|Condition||Maximum Years||Margin of Finance||Interest rate|
|New||9 years||90%||3.31% p.a.|
|Used||7 years||90%||4.1% p.a.|
How much the bank charges you based on your loan amount & loan period
You need to be at least 18 years old, with a monthly salary of RM2,000 to apply for this hire purchase. There are a few factors to consider during your application, including your age, income, type of car, and your overall credit worthiness. If these criteria are found wanting you may want to find a guarantor.
Again, there are a few benchmarks to take into account. Is it a local or foreign car? it is new, or old? is it a popular model? All these things are used to determine how much you can borrow, the interest rate, and how long you can stretch your monthly repayments.
For a new car, you can finance up to 90% of the car's value for over a period of nine years, whereas a well maintained 10 year old car can only be financed for up to 80% of its market value for a maximum of 3 years.
Once your loan has been approved you'll be given a schedule of your fixed installments, detailing all the relevant information about your monthly repayments.
You can easily transfer the money via. online, ATM transfer, or Standing Instruction
The consequences are, well, bad. It will cost you extra 8% interest on the outstanding amount, even if you're one day late! If you miss on your repayments for two months in a row, you might have your car repossessed by the bank.
Not only is it allowed, but you will be rewarded for it - instead of a penalty, you will be entitled to an "ibra" (rebate) on the remaining lease charges.
Latest 3 to 6 months salary slips
Latest EA statement
Latest tax return
Last 3 months Current Account statement
Last 1 year tax returns and receipts
Latest 6 months Current Account Statement/Savings account passbook
We’ll guide you through your application for this financial product