Current hire purchase deals in Malaysia

[king82]

Hi guys...Has anyone gotten a hire purchase loan for a second hand BMW lately? If you or someone you know has, I would like to know:1) the current income requirements? e.g. installment not more than 1/3 of gross income?2) the current hire purchase rates and margin of finance for a passenger vehicle between 10-12 years?3) which bank provides fast loan approval and good service?These are part of my concerns (besides the condition of the vehicle) before I embark on my search for a E39i could call my own...hope someone could help me out with these queries that I have...thanks in advance...:cheers:

 

[king82]

ok...this is me replying to my own thread...

1) income requirements: monthly installment (+other debts) not more than 1/3 of monthly gross income

2) current hire purchase rate, margin and tenure (non national):
a) car aged between 5-10 years, min 4.15% pa, up to 90% loan, 7 years tenure
b) car aged more than 10 years, 5-6% pa, up to 80% loan, 4 years tenure

just for your info, current hire purchase interest rate (for new non-national cars):
1) loan up to 5 years: 3.25%
2) loan 6-7 years: 3.40%
3) loan 8-9 years: 3.5%

 

[bmw7833]

just for your info, current hire purchase interest rate (non-national):
1) loan up to 5 years: 3.25%
2) loan 6-7 years: 3.40%
3) loan 8-9 years: 3.5%

Stil not bad mar the % rate.

 

[deep3102]

bro, what does non-national mean?

 

[bmw7833]

bro, what does non-national mean?

National car = Proton, Perodua & Naza.

Non national = Car except the above brand.

 

[king82]

according to public bank hire purchase staff, the rate is going to increase later this year...but he's not sure when...i'm not too sure how true is this...but if it's true...kill me please!

 

[bimmerholic]

economy picking up prolly the reason why the hike

 

[king82]

economy picking up prolly the reason why the hike

hahaha...whose economy? hahaha...mine is not wor...

 

[stanleycck]

ok...this is me replying to my own thread...

1) income requirements: monthly installment (+other debts) not more than 1/3 of monthly gross income

2) current hire purchase rate, margin and tenure (non national):
a) car aged between 5-10 years, min 4.15% pa, up to 90% loan, 7 years tenure
b) car aged more than 10 years, 5-6% pa, up to 80% loan, 4 years tenure

just for your info, current hire purchase interest rate (non-national):
1) loan up to 5 years: 3.25%
2) loan 6-7 years: 3.40%
3) loan 8-9 years: 3.5%

The published rates by Banks is just a normality..........friend of mine which runs his own business and is looking at an E90, got a deal from his bank for 2.60%.......but must sign up within a short period.........

 

[king82]

The published rates by Banks is just a normality..........friend of mine which runs his own business and is looking at an E90, got a deal from his bank for 2.60%.......but must sign up within a short period.........

hm...perhaps your friend is buying a much newer car (and also big businessman who will give more business to the bank)...therefore the lower rate.

I understand every bank has their board rates and it's up to you (and bank's management) to negotiate a lower rate, but i don't think the rate would be any much lower...

 

[okow]

I just got my loan approved for a brand new (non National) car with an interest rate of 2.6%

 

[astroboy]

If buy brand new or pre-reg BMW, best use BMW Credit. Confirm lower than whatever rates the bank can offer simply because BMW Malaysia is subsidising the rate as they own BMW Credit, can kao tim by shifting their margins around.

2.6% is new car interest. Used or pre-owned car cannot get those rates la.. especially for cars more than 10 years. Most banks reluctant to even finance it regardless of rates.

 

[535i]

Just had mine approved

9 years old car, 5 years repayment ; 4% - Public
Non-national car

 

[king82]

Just had mine approved

9 years old car, 5 years repayment ; 4% - Public
Non-national car

good to hear that...the rates that i got were from public as well...the hp staff called me last night (after i sent an email to enquire)...

 

[king82]

If buy brand new or pre-reg BMW, best use BMW Credit. Confirm lower than whatever rates the bank can offer simply because BMW Malaysia is subsidising the rate as they own BMW Credit, can kao tim by shifting their margins around.

2.6% is new car interest. Used or pre-owned car cannot get those rates la.. especially for cars more than 10 years. Most banks reluctant to even finance it regardless of rates.

pocket not deep enough to get a brand new or even pre-reg now...will keep that in mind for future purchase =)

 

[astroboy]

Public rate is actually one of the best, the only problem is very strict because they very risk adverse. If your income is not convincing, they won't even approve your loan, let alone discussing the rate.

My other car is under Hong Leong because know people inside :wink: and have good track record with them. Never defaulted any installment with them for my past few cars and all get settled before full term.

 

[ALBundy]

King82,

3.25% is extremely low. Like what 535 has posted it should be around 4% or so depending on your loan tenure. Last year it was from 3.5 to 3.7%.

Got mine from BMW Credit as welland approval within 24 hours and slightly lower than Public Bank

 

[king82]

ALBundy...the 3.25% is for new non-national cars...i've edited my 2nd post in this thread...535i got a second hand 9 year old car, therefore the 4% interest... =)

 

[bimmerholic]

hahaha...whose economy? hahaha...mine is not wor...

Neither is mine

 

[Realred78]

I just got my loan approved for a brand new (non National) car with an interest rate of 2.6%

Mind I ask where from and for what car that is? Just ordered a brand new CRV for the wife, but the best rate their panel financiers can give is 3.25%.

Cheers