Resources
1.0 Car Loan
1.1 I need to apply for a car loan, what is required?
You must have a salary of at least 3 times the monthly payment of the car. If not, you will need a guarantor.
1.2 How much loan can I get?
The deposit payment of any car purchase is usually 10% of the total car price. The bank only provides 90% loan unless you are a government staff and university graduate.
1.3 What is the interest rate for car loan?
The interest rate may vary depending on the years of the car and also the make and model of the car. It may vary from 3.75% to 5% or even higher.
1.4 I am currently blacklisted in financial institutions, how do I apply for loan?
Blacklisted person usually cannot apply for any car loan from any bank. However, some of the blacklisted government staff can apply the car loan.
1.5 I don’t have a driving license, can I apply for car loan?
Yes, you can still apply for the car loan.
1.6 I’m under 21 years old, can I apply for loan?
If you are under 21 years old, you will need a guarantor preferebly your parents or siblings. But if you have a very strong income more than 5 times the monthly payment as a permanent employee of a stable company, there should be no problem in applying a car loan if you are under 21 years old.
1.7 I want to purchase a used car for my company, can I apply loan using my company?
If you have a business or company, with all your side income from your business in your business current bank account, you must provide business owner document which state that you have steady income to apply a loan for car purchase.
1.8 What documents (photostat copies) do I need when applying for a car purchase?
Individual Buyers:
- Identity Card
- Driving License
- 3 Month Latest Payslip
- KWSP/EPF Statement
- 3 Months Bank Statement
- Appointing Letter Under Any Company
Gurantor (if required by bank):
- Identity Card
- Driving License
- 3 Months Latest Payslip
- 3 Months Bank Statement
Business Owner:
- Identity Card
- Driving License
2.0 General Questions
2.1 I’m looking to buy a second hand car, what do I need to consider?
Since your choices may be limited by what you can afford, determine your monthly costs before you do anything. Make a list of expenses to own the car including insurance, maintenance, gas, and other associated costs. Does it fit into your monthly budget?
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2.2 How do I know if the car is still in good condition?
- Test drive the car with your trustworthy mechanic, or let the mechanic test drives the car.
- Get whatever service records you can on the car and have the car checked out by a reputable mechanic. A reputable dealer will have no problem with you bringing in your own mechanic to check out the car. They may not let you take it off the lot to do so but most will let you bring someone to the lot.
- Send your car to PUSPAKOM for inspection.
2.3 Can I get low downpayment for the used car?
You can deal with the sales agent to have lowest downpayment by asking him to mark up the price of the car. The downside is you will have to pay a higher monthly payment.
2.4 Can I trade-in my car to puchase the car?
Some of our dealers accept trade-in with a new purchase from their dealership. You can contact respective dealer to discuss on this matter.
2.5 What is the procedure to complete the purchase of a car?
- Car owner must send the car to PUSPAKOM for a full check up.
- Once passed, buyer needs to be at the bank with the car registration document in order to apply the loan.
- Send your car to PUSPAKOM for inspection.
- Get the forms ready for transfer of ownership. You can download the forms from JPJ website. Forms you need are as follow: JPJK3, TM-1, TM-AB (photocopy both buyer/seller IC).
- Go to JPJ and submit all the forms together with car original registration card and also new buyer insurance cover note.
- Wait for the process of transferring name to complete and collect back the transferred ownership of car registration card.
