Since you are here, we believe that you are interested in automotive and cars or perhaps you are growing a passion for buying a dream car that suits your preference and lifestyle. Cars are inevitably one of the most important things that we should have to ease our mobilization from one place to another place. Cars also are the objects that help us to reach remote locations or a faraway destination without any unexpected delay where we often experience by taking public transportation. Besides that, the weightage importance of cars can be seen as clear as a crystal when it is one of the objects that are categorized as the asset that are required to be covered by insurance. Without further ado, we will guide you on how to buy car Malaysia , specifically Toyota, a famous Japanese car brand in the Malaysian market!
First Step: Visiting Toyota Showroom And Getting A Test Drive
The first and foremost step that you must take before proceeding to buy a Toyota car (or any car) is that you need to drop by and pay a visit to any branch of Toyota Showroom near to your current stay. Visiting a showroom is an initial step that will make you view the product thoroughly, in this context is Toyota car. Another essential point is that as a potential customer, you can gain more understanding from different technical aspects regarding your interested Toyota car. For example, you will be guided and explained by a professional Toyota sales advisor about the model, car’s performance, personality, pricing, monthly installation and specifications. On a side note, Toyota showroom is not only a place for everyone who has decided firmly to buy a car, but also the showroom is open for anyone who is interested in surveying new Toyota car models.
After surveying Toyota car models and getting some detailed advice and descriptions about the specific car model, car’s performance, personality, pricing, monthly installation and specifications, you are strongly suggested to sign up for a test drive by speaking first to Toyota sales advisors. A test drive is a chance and real hands-on experience for you to understand the car and its performance.
This is a perfect time to evaluate your dream car especially when you are driving it at different speeds, varying terrains and taking road turnings.
Second Step: Starting Your Car Loan Application Process
Are you ready for the next step? Let’s start! In this second step, we will explain to you about the general process for applying for a car loan, applying for a car loan as a fresh graduate, and margin financing.
- General Process For Applying For A Car Loan
It is important for you to know the term ‘’car loan’’. A car loan, automotive loan or auto loan is a sum of money a consumer borrows in order to purchase a car. Generally, there are two parties involved in this car loan. One is a lender and the second party is a borrower. A lender is a party that lends the money to the borrower. Banking and financial institutions are common and reliable party lenders. Meanwhile, the borrower is a party that receives money as a financial loan from the lenders in order to purchase expensive and long-term commitment assets such as a house and car.
To be more clear, the car loan application process will usually be handled by the sales advisors. The general processes in applying for a car loan are dealing and negotiating with bankers, identifying the best financing rates and the preparation of essential paperwork. Another process is the fulfilment of various car loan application requirements from your end. Then, you will have to decide on the loan payment period, ranging from 3 to 9 years.
Next, you are required to submit the necessary documents to buy a car, which are proof of income documents. Here are necessary documents that you need to submit:
- 3 Months’ Payslips
- EPF Statement/LHDN Statement
- Bank Account Statement
Your sales advisor will advise you to submit other needed documents from your end to buy the car. Once all the documents are processed, you will have to wait for 1 to 2 weeks and the waiting period for the result could be longer than 2 weeks.
- Applying For A Car Loan As A Fresh Graduate
A fresh graduate is still eligible to apply for a car loan, although he or she does not have any proof of income or work experience. In this situation, you need to give documents that suggest you have successfully secured a job. You are also required to have a guarantor. The documents are:
- Job Employment Letter
- Offer Letter
- Margin Financing
What is margin financing? Margin financing is the amount of loan expressed as a percentage of the car’s value. For example, if a bank grants you a margin financing of 90% for a car valued at RM 100,000, the bank is effectively agreeing to lend 90% x RM100,000 = RM 90,000 to the borrower.
Third Step: The Best Final
Now, this is the best ever news for you! Once your car loan application is approved, your sales advisor will task you to choose a vehicle registration plate. On a side note, you can even book a specific vehicle number. After that, you can finally drive your Toyota brand-new dream car!
