What's the process when the buyer buys the car with loan?

May 16, 2016
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Kuala Lumpur
Hi guys, lurker here. I'm selling off my car and the potential buyer told me that he's going to loan it. He mentioned that he's going to inform me about the loan within a week whether his application came thru.
As this is my first loan deal, I do have some concerns regarding the payment process.

1. What are the things necessary needed from my part to make sure that it is a safe transaction?
2. What should I be worried of?
3. How long does it take for the money to be in my account?

Or maybe you have any other tips regarding the process that might be helpful.
If it's not too much, do run me thru the while process.
Really appreciate it guys, thanks for reading the post.

Cheers,
Simon
 

Izso

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Hi guys, lurker here. I'm selling off my car and the potential buyer told me that he's going to loan it. He mentioned that he's going to inform me about the loan within a week whether his application came thru.
As this is my first loan deal, I do have some concerns regarding the payment process.

1. What are the things necessary needed from my part to make sure that it is a safe transaction?
2. What should I be worried of?
3. How long does it take for the money to be in my account?

Or maybe you have any other tips regarding the process that might be helpful.
If it's not too much, do run me thru the while process.
Really appreciate it guys, thanks for reading the post.

Cheers,
Simon
- To apply for a loan did he ask you for your a copy of your car registration card to submit to the bank?
- Bank loan if approved should contact you and issue you a cheque or money transfer for the loaned amount. If it's less make sure the buyer tops up the difference. But the money transfer only happens if the Puspakom inspection is completed successfully I think. How old is your car?
- Bank loan for cars is quite tedious in terms of Puspakom. You need to make sure all non-standard things in your car is removed. No tint at all, brakes working optimally, handbrake is tight, lights working optimally, no aftermarket exhaust if possible (too noisy) and make sure tyres are in good shape.
- Ask around for a good runner to help you out if you're not confident in doing all these things yourself.
 

smtrek

Thread starter
May 16, 2016
4
0
1
Kuala Lumpur
- To apply for a loan did he ask you for your a copy of your car registration card to submit to the bank?
- Bank loan if approved should contact you and issue you a cheque or money transfer for the loaned amount. If it's less make sure the buyer tops up the difference. But the money transfer only happens if the Puspakom inspection is completed successfully I think. How old is your car?
- Bank loan for cars is quite tedious in terms of Puspakom. You need to make sure all non-standard things in your car is removed. No tint at all, brakes working optimally, handbrake is tight, lights working optimally, no aftermarket exhaust if possible (too noisy) and make sure tyres are in good shape.
- Ask around for a good runner to help you out if you're not confident in doing all these things yourself.
- Yes he did.
- My car is about 12 years old now and yes I'm aware that it'd be abit difficult to loan the car given the age.
- Hmmm... My car is quite fully modded (Brakes, exhaust, absorber & wheel). Tint is about 80% all around tho. Would all that be an issue?
- How much do these runners charge you for that? Cuz if the time isn't right then I might go down that route. Does that mean they will drive my car to puspakom to do the inspection?
 

Izso

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- Yes he did.
- My car is about 12 years old now and yes I'm aware that it'd be abit difficult to loan the car given the age.
- Hmmm... My car is quite fully modded (Brakes, exhaust, absorber & wheel). Tint is about 80% all around tho. Would all that be an issue?
- How much do these runners charge you for that? Cuz if the time isn't right then I might go down that route. Does that mean they will drive my car to puspakom to do the inspection?
- 12 years old? No bank is going to offer a loan for the car. May I know what brand and model? Best bet for the buyer is personal loan. If that is the case then the name transfer will be super easy including Puspakom checks and JPJ transfer.

- Mods is generally fine as long as it doesn't exceed guidelines. If your exhaust is loud enough to wake the dead then you might need to quieten it before sending to puspakom. Also tint is a no-no. If it's just a simple name change (no bank loan) inspection, then just rip off the front windscreen, driver side glass and passenger side glass tint. You can leave the back alone unless the 80% is super duper dark.. better to rip it off than to waste time with a failed inspection.

- Runners charge anything between 300 to 2000 depending on the complexity of the transfer. Yes they will take the car to puspakom for inspection on your behalf. I assume your car is with its original engine? If yes then shouldn't be too much. 300-500. If there's complications like 2WD swapped to 4WD then the cost is gonna skyrocket as more than likely the runner will use the extra cash to bribe someone to pass the inspections. I'd avoid this because this is a hit-or-miss situation.
 

smtrek

Thread starter
May 16, 2016
4
0
1
Kuala Lumpur
- 12 years old? No bank is going to offer a loan for the car. May I know what brand and model? Best bet for the buyer is personal loan. If that is the case then the name transfer will be super easy including Puspakom checks and JPJ transfer.

- Mods is generally fine as long as it doesn't exceed guidelines. If your exhaust is loud enough to wake the dead then you might need to quieten it before sending to puspakom. Also tint is a no-no. If it's just a simple name change (no bank loan) inspection, then just rip off the front windscreen, driver side glass and passenger side glass tint. You can leave the back alone unless the 80% is super duper dark.. better to rip it off than to waste time with a failed inspection.

- Runners charge anything between 300 to 2000 depending on the complexity of the transfer. Yes they will take the car to puspakom for inspection on your behalf. I assume your car is with its original engine? If yes then shouldn't be too much. 300-500. If there's complications like 2WD swapped to 4WD then the cost is gonna skyrocket as more than likely the runner will use the extra cash to bribe someone to pass the inspections. I'd avoid this because this is a hit-or-miss situation.
- It's a 2007 Audi TT, I'm guessing he's applying for personal loan then since he didn't really mentioned what sort of loan is he going to apply for. So does the process where they call me and provide me with check/transfer still applies or different for personal loan?

- I see, I guess I should be alright however the 80% is not referring to the darkness but the VLT tho. So it's actually pretty visible. :biggrin:

- Yes it's all original, nothing illegal lol. Prices sounds good to me, I guess I'll go down that route.
 

gunnerzz

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- It's a 2007 Audi TT, I'm guessing he's applying for personal loan then since he didn't really mentioned what sort of loan is he going to apply for. So does the process where they call me and provide me with check/transfer still applies or different for personal loan?

- I see, I guess I should be alright however the 80% is not referring to the darkness but the VLT tho. So it's actually pretty visible. :biggrin:

- Yes it's all original, nothing illegal lol. Prices sounds good to me, I guess I'll go down that route.
Personal loan then its easy.

U Just do puspakom, he pay the price, then transfer ownership.
 

Izso

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- It's a 2007 Audi TT, I'm guessing he's applying for personal loan then since he didn't really mentioned what sort of loan is he going to apply for. So does the process where they call me and provide me with check/transfer still applies or different for personal loan?

- I see, I guess I should be alright however the 80% is not referring to the darkness but the VLT tho. So it's actually pretty visible. :biggrin:

- Yes it's all original, nothing illegal lol. Prices sounds good to me, I guess I'll go down that route.
Trust me, 80% VLT is still gonna fail. Their machines are never calibrated and will fail you as long as you have tint.
 

vr2turbo

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Trust me, 80% VLT is still gonna fail. Their machines are never calibrated and will fail you as long as you have tint.
Heard the same thing from my friends. Both fail as long as got tint......lol
 

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