A quick question, can a foreigner get a loan for used car in KL?
I'm working here for quite some time btw...
Car price is around 8K..
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 Jul 8 2016, 10:38 AM
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#1
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Junior Member
112 posts Joined: Oct 2010 From: Setapak, Kuala Lumpur  
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Jul 9 2016, 09:42 PM
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#2
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112 posts Joined: Oct 2010 From: Setapak, Kuala Lumpur
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QUOTE(TOMEI-R @ Jul 9 2016, 12:50 PM) Why would you need to get a loan for a car which costs Rm8k? Aiyah, too bad then.. No banks or credit companies will give you a loan for that. But still, just want to ask whether a foreigner is eligible for loan? given that I've been working in MY for around 4 years, currently working on one of the company that is not going to go bankrupt anytime, I have my aunt, cousins here |
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Jul 9 2016, 09:43 PM
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#3
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112 posts Joined: Oct 2010 From: Setapak, Kuala Lumpur
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QUOTE(Buydirect @ Jul 9 2016, 12:47 PM) Yes, you can but the margin of financing will not be very high. In most cases, bank will only approve 70% of the market value. I dont really get what you mean.Do u mind explain a bit? I'm new to financing things. |
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Jul 15 2016, 04:13 PM
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#4
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112 posts Joined: Oct 2010 From: Setapak, Kuala Lumpur
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QUOTE(Buydirect @ Jul 13 2016, 02:01 PM) This is to say, if the market price of a particular car model is RM50,000, by law, qualified ordinary citizen of this country shall be eligible for a loan of up to 90% of the car price i.e 90% X 50,000 = 45000 loan. However, for foreigners, the maximum loan margin is only 70% i.e 70% X 50,000 = 37,500. In other words, you need to come up with a higher down payment of 12500, instead of just 5000 for locals. oic, get it..thanks for explanation. For everyone here, I have a question again. My cousin, she is a Malaysian, going to stay abroad with her husband at US and going to sell her car just before going. From what I read in this thread, I will be able to get a fast approval if I can get a local guarantor. So, is it possible for me to get my aunt (which is my cousin's mother) as a guarantor? She is a malaysia citizen ady for long time ago. I know it sounds stupid  just looking for some opinion, what is the best way to purchase my family member's car.btw car price should be around 40K+ |
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