Hello, I am offered a job in an MNC in PJ and the gross salary is RM 225,000 pa. Thinking of joining by Jan 2014.
Can I get a car loan to purchase a decent car - say a Swift/Jazz for around RM 75000. I can make the down payment of around RM 10,000 after 3 months. What is the procedure and documentation? I may not get a local guarantor as I will be new in Malaysia.
Car Finance in Malaysia
SHinPJ
14 November 2013 11:36:19
31
Nemodot
14 November 2013 17:32:09
2093
Hi I think you need a 40% deposit as a foreigner. Most I know pay cash and buy a second hand car as far easier. Or hire
Gravitas
16 November 2013 02:52:48
9040
You can get a 1 year old swift for about RM50k with very low mileage from epats who are leaving. One pointer about car loans is that you can't cash them at any time. They are fixed term. So don't take out one over a long period because even if you leave the country and sell the vehicle, you still are liable to pay the monthly instalments for the loan. I know - it sounds odd - but that is how loans work here. Interest on short loans is rather high. Your Malaysian bank can arrange loans once you set up an account with one.
fiesta10
20 May 2014 13:59:23
15
hey we are planning to buy new car... after checking with few people...selling a new car is better then 2nd hand car...our budget is 70 - 80K RM....which car make is best here in Malaysia in terms of running cost and quick re-sale...
we have already check proton preve...but the running cost seems to be just average....
we would need the car for 2 yrs only..
please suggest
Nemodot
20 May 2014 15:50:42
2093
Hi you might want to hire a car for only 2 years. A proton "pervey" (what some expats nicknamed it) are typical Malaysian built cars. locks, alarms, handles fall off/break within 2 years.
Another factor is expectations that duties will go down making second hand cars drop faster in price.
So either hire or get a proton saga. Cheap and resale ok. Don't waste 70-80k on Malaysian cars. It is all duty.
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