Is It Time To Buy A New Car?

loan for new car in Malaysia

Are you contemplating to buy a car, but still mulling over your decision because you still have your old car? Let us help you through it. Listed below are the instances when you can/should think about buying a new automobile.

Your Car Has Become Too Old

If your current vehicle has become too old and needs frequent garage visits, you might want to consider a new car. Paying for a car loan instalment can prove to be a better choice than frequent repairing costs associated with a bad vehicle. Estimate the monthly or yearly charges you have to pay for your car repair related chores and compare them against the (future) monthly instalments for a car loan. This will give you a better perspective about whether it is a good time to get a new vehicle.

You can sell your old car and use the cash into getting a new one. Get an estimate from an expert on the present market price of your current car, and find a suitable deal.

Your Work Profile Demands It

If your current car model is not matching up to your lifestyle, it is time to get a new one. If a change in job is making you drive for long hours, and your old vehicle is not convenient in this situation, you may want to look for a vehicle with better capacity.

You Need an Automobile with Different Facilities

Car brands offer upgraded versions of their models regularly. As a result, the automobile market is flooded with cars with new technologies and latest devices. If your car model is lacking the technology that you want to have, you can consider an upgraded model. Moreover, reasons like an extended family or having a baby may require you to switch to a bigger and better car model. In such situations, consider all the amenities that you might need in your car before finalising any particular model.

If you are considering to obtain a loan facility to purchase a car, there are institutions that offer funding for both new and used car purchase. However, you need to fulfil their eligibility criteria to get a loan/hire purchase. In Malaysia, you can get financing as a local citizen and as an expat. Let’s take a look at the papers required to apply for a loan facility:

Documents Required To Get a Car Loan In Malaysia

  • Valid identity card (NRIC, MyKad, or passport)
  • Driving licence
  • Latest bank statements (for 3 months)
  • Latest salary slips (for 3 to 6 months)
  • Any other document as requested by the bank

Things to Keep In Mind

  • After gathering all the mandatory documents that are required to purchase a car, you should apply for a road tax receipt, a car insurance policy, along with a car loan (hire purchase) if required.
  • It is essential to register your new vehicle with the Road Transport Department of Malaysia, after which you will receive a number plate for the vehicle.
  • If you are buying a brand new car, you can consider local car brands for better deals. (e.g. Perodua and Proton). If you are thinking of importing a car, it could be really expensive. In Malaysia, duty taxes can prove to be much higher than the car price itself. Also, getting spare parts for an imported vehicle can also be an expensive deal.
  • In case of a used car, you can find great deals from expat/foreigners who are looking to sell their vehicles.
  • It is compulsory to have a car insurance in Malaysia. You can choose from any of the following insurance covers: Third-party Insurance Cover, Third-Party Fire and Theft Insurance Cover, and a Comprehensive Insurance Cover.

Consider these guidelines to understand your requirements regarding a vehicle. Also, do not forget to study about the country’s road laws and regulations about using a car. Also, after purchasing, keep all the official paperwork up-to-date to avoid any inconveniences.  

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