3.0 Car Loan
| 3.1 | I need to apply for a car loan, what is required? You must have a salary of at least 3 times the monthly payment of the car. If not, you will need a guarantor. | ||||||||||||||||||||||||
| 3.2 | How much loan can I get? The deposit payment of any car purchase is usually 10% of the total car price. The bank only provides 90% loan unless you are a government staff and university graduate. | ||||||||||||||||||||||||
| 3.3 | What is the interest rate for car loan? The interest rate may vary depending on the years of the car and also the make and model of the car. It may vary from 3.75% to 5% or even higher. | ||||||||||||||||||||||||
| 3.4 | I am currently blacklisted in financial institutions, how do I apply for loan? Blacklisted person usually cannot apply for any car loan from any bank. However, some of the blacklisted government staff can apply the car loan. | ||||||||||||||||||||||||
| 3.5 | I don’t have a driving license, can I apply for car loan? Yes, you can still apply for the car loan. | ||||||||||||||||||||||||
| 3.6 | I’m under 21 years old, can I apply for loan? If you are under 21 years old, you will need a guarantor preferebly your parents or siblings. But if you have a very strong income more than 5 times the monthly payment as a permanent employee of a stable company, there should be no problem in applying a car loan if you are under 21 years old. | ||||||||||||||||||||||||
| 3.7 | I want to purchase a used car for my company, can I apply loan using my company? If you have a business or company, with all your side income from your business in your business current bank account, you must provide business owner document which state that you have steady income to apply a loan for car purchase. | ||||||||||||||||||||||||
| 3.8 | What documents (photostat copies) do I need when applying for a car purchase?
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