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What Documents to Apply Hire Purchase Loan?




A lot of times a first time car purchaser, sometimes a multiple time car purchaser, we don't know or forget what documents normally we use to apply loan. Below are some lists for certain profession to apply loan.


Fixed Salary Job

If you have a fixed salary along the year, you're easy to apply loan if your basic salary and fixed allowance are high. Documents you need are :

  • Identity Card

  • Driving License

  • Payslip 3 months

  • Bank Statement 3 months

  • EPF Statement


Tips : You must at least have remainder of RM1500 minimum after deduct all your commitments to get loan approval.

High Commission Job / Commission Based Job

Normally this profession has slight lower basic salary compare with fixed salary job. However due to the high commission, overall income are a lot higher among the employments. Documents needed are :

  • Identity Card

  • Driving License

  • Payslip 6 months

  • Bank Statement 6 months

  • Epf Statement


Tips : Banks normally takes average of 6 months payslip to identify your income level.

Sole Proprietorship

Sole proprietorship involves 1 direct owner of the company. You're your own boss and all your income based on what type of business you're in and how you get your profit margin based solely on how your decision is. To apply hire purchase loan, first this company must established at least 2 years and its own current account statements to show the bank that the company turnover for minimum 6 months.

If purchase under Individual Vehicle

  • SSM 3 pieces

  • Identity Card

  • Driving License

  • Bank Statement 6 months

If purchase under Commercial Vehicle

  • SSM 3 Pieces

  • Identity Card

  • Bank Statement 6 months


Tips : Bank normally takes your company bank statements turnover at 10% to calculate your profit margin.

Sdn. Bhd. and above

For Sdn. Bhd. company and above, paid up capital is one of the main point for bank to see the company scoring to get loan approval. Other than that each directors in the company must possessed a good CCRIS record in order not affecting the loan approval due to bad payment record and etc.


If purchase under Individual Vehicle

  • Form 9, 24, 44, 49

  • Director Identity Card

  • Director Driving License

  • Bank Statement 6 months

If purchase under Commercial Vehicle

  • Form 9, 24, 44, 49

  • Director Identity Card

  • Bank Statement 6 months


Tips : Differences between individual vehicle and commercial vehicle in hire purchase are interest rate, maximum tenure. Others such as higher car registration fees and roadtax, as well as insurance premium as it covered all riders.

Regardless of whatever profession that you're in, if you declared Income Tax every year, chances of your loan approval will be higher than those who didn't. And of course! Finally is your Payment Record, CCRIS, the consistency of your payments reflected directly into your loan approval rate.


Above all are the details you need to prepare especially when you plan to apply a hire purchase loan in the near future. So if you have any inquiries please feel free to contact us via WhatsApp or email us at carauto2u@gmail.com


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