Question 1

What documents do I need to apply for a car loan?

Accepted Answer

Typically, you will need your IC (MyKad), a valid driving license, your latest 3 months' salary slips, and latest 3 months' bank statements. For self-employed individuals, business registration documents (SSM) and 6 months of bank statements are usually required.

Question 2

What is the typical interest rate for used car loans?

Accepted Answer

Interest rates for used cars in Malaysia typically range from 3.0% to 4.5% per annum, depending on the car's age, the loan amount, your credit history, and the bank.

Question 3

What is the maximum loan tenure I can get?

Accepted Answer

The maximum loan tenure for a used car in Malaysia is usually up to 9 years, subject to the car's age and bank approval.

Question 4

Can I get a loan if I have a poor CCRIS/CTOS record?

Accepted Answer

It can be more challenging, but not impossible. Some banks may consider your application with a higher down payment or a guarantor. We have experience assisting customers with various credit profiles and can advise you on the best options.

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