I would like to know the answer to this too. I expect a reason is that BLR rates will go up? But will it increase until effective interest of at least 2.5?...to make it lose out to fixed rates? I welcome those more knowledgeable about this to explain.

Oh I see.. Nah, I don't plan to pump in extra money monthly.. Rather do that for housing loan with higher interest rate instead. Can see effects faster. Thanks..

Depends.. As long as there's stock, no reason for SA to delay reserving or selling you the car.. if no stock, then i guess there's a queue they have to follow. All please correct me if i'm wrong. According to my findings, SA is more serious when loan approved at least. Cuz it shows you are more committed to getting ready stock... Still depends on which SA. Some are quite ethical and will keep for you even if someone else comes along with cash. Others may just push yours aside and give the more ready buyer.. Pushing you further down the line..

Yeah... That's why I signed LA and paid DP awhile back. So now they got full payment.. Must release car d.. if i wait until September to get the car.. It's still a 2018 car and that's more months i didn't get to utilize the car..

Yeah, can confirm this.. Payments only start 1 month after car has been registered in one's name.. So, apply and approve now, only get car next month or so.. It's okay.. Won't have to pay a sen and as long as car not registered.. Can cancel, if one wants to switch brands or no longer interested.

I'm not entirely sure cuz didn't go that route. Though I've heard of people who simply approached banks and asking for a soft approval for loans. Then when comes time to apply proper, they compare the various offers they got with that of the car seller and take which is best. Of course, more paper/leg work will be needed if one decides not to go with the SA.

According to my SA and the loan officer? Yes! Banks do not ask for loan payments until the dealer has provided full documentation including delivery order/confirmation. Which probably means that they don't release the money to the dealer without confirming delivery. So in short, no such docs, no penalty and you can walk away from it all and have your booking refunded too.

Of course, you will have to show proof to the bank that you aren't simply canceling for fun.. But that the car is simply taking way too long or not as agreed..etc.. Leave you to be creative here. Once they are satisfied it's not your fault, they let you cancel.. Most banks can do so with just a phone call and or email for verification. To be safe, make sure to give the SA a certain deadline you are comfortable with, to fulfill car delivery...else you'll cancel and walk away.

Not a must but it helps. Booking alone should be sufficient but as you should know.. Money speaketh and determines level of effort

So far, signed the booking, loan agreement (just generic car & finance details..Chassis number are left blank) and paid up DP in full. Car is being registered and prepped. Will let you know what else happens when it's time to handover the keys.

This post has been edited by voncrane: Jun 7 2018, 05:33 AM

Please search the thread or go back a couple pages.. Been discussed a few times..

Err, same bank that gave the loan? Normally, it's supposed to be considered income too. Especially if you've already received at least one year's dividends.

Alright.. You do that. Higher chance of approval cuz in house vetted already. Good luck!

Yours new car or used and older, say 10 years old car? Cuz usually for the latter, they would quote higher interest rates. Also depends on loan figure and personal repayment risk factors. if you have say 10 year record of diligently paying all cards and loans monthly without fail with Bank A, Bank A will be willing to offer lower interest rate as they know you are a good paymaster and can service the loan till end.

This post has been edited by voncrane: Jul 18 2018, 03:12 PM

oh.. then basically what user akira87 says..

AFAIK.. Nothing... As long as car has not been registered under your name.. Just go to bank and ask to terminate the agreement. Usually, they'll agree to it.. no penalties.

Yes, usually only sign such once the car arrives and confirmed for you. Typically, If you don't pay up completely (deposit + loan signed), the car will not be registered in your name. So signing before seeing the car is just to prove that you are quite serious and might bump you up the line. In my recent case, the signing was done at the sales center. Bank's agent brought the forms for signing. You can arrange such too. Make it so that you complete all other payments on the same day too. Just one trip. Next will be to pick up the car after its registered.

You are welcome.. Same here, don't simply sign upfront. It's a new car purchase and not a once in a lifetime classic car purchase. There will always be a new car to choose from. Just time only.

Yes.. AFAIK, it's a positive effect. Especially applying at the bank with the card you do the most spending with and payments. If you've been with them long enough, they'll see you as a good paymaster and be more inclined to approve the loan... Within reasons of course.. Unless you are super cash rich or of simpler means and or don't care, it's encouraged to have at least one card and use it. Just always pay in full on time, every time. Builds one's credit.

Still can be adjusted. Call up Maybank and ask to renegotiate for a lower loan amount. Since they've already approved you for one, it'll be easy to adjust to a new amount. Do take note that, depending on the difference, the interest rate might go up slightly. Cuz now, you are borrowing less. You can nego the rates too.. Hint, tell you've already gotten approved for a lower rate x% by another bank.. See how.

You are welcome.. Best to know the rates beforehand.. So contact your SA and have him or her tell you the approved amount and rates. Once you've confirmed this. You can give the bank a call on Monday morning. Ask for car loans dept and you'll get transferred.. Give IC# and verify you are the lender. Afterwhich, can put in request for lower amount and interest rate if possible. If your SA is good, this can be done by em too. Either way, bank will still need you to confirm the loan amount and interest rate before drafting docs to sign..

That's a bad SA right there.. Where can loan approved and he doesn't even bother to share the details of the loan.. How the hell are you supposed to agree to something you don't even know about. Then he tells you to go settle with bank first. Hey, you sure got loan approved or not.. Cuz in my experience the bank themselves will call you to inform about the particulars of the loan.. Then can arrange either bank agent comes to your office or meets you at the sales center with papers to sign.

Now unless you aren't using the SA to liaise with the bank. Then yes, you'd have to do the running around banks to submit docs for approval.. Yes!! Must check docs again and again before signing.. Similarly with the car. Don't sign and or pay rest of downpayment if the car has not been allocated to you and physically present for you to view first.

You do that.. no worries, it's a fairly simple process and both SA and bank loan officer wants your money. So they'll be accommodating.

Probably cuz it's a used car? It's a lower amount than norm and stretched for a longer period. High risk payee? So they hiked the interest rate so they make as much of your early monthly repayments..

If like that.. Then its way too high.. go elsewhere..