Hello everyone,

our situation is quite difficult. We want to get a car loan - my wife is working as a contracted employee and also running a sole proprietorship. we registered SSM (more than 2 years ago) and opened current account. our company has only one client, from Germany, with partnership contract and fixed income of 11k a month.

The bank told us now that they only use 10 % of the income for their calculation, so instead of 11k the base is only 1k. so we are getting rejected. What can we do to bring in the full 11k? it is very frustrating, we could easily afford a mercedes but we can not get a loan for a perodua coz they are using only 10 % for their calculation.

hope to get any ideas from you guys

does it make a difference? we have a contract with our customer, so it is fixed income. thought it might be better to have a fixed one rather than a flexible one.

thx for the replies so far....

our bank statements are healthy, we delivered every document they needed, also all of the invoices that they can track the money. tax refund fillings arent required for that kind so far and also foreign-sourced income is not subject to income tax in malaysia.

public bank said it is their guideline that they calculate with 10 % for companies. i asked why, no answer, just always said their guideline. thats malaysia how i got to know it so far, if you ask further no one wants to and can give you an answer.

1 customer is higher risk? even with endless contract? i dont know... if you are an employee, you also only work for one company and not for 50

and now to that previous loan point. that is the most absurd criteria i have ever heard and if you tell bankers from other countries like germany about it they start to laugh about it. taking a loan lowers your credit score and a good credit score is important to get a loan. also means your cash flow is not healthy. it doesnt make sense at all. i know they wanna see if you are reasonable and paying your installments, but it doesnt say if i will do it in that case too. like i said it is really absurd.

but my wife is paying back her PTPTN and that counts they said, so it cant be the reason too.

well guys, yes we only have one client, but thats a full time job to do the work for that client. no one says a sole proprietorship must have more than one client.

that company is based in germany, so we can not just join them as an employee. easiest way is the way we have. and bank statements are 6 months as required.

we want to buy a perodua aruz, not a benz... but we could afford a benz, no problem. i understand that some companies are more difficult to track the cash flow and thats why they calculate with 10 %, but you also have to judge every case differently. we only get the money from one source, it is like a salary... not logical to me.

why we dont buy cash? maybe we dont have 80k in cash right now