Hi guys, I intended to purchase a used car (direct deal with owner) via bank loan.

May I know any HP banker which I can rely on? As I am going to sell my old car to Carsome on Thursday, hence will need a banker who can get approval for my loan in 2 days.
(Booked another car on Feb and got loan approval before, my ccris ctos dsr all passed)

I am target to get everything settle on Friday. The downpayment is ready too.

Thanks a lot!

IIRC, local banks don't offer HP loans for used car; unless its a pre-owned/pre-registered cars from market brands/direct manufacturer.

Best you can go for are personal loans for bank, to act as a car loan for your 2nd hand car.

Else, a better option is to have a personal loan between family/friends, a loan in exchange for a interest rate higher than the bank's Fixed Deposit rate.

Someone may correct me on this, but those are what I can recall.

Just walk into the hire purchase department. Ask them to for a banker to handle your application.
Mine got approved in 3 days upon submission of relevant documents. (Bandar Puteri Public Bank - 2nd Floor)

If you dealing with a used car dealer, even better. Just pass the banker contact info to the salesperson. They'll know what to do.

This post has been edited by Icehart: Sep 14 2021, 12:55 AM

A quick glance at a few local bank site did mention hire purchase available for used car but not sure if it’s that easy to get the loan approved tho.

bank wont deal directly with borrower, i tried that before. bank wants to deal only with Car dealer because they already got profile and record with the bank.

for individuals banks need to do stringent check as there are many fraud cases like fake documents etc. bank dont want to take the risk and also waste their time dealing directly with individuals.

unless you have your personal banker and have very good financial profile working for some MNC company. bank will give you the loan base on your track record.

easiest way is still through Car Dealer but you really pay extra $$ for car dealer to earn. they will charge you finance processing and also they want to make money from the car that you buy direct from owner.
although that is your effort and direct dealing but you use them you need to pay.

What bank is that?

Absolutely correct 👍

.. All my family cars new or use also direct walk in bank deal and also one time manage to get few banks quoted for interest comparison...

I think it depends on the credit rating of the borrower. If it's someone with good credit rating, the bank will have no problem dealing with them.

hi ts, may i check if you managed to secure the loan directly with the bank? im just curious what is the max loan tenure and the max age of car banks will consider?

i've embarked on my journey to get a used car too direct with the owner, so any info would be helpful. thank you.

Yes, got my loan approved with PBB & HLB
Signed with HLB due to rate offered is lower (3.45% vs 3.01%)

My loan is 9 years, max car age i am not so sure cuz the car i bought is only 10 months
You may check with the banks😁

Hi ts, thanks for the info and congrats on your new car 😊

Carlist actually has a loan application service now. Quite a complete range of services. It's rm1500 all in i think including puspakom and all.

They even can help to settle the seller car settlement for rm500 fee.

You can try using Carlist Essential Service. They do everything for you, including Hire purchase part.
https://www.carlist.my/form/carlist-essential-services