Financing: Cars older than 10 years

[Do_nut]

Most financial institutions have held back on financing cars of 10 years and above.

For discussion sake, how are you guys who have just purchased cars of 10 years and older financing your car besides those paying cash.

 

[D7zul]

Personal Loan

 

[EvolutionZ]

loan from credit company
loan from friends/relative
personal loan from bank

fyi, bank still can accept non national car not more than 12 years but depends on model and variant. they are very selective and also interest rate will be very very high, loan margin only 50% of car price and tenure only 4 years. but it based on panel used car recommendation also...

 

[Do_nut]

So if buy via a car dealer the chances of getting financing is higher than getting your own loan if you buy direct from eseller.

I've checked with a few institutions.
Technically besides some credit companies, only Public Bank is willing to finance older cars. Other banks a strict no. That also margin of financing by Public Bank is low and interest rate is exorbitant.

 

[SataniC]

work for a bank... get staff personal loan :P :P.. thats how I get my car

 

[vspec]

work for a bank... get staff personal loan :P :P.. thats how I get my car

mind sharing the interest rate? rough figure will do

 

[Do_nut]

So difficult to find funding for a used car :(

 

[DanzEterna]

no choice, go for personal loan.

 

[rakesh_v6]

cars more than 10 years available from credit company, the last i checked was somewhere last year october
10% interest rate

 

[alonso]

yupp... normally credit company interest rate around 10% - 12%..
based from my friend experience want to buy 1992 eg9 at used car dealer..

 

[D7zul]

yupp... normally credit company interest rate around 10% - 12%..
based from my friend experience want to buy 1992 eg9 at used car dealer..

that's the same interest rate as personal loan

 

[Do_nut]

BMW Credit and UMW Credit used to provide loan for such cars. But now they suddenly stopped. their interest rate charged is also quite reasonable between 4-6%. now that they have revised their policy on cars above 10 years old. seems like there are no other avenues for financing except personal loan.

 

[EvolutionZ]

credit company still an option, but they are very selective and interest is between 8% to 12% depends on amount, variant and tenure..

 

[DanzEterna]

i heard that if u take up a loan from a credit company, but u default on yr payments,
yr name wont be blacklisted CCRIS & CTOS, is it true?

 

[EvolutionZ]

it depends on the credit company, if they are licensed and had agreement signed then when default, they will report to CCRIS & update in CTOS....then automatically your name will end up in FIS....
but if those illegal credit company (no formal agreement) then no Ctos but u will end up get wack for not paying up...they are also known as ahlong...