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Financing

Most commercial banks in Malaysia offer hire purchase loans. This includes the likes of:

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Who can apply

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  • Individuals aged 18 years old and above

  • Sole proprietorship

  • Partnerships

  • Private Limited & Public Limited Companies

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Documents required to apply for loan:

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Individual

  • NRIC (Front & Back) or Passport (Front & Back)

  • Latest 3 months Payslips

  • Latest 3 months Bank Statement *Tally with 3 months Payslips*

  • Latest EA or 3 months EPF statements

  • PTPTN letter (if any)

 

Sole Proprietor/Partnership

  • Copy of proprietor / partner(s) NRIC who sign the HP documents

  • Copy of Business Registration (BR)

  • Copy of BR Renewal (Borang D/E)

  • Full set of Suruhanjaya Syarikat Malaysia (SSM)

  • Latest 6 months Bank Statement


Private / Public Companies (Sdn Bhd)

  • Copy of Guarantor(s) NRIC

  • Copy of Certificate of Incorporation Form 9, Form 24 & Form 49

  • Copy of Memorandum of Articles (MNA)

  • Latest 6 months Bank Statement

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Financing for new, secondhand and reconditioned motor vehicles

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Margin of finance: Up to 90%
 

Loan period: Up to 9 years

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*Depends on the Brand of car and the age of car.*

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What to expect from the hire purchase loan officer?

A few days after you have submitted your documents, the hire purchase loan officer will be calling you and you can expect some questions like:

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  • Loan amount 

  • Duration of loan 

  • Your employer’s name, office telephone number

  • Do you rent or own the place you are staying now

  • Your monthly salary and how old your children are (if any)

 

Once the verification process is completed, the hire purchase loan officer might call your employer to determine that you are providing accurate information. Then, you will be informed in about 1-3 days whether the loan is approved.

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If your loan is approved, the bank will inform us and we will inform you immediately. Next, you can arrange the time with the bankers for signing the hire purchase agreement. After everything settles, you can then drive your new car home.

 

 

 

 

 

 

 

 

 

 

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