i don't know..it has been like this for a very long time..

no need talk about nissan as their rates are out of the topic due to their so and so with banks..

other than that...it's mostly 2.4ish% lately..considered okay already compared to before

anyway...bank negara made or rather is using quite a lot of new laws and whatnot >.< making it difficult for some people to get loan for new and used cars...
Jinster
post Feb 17 2012, 12:10 AM

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i'm more worried about bank negara lol..
Jinster
post Feb 17 2012, 01:27 PM

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u can take 9 years loan and settle it within less than that..interest will then be calculated again as the monthly installments is paid..
many buyers did that and they are contented with it smile.gif
Jinster
post Feb 17 2012, 02:25 PM

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yes, however they are happy with it when they can settle it earlier and at the same time, save a lil bit

well it's up to them as it is their decision to make

owning a car already would make us feel happy
many others can't own a car
Jinster
post Feb 17 2012, 03:10 PM

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well this is a forum and we are in a discussion and it's getting kind of out lol..
anyway back to topic..

from Bank Negara Malaysia: New Guidelines for Loan Borrowers

1) Propsective loan borrower will be assessed based on net income basis (instead of gross income) after deducting statutory deductions for tax and EPF and all other debt obligations (eg. car loan, other housing loan, credit cards) – effective from 1 Jan 2012;

2) Maximum car loan period not exceeding 9 years – effective from 18 Nov 2011.

On the maximum car loan period, it is not expected to have a signficant impact to many potential car buyers are currently there is only 2 banks offering car loan more than 9 years and approx 98% car loans are within 9 years.


all the best to everyone taking loan..

This post has been edited by Jinster: Feb 17 2012, 03:12 PM
Jinster
post Feb 17 2012, 03:21 PM

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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
Jinster
post Feb 17 2012, 03:48 PM

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just nice for after probation period i guess?
Jinster
post Feb 18 2012, 01:14 PM

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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...
Jinster
post Mar 12 2012, 01:51 AM

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if can take 7 years or 5 years then by all means, do it smile.gif
plan ur budget well~
good luck
Jinster
post Oct 18 2012, 01:13 PM

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QUOTE(Ann Anfal @ Oct 15 2012, 11:03 AM)
I plan to buy Hyundai i10 and make 10% DP for the car. i just started working with basic salary RM1800.
It is possible for me to get the car and what requirement needs fro the bank? and what is the interest rate bank would dump on me and it is possible for me to get lower interest rate?
*
won't hurt trying smile.gif
all the best and congrats when getting ur new car ^^

This post has been edited by Jinster: Oct 18 2012, 01:14 PM
Jinster
post Nov 14 2012, 03:37 PM

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not asking you to go to each banks..
usually when you want to purchase a car from a car showroom, the sales fellow will introduce bankers for you depending on which bank you would prefer, from there, they will help handle for you, usually 3months payslip and photostat copy of your IC, etc etc is needed..

 

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