What To Expect When You Want to Apply Hire Purchase?
We as a Malaysian often need a vehicle for transportation especially if you just came out for work after graduation or for your first job. Why? Not a lot of job are convenient enough to have a train station or bus station nearby, if you have it, lucky you are, but what if you don't? If your parents were wealthy enough, they can buy you a car under your name or you may use your parent's extra car. And if you're solely depending on yourself, let's go through what you can do for your first car.
If you're a Diploma or Degree graduates, congratulation you're very lucky to apply under Graduate Scheme under Bank Islam offers, for candidates who are:
Age of applicant between 20-30 years old
Graduate with a minimum qualification of Diploma from accredited universities/higher learning institutions
Status of employment shall be on permanent or contract basis for an employee in any of the following : Government and Semi Government sector, Selected Public Listed Companies, Government Link Companies (GLC), and other prominent Private Limited Companies as categorized under package companies listed by Bank Islam
Fixed Income Earner
Above all are the main criterias to apply Bank Islam Graduate Scheme Loan, Loan Margin up to 100% on the road price for your first Vehicle.
However if you're not a graduate from Diploma or Degree, not to worry the world is not ended here. You can apply loan once you have worked 3 months and above, subject to your age and payment records to know whether you need a guarantor to support your hire purchase loan approval. For example, if you're age 26 and above, worked more than 2 years and owned a credit card with good payment record. You're Eligible for hire purchase loan without a guarantor.
Guarantor Criterias are :
Must be Parents or Spouse
Existing Good Payment Records
No Bad CCRIS or CTOS
Income must be higher than Applicants
Sometimes certain bank would consider immediate family members as guarantor such as siblings subject to staying at the same home address and not married. Otherwise they can't be your guarantor for hire purchase.
Tips of applying hire purchase :
If your boyfriend/girlfriend or Fiance are committed, you can always apply hire purchase under married when bank call for verification and you must be very aware that this is a long term commitment. In the event of payments delayed will direct affected both names in Bank Negara Malaysia System.
Full loan is applicable for all status depending on your Sales Advisor who apply loan for you.
Interest rates : Low if you apply higher loan amount and long tenures vice versa.
Compare at least 3 banks for best interest rates offers.
Lastly we discussed what if you're age below 26, worked less than a year, and no guarantor. Good news are, you can find a lot of used car dealers to help you apply loan under Credit Finance companies, they're much linear than banks just you have to compromised your interest rates and limited choices of car.
For more information feel free to comment down below or email to us.