Full Loan, What and How?
A lot of times we have customers or people walk in showroom looking for help to do their loan applications, often is full loan. No matter what car model you're looking at, people usually don't want to spend much on down payment due to the Malaysia economy. No doubt, hire purchase interest rate is not high, is consider a good debt in risk profile.
Okay let's see, why people want to do full loan first. With our current salary range, in order to afford the current urban area living standards, not much money left for savings yet don't talk about down payment for car. So in order to get the car, often customer would prefer full loan instead of normal loan submission which is 90% from on the road price with insurance.
At the same time for investor mind, with such low interest rate between 2.5% for non national car to 3.4% national car, it is a good debt to begin with especially building your own financial profile. Okay some people may not understand about this but let's carry on.
Now let's talk about how to do full loan. As a sales advisor or a banker, we submit our loan application as usual but the price we put in for full loan will be higher than standard on the road price. How to do it? By we adding accessories price into the sales order to perform loan or to use a higher spec car model to get the loan amount for the lower spec car model.
It is that simple to get full loan, but there's a tricky part in submitting to bank because certain bank's policies do not allow customer to loan any extra than the standard amount, however there are of course other bank who can accept the full loan application as long as customer profile and good supporting income documents will do.
Okay now let's talk about how to get the loan approval. This is private and confidential, please contact your sales advisor to further assist you on this especially during bank interview.
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