about recond car, bank will not loan on how many years old car? more than 10/12/..yr?

[dave2020]

hi guysi heard recond car is very hard to sell especially when it's over 10 years ?i see some E39 recond and reg on 2000, and hardly can sell out , is this due to it's nearly 10 years and most bank wont loan for it ? or the loan amount is 50% & lesser ?or can someone tell me until how many years a car (let's take a recond E39 1997/2000 uk spec for example, after next 3 years then it will become 12y/o already) and at that time if i sell, do u think bank will loan for this recond car? if do, how many % max ?and what about same model & spec's CKD(local) car? will bank loan more years & more % for a CKD car even it's already 12 years old?plz advise..thanksDave

 

[aramis]

if you are willing to "settle", anything can be done.

 

[aramis]

My previous car, Honda EG6, was 14 years old. The buyer managed to get loan after he "settled" it with teh officer. Loan was 80%.

as for my current car, recond unregistered E46 320i, I checked with the bank before and was told I can loan up to 95% for 9 years.

If your credit health is good, with a bit of settlement, I dont think you have any problem getting high loan.

 

[dave2020]

so recond car still can loan up even it's 14 y/o ?

but how will the seller get the loan ?

if i m direct car owner? then better to give used car shop to do this "settle" ?

bcos have a 93/95 C180 ... used to ask some bank they said dont really can loan to this car..

any idea ?

thanks

Dave

 

[hamann18]

hi...

most bank offer 80% to 90% margin of financing for not more than 10 years old car, and 5 to 9 years max for period of financing. if more than 10 years old , their margin range from 50% to 70% and only for 3 to 5 years.
-syam-

 

[burn]

was trying to get a car bank loan for a 5yr old recond honda inspire few years back. none willing to offer since it's a recond model. maybe, if buying through used car dealer, then it should not have any problem!
or maybe, only certain recond car models are allow to get loans!

 

[theCROW]

if you are willing to "settle", anything can be done.

True
All you need to do is to find 'kaki'
hint: used car people

 

[hamann18]

hi...

most banks will grouping used cars into 2 groups, namely popular n unpopular model ( regardless cbu, ckd or recond ). for unpopular model, loan can be obtain but in smaller margin ( ie 60% to 70% only ). it will be based more on character financing. i guess inspire fall under unpopular model.

btw, please check the import document properly before u decide to buy any recond car, unreg or 2nd hand. make sure u have every copy of it ( custom form, Ap, previous regn card, cancellation of the previous regn card )as it is required by 2nd hand dealer when u wanna sell it. AP can be doublecheck with pekema.

-syam-