To provide financing to consumers and private companies for the purchase of passenger vehicles from franchised dealers, authorised dealers and panel used car dealers.
ELIGIBILITY
Consumer :
Individuals aged 18 to 55 years old. If an individual is below 21 or above 55 years old, an acceptable Malaysian Guarantor is required unless the approving authority is satisfied that the applicant is financially sound/creditworthy;
Malaysian citizen;
Monthly income of at least three times from the monthly hire purchase instalment; and
Proprietorship and partnership registered in Malaysia
Private Company :
Place of Incorporation must be in Malaysia;
Monthly instalment should not exceed 33% of monthly estimated profit derived from business operation;
When extending a hire-purchase facility to a private limited company with a paid-up capital of at least RM2.00, it is compulsory to secure a Director’s personal guarantee and the case has to be referred to next level of approving authority for consideration; and
Legal business with regular and sufficient income to meet current liabilities
FINANCING TENURE
Up to 9 years
FINANCING AMOUNT
Up to 90%
GUARANTOR
A third party guarantor is required if :
Repayment of the monthly instalment amount is above half of the hire’s income;
Hirer does not have stable income (example: student or housewife); and
The hirer is a corporation, the director(s) or specified director(s) or principal partners must stand as guarantors unless the approving authority is satisfied
TYPE OF VEHICLE
All applications for nine years financing shall be guided by the following criteria :
All models of new vehicles
All models of unregistered reconditioned vehicles (aged 1 - 5 years)
All models of used vehicles (age 1 - 5 years)
Others will be on a case-to-case basis
DOCUMENTS REQUIRED
Individual:
Photocopy of identity card (both sides) of applicant and guarantor(s) if any;
Latest salary slips Latest EA form Borang B/BE Copies of the latest 3 months’ bank statements or updated savings passbook if any; and
Photocopy of applicant’s driving license
Limited Companies :
Certified true copy of the Memorandum and Articles of Association;
Certified true copy of Form 24 (Shares issued and authorised share capital);
Certified true copy of Form 49 (Names and details of all directors and company secretary);
Certified true copy of the extract of the Director’s Resolution;
Photocopy of the Certificate of Incorporation (Form 9 and 13 if any);
Photocopy of the Certificate of Commencement of Business (Form 23 if any);
Latest copies of the Audited Accounts if applicable;
Bankers’ references (latest three months’ bank statements);
Brief comments of director’s experience, exposure and financial standing; and
Photocopy of guarantor’s identity card (both sides)
Partnership and Proprietorships (additional documents are required):
Photocopy of the Certificate of Business Registration and Borang D;
Partnership Agreement if any;
Latest copies of the Financial Accounts if applicable;
Bankers’ references (latest three months’ bank statements);
Brief comments on sole proprietor or partners’ experience, exposure and financial standing; and
Photocopy of sole proprietor or partners’ identity card (both side)
