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Saturday, August 11, 2018

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Car Loans for Graduates / Students in Malaysia and Tips for First-Time Car Buyers

As a student, you must have dreamed of owning a car and driving it to your school/college every day. But it is not easy to own an automobile when you are a student or you have recently passed out from a university. Expenses and maintenance costs of a four-wheeler vehicle are sky-high and you need to have an employment to maintain the automobile. Either you can wait for your parents to get it for you or you can take a loan and fund it from your own pockets.

If second option is sounding preferable to you, you should start researching on car loans in Malaysia. This will include, which providers/banks offer car loans, eligibility criteria for it, interest rates and tenure involved, etc. After all necessary research is done, you will get an idea about the most suitable hire purchase plan for you.

So, if you are a graduate and looking for funding for your first car, here are some plans by top banks that can help you out:

Bank Islam Vehicle Financing-i GradHitz

You can opt for the bank’s Vehicle Financing-i GradHitz programme which is based on the concept of Murabahah. Here, you can get 100% financing and flexible tenures up to 9 years. If you fulfil the eligibility criteria, you can get financing for your first car.

Eligibility criteria

  • Age criteria:
    • Minimum age: 20 years
    • Maximum age: 30 years
  • You must be a graduate and qualified with at least a diploma from an accredited university
  • You must be employed at any of the following:
    • Semi government and government sector
    • Selected public listed firms
    • GLCs (government linked companies)
    • Other noticeable private limited companies listed by the bank
    • If your are a fixed income earner
Bank Islam offers financing rates from 2.90% p.a. to 3.60% p.a., depending on the type of your vehicle. The profit rate is calculated on a monthly basis with ‘Sum of Digit’ method.

Bank Muamalat Vehicle Financing-i GradPack

This is another option to get financing for your first car. The scheme is based on Bai' Bithaman Ajil which is a contract based on ‘deferred payment sale’ where you make the payment for your purchase (vehicle) on a fixed later date. You can obtain this facility as per the bank’s usual profit rates. You can acquire a minimum financing amount of RM20,000 for tenures ranging from a minimum of 4 years up to 9 years.

Eligibility criteria

  • Age criteria: 20 years to 30 years old
  • Income criteria: Minimum RM1,500 per month
  • Minimum qualification required: Diploma from institutions recognised by Department of Higher Education, Ministry of Higher Education Malaysia, or Malaysian Qualifications Agency (MQA)
  • Application must be made within 3 years from your graduation date

Maybank My First Car Plan

The bank offers a car financing plan with repayments staring from RM268 per month. The financing scheme is available for graduates with employment, undergraduates, and also for government professionals, nurses, teachers, etc.

Eligibility criteria

For a graduate with an employment:
  • You need to be a degree holder
  • You must be employed for at least a month with minimum income of RM2,500 per month
  • Age criteria: 21 years to 30 years old
  • If you are employed for less than 6 months, you need to provide a guarantor (either a parent or a sibling) who fulfils the eligibility criteria and has a good CCRIS (Central Credit Reference Information System) record
For undergraduates:
  • You must be pursuing a degree course at a recognised institution
  • Age criteria: Between 18 years to 30 years
  • You need to present a guarantor (a parent or a sibling) who fulfils the eligibility criteria and has a good CCRIS record

Documents required

If you are opting for a hire purchase plan as a graduate and a young earner, you need to provide the following documents:
  • A copy for your NRIC or MyKad
  • A copy of driving license
  • A copy of your authentic degree/diploma certificate
  • Employment confirmation letter from your employer or salary slips for the period suggested by the bank
  • Any other document as requested by the bank

Tips for First-Time Car Buyers

  • You can get car financing for national car models as well as for foreign car models. Loans are also available for used cars.
  • You need to keep your car insured under any standard car insurance policy. You can choose any policy that offers any of the following covers: a Third-party cover, a Third-Party, Fire and Theft cover, and a Comprehensive Cover.
  • Purchasing and maintaining a car is expensive. Hence, choose a car model that you can afford to pay for. You can also consider a used or second-hand car that could be much cheaper than a new model.
  • You should get a detailed estimation of payable premium according to your preferred model, your income, etc. You can use an online car loan calculator for this.
  • Compare multiple car financing schemes before opting for one. This will help you getting the best possible deal for your purchase. Read terms and conditions as well as analyse associated fees and charges carefully before deciding on any facility.
Compare multiple car financing schemes before opting for one. This will help you getting the best possible deal for your purchase. Read terms and conditions as well as analyse associated fees and charges carefully before deciding on any facility.

Guest Post by Syed Faraz
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