Used Car Financing in Malaysia: What You Need to Know

Used Car Financing in Malaysia: What You Need to Know

Securing a loan for a used car in Malaysia involves a few key steps. This guide breaks down interest rates, required documents, and the seamless application process when you buy from Intercontinental Motors.

Used Car Financing in Malaysia: What You Need to Know

Financing a used car in Malaysia is a common and straightforward process, but understanding the details can save you time and money. Here’s everything you need to know about getting a used car loan to drive away in your dream vehicle from Intercontinental Motors.

Understanding Loan Interest Rates

Used car loan interest rates are typically higher than those for new cars. Rates can vary from bank to bank and are often influenced by the car's age. For vehicles between one to five years old, you might see rates starting from around 3.65% p.a., while older vehicles may have higher rates. It's always best to compare offers from different banks to find the most competitive rate.

Documents Required for a Used Car Loan

To apply for a loan, you will need to prepare a few essential documents. Having these ready in advance can speed up the approval process. Our finance experts at Intercontinental Motors will guide you through this, making sure you have everything in order.

For Salaried Employees:

  • MyKad (front and back copy)
  • Driver's License (front and back copy)
  • 3 to 6 months of the latest payslips
  • 3 to 6 months of the latest bank statements
  • Latest EPF statement

For Self-Employed Individuals:

  • MyKad (front and back copy)
  • Driver's License (front and back copy)
  • Business Registration documents (SSM)
  • 6 months of the latest company bank statements
  • Latest Form B/BE with LHDN payment receipt

The Loan Application Process

Once you've chosen your car and prepared your documents, our sales advisor at Intercontinental Motors will submit your loan application to the bank on your behalf. The bank will then assess your financial standing and the car's value. Loan approval typically takes a few days. Once approved, you can sign the loan agreement and proceed with the ownership transfer.


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About the Author

This guide is brought to you by the team of automotive experts at Intercontinental Motors. With over 30 years of experience, we are committed to providing valuable insights to help you make informed decisions. For more, learn about our story.