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Purchasing pre-owned cars offers great value for money and promises almost immediate car ownership. The usual way Malaysians purchase a car is by getting a car loan or a hire purchase loan. However, the loan approval process can be time consuming, confusing, and quite stressful.
Most financial institutions in Malaysia offer a conventional car loan with different interest rates and repayment terms. The waiting period for loan approval may differ based on the institution and your application is at risk to be rejected if certain criteria are not met. In other words, the buyers would not be able to drive home their desired car immediately.
Moreover, given the current economic situation in Malaysia and rising inflation, banks are now more cautious when approving car loans resulting in higher hire purchase rates. Thus, buyers are finding it increasingly difficult and costly to obtain a car loan today[1].
Shopping with a pre-approved car loan in hand can help make the car buying process easier, faster and stress-free. It is a less-discussed concept in Malaysia, but it might be the ideal loan option for you. Read till the end to find out how to get a pre-approved car loan in Malaysia!
What is a Pre-approved Car Loan and What are the Benefits?
A pre-approved car loan, as its name suggests, is a car loan that has been approved before you purchase a car. The pre-approved car loan allows you to shop around for cars with a maximum financing guarantee in hand. That way, you have a better idea of your price point and an- understanding of your ability to afford the car.
Wise Budget Planning
Buying big ticket items – a car or a house – requires budget planning to avoid putting ourselves in a difficult financial situation. A pre-approved car loan informs you on the monthly repayment amount, interest rate and the down payment you need to prepare before making your purchase decision. With this knowledge, you can browse for cars that are within your budget and affordability.
A Worry-free Shopping Experience
Getting a pre-approval reduces the risk of potential loan rejections. The pre-approved car loan takes away the guesswork. Knowing the range of prices of the car you can afford allows you to eliminate options outside your budget. Now, you can spend more time learning and finding the best car that suits your budget.
Immediate Car Ownership
Conventional car loan application happens after you have decided which car you would like to buy. This can lead to you being denied financing after spending hours filling out the paperwork and negotiating at the dealership. With a pre-approved loan, the car-ownership is expedited, and you will be driving home your dream car in a matter of days.
How to Get a Pre-approved Car Loan?
Getting a pre-approved car loan has a lot of advantages and can make the car-owning experience hassle- and worry-free. While not every financial institution offers pre-approved car loans, to help you narrow your search, CARSOME is now offering pre-approved car loans via CARSOME Capital.
You can visit CARSOME website and click on “Get Pre-approved Now” to submit your application. The application will require your Identification Card (IC) and monthly income details. Once the application is successful, a CARSOME Pe-approval Certificate will be generated with the maximum loan amount, monthly payment, repayment period and interest rate for you.
It’s time to find your dream car! With the CARSOME Pre-approval Certificate, you can now purchase a CARSOME Certified car through its website or visit a CARSOME Experience Center.
[1] Berita Harian, PaulTan
