Help Needed !! Loan for car aged more than 10 years old

[tee]

Hi everyone, as per the title, I am in midst of buying a car from my friend. Fortunately, the car is an immaculate & Unfortunately its more than 10 years old car which from my viewpoint, banks are interested on giving loans. May I know if anyone here have gone through this situation and would be open to hear some advises / tips to go through this. :102:Help !!

 

[badrul880]

Cash out from Credit card, Personal Loan or Ah Long bank...

 

[anaksarawak]

Personal loan from Bank Islam, so far the best rate I know of ...Good Luck

http://www.bankislam.com.my/en/Pages/Package.aspx?tabs=3&mlink=PersonalFinancing




Features
Financing Quantum

• Based on eligibility limit and subject to minimum amount of RM10,000 and maximum amount of RM200,000

Payment Period

• Maximum of 15 years (180 months) or up to the retirement age, whichever is earlier

Financing Rate Offer
Flat Rate

• 1-3 years : 3.25% p.a. (with Bank Islam Will Writing, BancaTakaful products subscription or Bank Islam Card-i)
• 1-3 years : 3.50% p.a.
• 4-10 years : 4.99% p.a.
• 11-15 years : 5.50% p.a.

Floating Rate (Base Financing Rate (BFR))

• 1-3 years : BFR - 2.10% p.a.
• 4-10 years : BFR - 0.60% p.a.
• 11-15 years : BFR + 0.25% p.a.

Note : Current BFR is 6.60% p.a.


Eligibility

• Applicant must be 18 years and not exceeding the retirement age at the end of payment period
• Malaysian citizen
• Earning a minimum fixed income of RM2,000.00 per month
• Applicant must be a continued employee in any of the following:
  • Government Sector
  • Selected Public Listed Companies
  • Subsidiaries of Government or Selected Public Listed Company
  • Other Prominent Private Limited Companies as categorized under package companies listed by Bank Islam
• Debt Service Ratio (DSR) must not exceed 70% from the net salary after statutory deduction

Takaful Coverage

• Personal Financing Takaful Plan

Wakalah Fee

• RM50.00 - For being the customer's agent to sell commodity to the Broker

Documents Required

• A copy of identity card
• Latest 3 months' salary slip
• Latest employer's confirmation letter

And at least one (1) of these:

• Latest income statement (Form B/eBE/ EA/EC)
• Latest 3 months Bank Statements of salary crediting account; or
• Any other latest supporting document such as EPF statement, if required

Payment Method

• Salary Deduction
• Salary Transfer to Bank Islam with Auto-debit Instruction

Benefits

• Competitive rate
• No hidden charges
• No guarantor is required
• No deposit
• No processing fee
• Flexible financing tenure
• Selling price – fixed and known
• Fast approval

Product Disclosure Sheet

• Personal Financing-i

 

[tee]

Personal loan from Bank Islam, so far the best rate I know of ...Good Luck

http://www.bankislam.com.my/en/Pages/Package.aspx?tabs=3&mlink=PersonalFinancing




Features
Financing Quantum

• Based on eligibility limit and subject to minimum amount of RM10,000 and maximum amount of RM200,000

Payment Period

• Maximum of 15 years (180 months) or up to the retirement age, whichever is earlier

Financing Rate Offer
Flat Rate

• 1-3 years : 3.25% p.a. (with Bank Islam Will Writing, BancaTakaful products subscription or Bank Islam Card-i)
• 1-3 years : 3.50% p.a.
• 4-10 years : 4.99% p.a.
• 11-15 years : 5.50% p.a.

Floating Rate (Base Financing Rate (BFR))

• 1-3 years : BFR - 2.10% p.a.
• 4-10 years : BFR - 0.60% p.a.
• 11-15 years : BFR + 0.25% p.a.

Note : Current BFR is 6.60% p.a.


Eligibility

• Applicant must be 18 years and not exceeding the retirement age at the end of payment period
• Malaysian citizen
• Earning a minimum fixed income of RM2,000.00 per month
• Applicant must be a continued employee in any of the following:
  • Government Sector
  • Selected Public Listed Companies
  • Subsidiaries of Government or Selected Public Listed Company
  • Other Prominent Private Limited Companies as categorized under package companies listed by Bank Islam
• Debt Service Ratio (DSR) must not exceed 70% from the net salary after statutory deduction

Takaful Coverage

• Personal Financing Takaful Plan

Wakalah Fee

• RM50.00 - For being the customer's agent to sell commodity to the Broker

Documents Required

• A copy of identity card
• Latest 3 months' salary slip
• Latest employer's confirmation letter

And at least one (1) of these:

• Latest income statement (Form B/eBE/ EA/EC)
• Latest 3 months Bank Statements of salary crediting account; or
• Any other latest supporting document such as EPF statement, if required

Payment Method

• Salary Deduction
• Salary Transfer to Bank Islam with Auto-debit Instruction

Benefits

• Competitive rate
• No hidden charges
• No guarantor is required
• No deposit
• No processing fee
• Flexible financing tenure
• Selling price – fixed and known
• Fast approval

Product Disclosure Sheet

• Personal Financing-i

Thank you for this. I will try on the above.
Any other ways other than mentioned above?

 

[pussy]

Go thru a used car dealer friend.

 

[tee]

Go thru a used car dealer friend.

Hi pussy, thanks. I have heard of that.
However, what puzzles me is that how can the dealers can get it through when even the banks are only giving loans for 10 years old cars.
If there are some friends who could do that, I would be very pleased if someone can introduce to me.

Thank you fellas.