Loan for cars above 10years hard to get!

[SundayDriver]

Hi all, anyone knos which bank will offer loan for purchasing 2nd hand cars that is more than 10 years old. i've ask afew but they say only up to 10years :(
its getting harder and harder to own a 2nd hand car nowadays...

 

[arturo]

this is normal la...if not everybody will be buying cheap-er old cars rather than P1/P2(P2 isnt that bad anyways - just some are a little too overpriced)

normally if u wanna get a +10 year old car is either cash or take personal loan at ridiculous interest rates.

 

[DanzEterna]

if P1, the car ngam2 10yrs old still can get loan, from public bank.
other cars not sure.

 

[arturo]

but sure the interest rates super high heheheh

actualy when i got my car...it was already 11 years old. somehow got the loan approved at ambank. interest rates were crazy at 7.5%. originally they gave me 8% but rayu rayu get 7.5% at 7 years loan. sometimes i wonder if it was worth it...

Danz...u have lubang in Public?

 

[ACQ2305]

CIMB does give out loan for cars above 10 years of age..but,as usual, interest rates damn high..saw the add on9...cant remember how much,but sud be around 7% also..
Unless it is really worth it,the car....Worth the sum paid after all those years..

 

[DanzEterna]

arturo, dun have la.....i asked my used car fren to do it for me......
that was 3 yrs ago...that time was 2007, my car make 1997.
i got loan rm26k, car price rm28k interest 4.2% max 6 yrs.

 

[^pomen_GTR^]

just use personal loan better interest rate...

 

[arturo]

Pomen...the other day i called up a bank(forgot wat bank liau) cos saw ad for personal loan at 5% up to 100k for 10 years. after called up they say only for gomen servants. then ask for private company employees got or not..they say got...but minimum salary must be 6k/month n above .if i had 6k/month, would i want to apply for a 10k personal loan ler...i think recently the personal loan market not favoring the loaner...

Danz...4.2% is damn good deal for 10 year old car. only a little higher than new car rates ler. yr eterna eh?

 

[^pomen_GTR^]

Pomen...the other day i called up a bank(forgot wat bank liau) cos saw ad for personal loan at 5% up to 100k for 10 years. after called up they say only for gomen servants. then ask for private company employees got or not..they say got...but minimum salary must be 6k/month n above .if i had 6k/month, would i want to apply for a 10k personal loan ler...i think recently the personal loan market not favoring the loaner...

Danz...4.2% is damn good deal for 10 year old car. only a little higher than new car rates ler. yr eterna eh?

errr..yep...not all personal loan was good nowadays....

 

[arturo]

errr..yep...not all personal loan was good nowadays....

Pomen...u take the loan on behalf of sunday driver la n u charge extra 0.5%/month i've heard got some ppl doing this; but can only do for trusted ppl or if not hancur...$$$ ilek, monthly still need to pay...something like sambung bayar case

best thing is dun play loan loan...save up the cash n buy cash money. cash is king.

 

[DanzEterna]

arturo, yeap the eterna......
thats y govt servants got lotsa benefits....

 

[SundayDriver]

walau... planning to buy 40-60k car wan to save up buy cash r?
i got so much cash i'll put as dp for rx8 or something lor...
and not scared kene siasat by those tax fellas r?

 

[arturo]

Danz...good benefits...but their gaji u gotta admit not really high esp those below officer level? had a fren who was offererd pembantu pegawai kastam....he only got rm800(should be increase aredy since this was offered 3-4 years back) compared to rm1300 he was getting as a tech then.

Sundaydriver...got try calling CIMB like what acq2305 suggest? saving up cash is the ideal la...but in this day n age...very hard to do.