Hi guys,
wanna to ask about car loan agreement.

I booked a car and my loan application is approved.
banker called to me sign loan agreement but somehow SA can't confirmed when have car for me.

SA gave me reasonable discount and this discount only valid before end of this year, he claimed if i collect my car next year, then the discount is different. (can't confirm how much different since it's manufacturing year 2019).

question:
1. Should I sign loan agreement first? or wait until SA have car for me only sign loan agreement?
2. If i sign loan agreement now, can I cancel the loan if next year discount is very very low and doesn't worth to take it?

appreciate ur comment and answer

You can sign first, because SA usually will book the car for you after your agreement is being signed.
I gone through this, i booked for myvi, signed the loan agreement in july yet till october also havent get the car.
So i cancelled the booking and the loan. No problem when i apply for another loan to purchase another car.

my loan is approved, SA should find car for me right?

any cancellation fee charges??? booking fee can refund?

SA already know my loan is approved, SA said will try his best to find car for me. But when have car still unknown

no cancellation fee. my SA say booking fee will be refunded, but i'm still waiting la

If not mistaken, loan agreement only last for 3 months (at least for my case lah). If within 3 months after u signed the agreement, still no car, then, u need to re-apply again.

But, what if Bank Negara rate goes up, interest rate goes up, do u get the old rate or new higher rate? Then, u will use new, higher rate if u re-apply. But, if rate fall, of course, u will get the lower rate lor....

By right, your SA should start book for your car the moment u put in deposits. Then, when about time to get delivery of your car, they will follow up (depends on SA lah) whether your loan everything in order or not, and ask u to prepare make payment to the balance of down payment, if any. Then, once confirm the loan approved, balance of down payment settled, they will release the car to u.

So, loan can take your own sweet time one, but, of course, some SA might want to wait to see loan approved only book car (especially car less in demand, exotic car), but, for common car, if your loan not approved, they just release out to next customer jer......additional paperwork lah....

3 months is from the date u signed? or from the date loan approved?

Honda CRV, heard that hard to get car by this year, most of them sold out

Signed. Coz my loan was approved 1-2 months, verbally lah....but, since no car, i also lazy, the bank oso didn't chase. Then, after I ask, only they start to chase me to sign, but, then, car also not arrived lah....

This post has been edited by 2feidei: Nov 1 2018, 04:58 PM

i booked for modern steel or dark blue.
yesterday SA told me have black olive but i reject

if SA confirm have call for me, then i will pay deposit. now only pay 1k for booking fee and loan is approved.
hopefully SA have car for me, then i can go sign agreement and give deposit.

This how Honda work, as what my SA told me lah........once u put down your booking fee, they will input into the system which link to Honda Malaysia lah.....then, behind scene, Honda will collect or use this info for the manufacturing planning.

Then, beginning of month (or mid, or end, not important lah, most important is timeline), they will send out car to be deliver within that month, i.e. 30 days or 3-4 weeks time lah to all dealers. Then, the dealer boss will allocate out the SA lor.......it is then up to SA want to tell u or not lah, like my SA, he called me lah, eh, Mr 2feidei, your car will be arriving xx month lah, u still want or not ah? (Reason coz I book during tax holiday period, but, car kenot arrived on time). If u want, they will continue queue for u lor, if no, then, they release it out to others lor.

Once I said ok, then, he arrange for necessary loan for me lah. All kaotim within 2-3 days, approved, but, since no car I pun relek lor......no chase agreement.

Then, 2 weeks before actual delivery, this time, they already can confirm with u, exact date u can collect your car, he will ask u settle all outstanding down payment.

So, conclusion, very high chances either your SA also don't know your current queue and estimate arrival, therefore, no tell u. Or, they roughly know, but, don't want to tell, coz later tell u jor, cannot deliver, kena from u. So, even they tell u also, they can only tell u, agak agak when arrived only, +/- 1-2 months gap

My suggestion lah, signing loan agreement is not important, it will lapse even after u sign if u don't get your car, so, u sign now or sign later, no problem. Does not mean once u sign, u start paying installment.

What's important is when u get your car. Pertaining discount, it depends lah, usually Dec discount won't be lower than Nov discount one lah, if not more. Jan 19, cannot say lah, new year jor......although still 2018 manufactured.

So, u can tell your SA (at least this what I told him lah), I don't care when car arrived, but, the discount must not lower than what I book that time, else, please auto-cancel.

So, I missed the tax free period, Oct car not arrived, but only arrived in Nov, I told him, if Nov discount lower than Oct, I will cancelled it.

he late deliver for me it's ok.
what i worry is, after i sign agreement, then car can collect in next year january. suddenly SA told me no more 5k discount due to manufacturing year 2019 new car.
then i GG lo, have to cancel loan some more.

No need, u just don't want take delivery of the car

Alternative, u don't sign the agreement until they can confirm specifically with engine number and chasis number printed in the loan lor

but, then, if the loan lapse, u need to re-apply again. If u ask SA do, additional work for them, but that's their role lah....if you apply your own, own legwork lor....

risk will be, will be Bank Negara change interest rate?

This post has been edited by 2feidei: Nov 1 2018, 05:29 PM

i more worry about after re-apply, then loan not approve

i dunno about the discount for nov or dec la.
but SA told me, now no enough car to deliver, definitely nov and dec no special discount.

Aik....why approved initially, then, reject subsequently? Unless u got some major change in your financial, then, doubt so lah.....

Nov discount out jor. Dec not sure, but, per what SA told me, won't be lower than Nov one lah.....at least match else many will rage and cancel booking. Jan 19, nobody know.

Waa.. nov discount for crv only 4k. Oct also 4K. no different ==

This post has been edited by carboy123: Nov 1 2018, 07:30 PM

must ensure SA got car for you by this year... If no.... Then find another SA in another branch... If all the same... Cancel the Loan and tell the truth to Bank Officer...

SA keep telling me that no car for now, the answer of "getting car" still unknown.
BANKER keep chasing me to sign agreement, i told him i will sign only when SA give me a confirmation of car collection.

since SA said unknown... Cancel it or find another branch who has the car for you...

can i sign agreement but buy the car from different honda branch?

dont sign first.... try to search other dealer in other honda branch to see if they have a car for u... If they have, then tell them the scenario like tat, ask them can make the loan sign or not... They will know how to do

okay, thanks for ur advise

If I can help.... sure I will help no worries... You are much welcome...