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sample letter of full settlement car loan

If you need a 9-year loan, you can’t afford the car, and do understand Rule of 78

“The interest is calculated based on the principal sum and not the remaining balance, that’s crazy!” That was the conversation I had a car company executive who has just been transferred from Europe to Malaysia. The topic of increasingly long loan tenures for auto loans is also becoming a concern in the US but how long is too long for them? 7-year tenure auto loans now make up 20 percent of total US car loans – more than twice as many compared to 10 years ago. To many financial experts in the US

HansHans

Jul 17, 2020

6-month moratorium on bank loans – what does it mean for your car loan?

Bank Negara Malaysia have announced a 6-month moratorium for all bank loans except credit card balances, starting 1 April 2020. The moratorium is basically a temporary freeze on loan repayments. However, do remember that the moratorium applies only to loan repayments. Interests will continue to accrue every month as usual. Also, the moratorium applies only to loans that have not been in arrears (all previous payments owed paid in full) for more than 90 days as of 1 April 2020. How does the 6-mon

HansHans

Mar 25, 2020

Put your headphones on! UMWT teases sample of Toyota Corolla Cross launch’s 8D audio

In case you missed it, UMW Toyota (UMWT) will be launching the Toyota Corolla Cross with an 8D audio experience. Now they’ve uploaded a sample video of the 8D audio experience to give us a taste of how the launch will be like. Also read: UMWT's Toyota Corolla Cross launch will be streamed in 8D audio, but what is it? The Toyota Corolla Cross launch in 8D audio will be the first car launch in Malaysia to be recorded in a binaural recording. 8D audio, simply described, is surround sound on steroid

JerricaJerrica

Mar 24, 2021

Car owners can't afford to sell their cars due to outstanding car loan balance

It turns out that it wasn’t just used car sales that saw an increase throughout the past few months, used car dealers in Johor Bahru are reporting an increase in car owners trying to sell their vehicles after the Movement Control Order (MCO) ended in June. One second-hand car shop manager Chang Keng Keong told The Star that there has been a 30 percent increase in the number of people who came to his shop enquiring for information about the disposal of their cars. This was especially apparent in

JerricaJerrica

Nov 25, 2020

What paperwork do you need before selling your car?

It’s time to sell your car. You’ve already figured out how to get the highest price and how to clean the interior, but how do you sell your car without going through a used car dealer? Assuming that you’ve somehow managed to find for a buyer that’s willing to buy your old car, there are some steps to follow before you can sell off your old car. Also Read: Selling your car soon? Here's how to ensure you get the highest price If it’s a cash sale and there’s no outstanding loan, it’s pretty straigh

EricEric

Apr 6, 2021

How to get your car loan approved? Here are 5 things that affect your chances

In 1949, the loan tenure for a VW Beetle was 12 months with an interest rate of 9 % per annum. Things have changed. In Malaysia today, car loan tenures are usually of 5,7, or even 9 years with interest rates hovering around 3% per annum (calculated on principal). Cars are getting more expensive and are almost impossible to purchase without using a loan. But is taking a car loan a bad financial decision? Well, it depends on your financial circumstances (mainly your income), how much you benefit f

ArifArif

Jan 28, 2021

Lexus trademarks new name, next car to be RZ450e?

We heard through the grapevine that Lexus has registered the name RZ450e in the USA, Europe, and Australia. This suggested that Lexus has both a new model coming soon and a possible new powertrain. Now that we have a name, we can start speculating on what it can tell us. The Z is a hint that this will be a whole new model of its own. We glanced through Lexus’ history book and noted that the brand has never used the letter Z on any models that have come before. We can’t help but wonder if this co

JerricaJerrica

Aug 14, 2020

2020 Proton X50, what’s the minimum salary to get a loan?

The highly-anticipated 2020 Proton X50 is finally here, after several preview sessions held across the country. With prices starting from RM 79,200 for the Proton X50 1.5T Standard, it sure does look like a tempting deal, but is your salary enough to sign that loan? Let’s find out more in this article. How much do I need to make? Starting things off is the entry-level Proton X50 1.5T Standard (RM 79,200, on the road, without insurance), the monthly repayment is roughly RM 800 a month, given a 2.

EricEric

Oct 27, 2020

2020 Toyota Yaris – What’s the minimum salary to get a loan?

The Toyota Yaris nameplate isn’t exactly new in Malaysia, as it was first introduced here back in 2006 before getting discontinued a couple of year later. Fast forward to 2019 and UMW Toyota Motor reintroduced the Toyota Yaris in Malaysia, this time based on the NSP151-generation Toyota Vios. In this article, we will take a closer look and see how much you need to make each month before you can apply for a loan to purchase and maintain a Toyota Yaris. How much do I need to make? Starting things

EricEric

Oct 24, 2020

2020 Honda Civic – What's the minimum monthly salary to get a loan?

Ever since Honda Malaysia introduced the tenth-generation Honda Civic a few years ago, it proved to be a very popular model. The facelifted Civic was introduced earlier this year, keeping it fresh for a couple more years. It's an aspirational car for a lot of young buyers, attracting many who can barely afford the car. So in this article, we will take a look and see how much you need to earn before you can afford to buy and maintain a Honda Civic. Taking the entry-level Civic 1.8 S (RM 109,326,

EricEric

Oct 6, 2020

MAA: Loan moratorium expiry to impact Malaysia auto industry negatively

The 6-month long loan moratorium is set to expire in September and its expiry could have some negative impact on the Malaysian automotive industry. The loan moratorium went into effect in April as the country entered the Movement Control Order (MCO) period. Malaysian Automotive Association (MAA) president Datuk Aishah Ahmad told The Edge, “People will not have the money to buy new vehicles. But I think it depends on the category of vehicles. I think high-end vehicles will not be impacted; people

EricEric

Jul 27, 2020

2020 Honda City – What’s the minimum monthly salary to get a loan?

A couple of weeks ago, Honda Malaysia finally launched the all-new 2020 Honda City, replacing the GM6-generation model that was introduced back in 2014. Unlike the aspirational Honda Civic, the Honda City is aimed a more price-conscious crowd. In this article, we will take a look and see how much you need to earn before you can buy and maintain a Honda City. How much do I need to make? Take for example the entry-spec Honda City 1.5 S (RM 74,191, on the road, excluding insurance), the monthly rep

EricEric

Oct 18, 2020

What’s the resale value of a Proton X70? Flux has an alternative

The Proton X70 was first launched in December 2018, as a fully imported (CBU) model from China. Slightly more than one year later, the locally-assembled (CKD) model was launched in February 2020, with a new transmission but hardly any change in price. The range topping Premium X model is priced at RM 122,800. Barely two years on the market, it’s still too early to gauge the resale value of a Proton X70. Yes there are quite a number of units listed on used car classifieds, but it’s still too smal

HansHans

Aug 7, 2020

What’s the minimum salary to get a loan for the 2020 Mitsubishi Xpander?

Mitsubishi Motors Malaysia recently released the prices of the 2020 Mitsubishi Xpander, a model that will compete directly against the Honda BR-V, Perodua Aruz, and Toyota Rush. In this article, we will take a closer look and see how much you need to make each month before you should apply for a loan to purchase the Mitsubishi Xpander. How much do I need to make? The Mitsubishi Xpander has a starting price of RM 91,358 (on the road, without insurance), meaning that the monthly repayment is rough

EricEric

Nov 20, 2020

Applying loan for the 2021 Toyota Yaris? Here's the minimum salary required

Just recently, official prices of the 2021 Toyota Yaris have been released. It is priced from RM 70,940 onwards for the base Yaris 1.5 J, before topping out at RM 84,808 for the Yaris 1.5 G. Currently, the Yaris competes against the Honda Jazz, but it will be replaced with the Honda City Hatchback in 2021. In this article, we will take a closer look and see how much you need to make each month before you should apply for a loan to purchase the Toyota Yaris. How much do I need to make? The Toyota

EricEric

Dec 16, 2020

If you're a fresh grad, take a look at Proton’s Fresh Graduate Campaign

Proton’s commerce company, Proton Commerce Sdn Bhd (PCSB), has a new campaign to help fresh graduates purchase their first cars. Under the campaign, fresh grads can purchase a Proton with low Hire Purchase (HP) loan rates. The Fresh Graduate Campaign is designed to help address one of the key mobility issues graduates face when buying their first cars. Many graduates tend to get rejected when applying for an HP loan as they often don’t have proof of income for 3 months. This is a common requirem

JerricaJerrica

Aug 13, 2020

What’s the minimum salary to get a loan for the 2020 Nissan Almera?

Ever since spyshots of the all-new Nissan Almera started surfacing late last year, the hype started building up for ETCM’s newest B-segment sedan. Fast forward to November and ETCM has revealed prices of its highly-anticipated model. In this article, we will take a closer look and see how much you need to make each month before you should apply for a loan to purchase the all-new Nissan Almera. How much do I need to make? The all-new Nissan Almera has a starting price of RM 79,906 (on the road, w

EricEric

Nov 4, 2020

Buying a 2021 Toyota Innova? Here's the minimum salary required for a loan

UMW Toyota Motor has just announced the official prices of the 2021 Toyota Innova facelift in Malaysia. Prices start from RM 111,622 for the entry-level Innova 2.0 E variant and tops out at RM 129,667 for the Innova 2.0 X variant. Although there is a slight increase in prices across the board for the updated Innova, it is justifiable as UMWT has improved the safety and features of its people mover. Now, you might be thinking what’s the minimum salary needed in order to apply for a loan. Well, yo

EricEric

Jan 10, 2021

Getting a 2021 Toyota Vios? Here's the minimum salary required for a loan

UMW Toyota Motor has just released the official prices for the 2021 Toyota Vios facelift and the prices are nothing short of appealing. Starting from RM 74,623 for the base Vios 1.5 J, it is only RM 430 more than the base Honda City 1.5 S. As appealing as the prices are for the Vios facelift, you might be wondering what's the minimum salary needed in order to apply for a loan. Well, you've come to the right place as we will show you how much is the minimum monthly salary required to purchase the

CY FoongCY Foong

Dec 16, 2020

MTUC appeals to extend loan moratorium for another 6-months

The Malaysian Trades Union Congress (MTUC) is urging the Ministry of Finance (MoF) and Bank Negara Malaysia to compel banks to extend the deferment of loans for another six months. The current 6-month moratorium was announced back in March when the first stage of the Movement Control Order (MCO) was enforced in an effort to prevent the spread of the pandemic. With all activities and businesses put on pause, many people were either forced to take massive pay cuts, go on unpaid leaves by employers

JerricaJerrica

Jul 7, 2020

Daihatsu to launch full-hybrid kei car in Japan in 2021, how will this affect Perodua?

Toyota’s compact car specialist subsidiary Daihatsu will launch a new full-hybrid ‘kei’ (mini) car within financial year 2021, reports Japan’s Nikkan Kogyo Shimbun. The business daily also added Daihatsu’s first battery electric vehicle (BEV) will go on sale on year later, in financial year 2022. Unlike mild-hybrids, full-hybrids can accelerate from standstill using electric power alone, thus offering a smoother driving experience in stop-go traffic. The stronger electric motor also delivers bet

HansHans

Dec 29, 2020

MCO 2.0: What documents do I need if I have to travel for work?

Although there is a 10 km radius travel restriction in place throughout MCO, there are still those who will need to travel for work. The Ministry of International Trade and Industry (MITI) has clarified that all you need is your employer’s confirmation note from MITI’s Covid-19 Intelligent Management System (CIMS) and your employment pass/letter as proof that you work for the company. The government has declared a full lockdown from 13 January to 26 January 2021 in 5 states and 3 federal territo

JerricaJerrica

Jan 13, 2021

Despite losing 3 months of business, Malaysian used car sales hold steady in 2020

Even though the country is still undergoing a pandemic, used car sales in Malaysia saw steady growth in 2020. This is despite the fact that used car dealers were severely hit from March to May due to the movement control order (MCO). According to the Federation of Motor and Credit Companies Association of Malaysia (FMCCAM) president, Datuk Tony Khor, the used car industry had only about nine months of business this year as a result. In an interview with StarBiz, he said in thanks to the sales ta

CY FoongCY Foong

Dec 28, 2020

Renault Subscription plan turns one - named Malaysia's Car Subscription Company of the Year 2020!

Renault has been named Malaysia Car Subscription Company of the Year at the 2020 Frost & Sullivan Asia Pacific Best Practices Awards for its Renault Subscription programme, a year after the programme celebrates its first anniversary. Launched in August last year, the programme was designed to offer an alternative to vehicle ownership beyond the traditional hire-purchase model as well as car sharing and rental options available. “We are delighted to have received this prestigious accolade from Fr

SanjaySanjay

Aug 24, 2020

Leaked: Here’s the full details of the Malaysian-spec Hyundai Kona!

The full specs of the Malaysian-spec Hyundai Kona have leaked out, giving us a good idea of what Hyundai Sime-Darby Motors has prepared for its upcoming B-segment SUV. For starters, HSDM will offer three variants of the Kona, namely 2.0 Standard, 2.0 Mid, and 1.6 T-GDI High. As the names suggest, two powertrains will be offered. The first is a 2.0-litre naturally-aspirated petrol engine that does 150 PS and 180 Nm, mated to a 6-speed torque converter automatic transmission. The second is a spici

EricEric

Aug 27, 2020

Budget 2021: Low income B40 group can apply for 50 percent lower loan repayments

Malaysia’s Budget 2021 was tabled today by Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz, under very unusual CMCO circumstances. There’s nothing specific to the automotive industry, but on the topic of loan moratorium, the government has confirmed that there will be no extension. However, Zafrul explained that the government is putting forward a set of targeted assistance packages for the B40 low income earners, as well as small and medium enterprises. Eligible borrowers can choose betwee

HansHans

Nov 6, 2020

Perodua Myvi is the favourite model for used car buyers!

We know that the Perodua Myvi has been a crowd favourite since it was first introduced back in 2005. The little hatchback doesn’t just dominate the new car buying scene but also the used car market as the second-hand car market continues its sales high following the month of July. Previously, it was reported that the used car market has hit an all-time high since the country entered the Recovery Movement Control Order (RMCO) with year-on-year sales spiking over 25 percent in July. The y-o-y grow

JerricaJerrica

Oct 13, 2020

Bromance between Presidents of Toyota and Mazda runs deep, exchange letters revealed

Toyota and Mazda are two very different car companies. Toyota is a corporate giant, the world’s largest car maker that makes everything from commercial vans, to sedans for Japanese salaryman to large SUVs and minivans for American families. Mazda on the other hand, sells just one tenth of Toyota’s volume, and only wants to build cars for people who love cars. At the same time, Toyota is undergoing a rapid change in character. Its President Akio Toyoda is the only car company boss who actively pa

HansHans

Sep 11, 2020

Owner Review: Why Did I Get An Uncle's Car? - My Story of Buying A Toyota Camry

** This article is the personal experience of a 2019 Toyota Camry 2.5V owner and does not necessarily reflect the views of WapCar Facebook: Chen Kah Khin About My 2019 Toyota Camry 2.5V I bought this 2019 Toyota Camry 2.5V in September 2019. Back then, it retails at RM197k with discounts ~RM 5k. I was 31 years old then, never in a million years I thought that I would be getting an "uncle's" car at such an age. Prior to this car, I previously owned a 2010 Proton Inspira 2.0P. That car had everyth

Owner ReviewOwner Review

Jun 17, 2020

Owner Review: My dream car is a Hyundai - My story of my Hyundai Elantra

** This article is the personal experience of a 2019 Hyundai Elantra owner and does not necessarily reflect the views of WapCar. Facebook: Vijay Saravanen I always loved the sleekly, sexy, and sporty design of Hyundai Elantras I see on the road. I told myself my next car change would be a Hyundai Elantra. I was already driving the Hyundai Accent 1.5 (Aeroback) 2007 Model. Over the years, I have owned Proton Saga 1.3 (Aeroback), Proton Wira 1.5 (Sedan), Proton Satria1.3, Exora 1.6(MPV), and befor

Owner ReviewOwner Review

Sep 7, 2020