Financing: Cars older than 10 years

[bollinger]

Nowadays, financial institutions such as banks and even credit companies are very careful in giving out loans. Loan defaulters, blacklisted people, people who even pay late would have a very hard time in getting loans from these institutions. Even those with a very high outstanding commitments such as with credit cards, personal and housings loans are not excluded. These are all new Bank Negara guide lines as Non Performing Loans are very high.
Central Credit Reference Information System (CCRIS) and CTOS are two databases that these financial institutions use to check on your credit rating. So don't believe what you hear outside regarding failure to pay up your debts will not result you being blacklisted. Failure to even pay your Celular bills, furniture /electrical item loans will result you being listed as a loan defaulter. Mind you some people are not even paying for their PTPTN loans and they want to get a new loans for a car or a house.
So the only solution is to borrow from Illegal Moneylenders a.k.a Ah Longs. Even these 'Ah Longs' are very careful in who and how much loans they give out too. High interest rates and high processing fees are the highlights of borrowing from these people not to mention when failure to pay up will result you being harrassed, splashed with red paint, get beaten up or worst if they go extort from your families.

does the guide line from bank negara applies to new cars?

 

[spoon civic]

loan from credit company
loan from friends/relative
personal loan from bank

fyi, bank still can accept non national car not more than 12 years but depends on model and variant. they are very selective and also interest rate will be very very high, loan margin only 50% of car price and tenure only 4 years. but it based on panel used car recommendation also...

gud suggestion bro.................:wavey:

 

[TOMEI-R]

does the guide line from bank negara applies to new cars?

Yes bro. The loan amount that could be approved is based on your NETT Salary. The NETT Salary is when you less out all your EPF, SOCSO, Club Membership ETC ETC. Then after they less out all your current commitments including your credit card, housing loans, personal loans. Then with your NETT Salary, then only they compute how much loan you qualify for which your installment could only be 1/3 of your NETT Salary.
Your NETT salary has to be Rm1500 and above to qualify you for a loan eventhough you could be buying a wira with less than Rm300 installment. If your net salary is less than Rm1500, then you would need a Guarantor that has to be your spouse or parents ONLY.
The terms applies to all New, Reconditioned or Second hand cars.
Hope this helps.