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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