For example if a ford dealer unable to get any lenders to approve the loan you may able to get a car loan for honda then you can definitely go for a honda car. Now once you find out that your credit is not quite so shiny you can take the necessary steps to improve it before you apply for a loan.
Since you know that you are someone with bad credits put the car brand as second consideration.
How to get car loan with bad credit in malaysia. Often times applicants aren t aware of their scores good or bad. If you are buying a used car the dealer might trap you into taking a loan with super high interest due to your so called bad credit. Your new loan account will be listed in your credit reports and most lenders will report your payment history to one or all of the three major credit bureaus.
Just visit a couple of banks and enquire about the interest rate and amount of loan that you are able to get based on your credit score. Car loans vary from bank to bank so be sure to compare as many as. You can get personal loans from the loan sharks but unless you re super extremely desperate please don t.
Many malaysian banks don t offer expats personal loans. Once the application and documents are submitted it is up to the bank to decide on the approval of your car loan. You can get your credit report from the credit bureau of malaysia via their customer service centre bnm link head office or bank negara.
You may apply for a car loan by visiting any bank of your choice. This will give you a clear picture of what to expect in the amount you should apply. Getting pre approved loans are useful to know how much you can afford.
You can apply for and get home loans car loans from most banks. Another way to get better car loan rates with bad credit is to apply through internet. Be sure to take along all necessary documents which may differ from bank to bank to help speed up the application process.
After that calculate how much you can afford every month and work backwards. Banks are usually willing to offer a margin of financing up to 90 in both cases. To ensure you qualify for a car loan you have to be sure that you provide all the necessary documents for your application.
For further information about car loan in malaysia check out our car loan guides. How a car loan impacts your credit. Better yet use our handy comparison tool to check for your best fit.
Getting a car loan will impact your credit and the effects could be either good or bad depending on how you handle your repayment.