Just wondering - This is the current situation.

I've not applied for a car loan in the past 6 - 7 years so I'm a bit outdated on the current scene. Maybe someone can help shed some light?

I'm a sole proprietor with 2 active companies. Each with a +/- turnover of around RM20k a month. Company A filed for income tax last year with a nett profit of over RM60k. Company B never filed for taxes.

Recently (4 days ago), I decided to purchase another 2nd hand vehicle priced at RM108000. Agreed on a RM43k down payment and proceeded to apply for a RM65k car loan.

I have RM48k in credit card debts (RM100k are my cards limit) and my CCRIS shows 80% Zeros 20% Ones. No house loan. No car loans. They are all paid up.

So the question is, does the above warrant a loan from the banks? And I was under the impression that these applications take only a day or two. It has been 4 days! Is it normal? What deems you a creditworthy person?

Lastly, loans sux big time.

Hey ccvv,

Thanks for the heads up. Guess it's just been a while now since my last purchase so a bit anxious

Bank statements for both companies submitted. Repayment term 7 years with an interest rate of 3.4% p.a. Which means the monthly repayment is somewhere below 1 grand. It's an imported car. Supporting docs from customs and Puspakom handled by dealer.

Thx again for sharing. Will update in a few days for the benefit of readers. Fingers crossed. Cheers!