9 Things Every Malaysian Millennial Needs To Know Before Applying For A Car Loan

Prev1 of 9
Use your ← → (arrow) keys to browse

Ah, the joys of adulthood.

Deciding to buy a car isn’t an overnight decision. Lots of careful and tedious planning has to be done before you green light it. Once you’ve decided to get that car you’ve been eyeing, here comes the next step: figuring out car loans.

We’ve listed the most important things you need to know before settling for a loan.

Am i eligible for a loan?

You better take note!

Generally, you can only apply for a car loan if you’re 18 years old and above. Banks will check your monthly income to see if you fit the criteria. If the loan’s monthly instalments cost more than your salary, the loan will not be approved.

During application, these documents must be provided to prove your qualification and will be submitted along with the application form:

  • Photocopy of your IC
  • Copy of a valid driving license
  • Copy of your latest pay slip (3 months) from an employer or latest bank statement (3 months) from your savings or current account (to show monthly salary credit)
  • EPF tax return/latest income statement with proof of tax payment

If you are self-employed, you must provide your bank statement for the last 6 months, and you may also need to have a guarantor with a stable income. You will also need to prove that you have a good Central Credit Reference Information (CCRIS) rating, so be sure to pay your credit card bills and other loans on time.

READ: 5 Smart Things To Do If You’re Falling Behind On Credit Card Bills

Prev1 of 9
Use your ← → (arrow) keys to browse

0
like
0
love
0
haha
0
wow
0
sad
0
angry
No Comments Yet

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

4 × three =

Subscribe       Advertise      Sitemap     Privacy Policy

facebook_icon   twitter_icon   tumbler_icon   instagram_icon   snapchat_icon   pinterest_icon   youtube_icon

™ + © 2016 Blu Inc Media Sdn. Bhd. (7208-K) All rights reserved.
Lot 7, Jalan Bersatu 13/4,Section 13, 46200 Petaling Jaya,Selangor, Malaysia.

 

cleo_magazine_footer
cleo_magazine_footer
Get your e-copy of CLEO here:
Open