[Siew]

My wife selling her Honda Civic 1.5(A) 1985. I am wondering whether is there any chance those buyer can get loan from any of the finance.
The figure is not much, I guess about RM6 to RM7K.
Regards

[anthonywyc]

Wah.... 1985... Not many banks are willing to give loan to car older than 7 years old. You have to try every bank lah..

[Chips]

Yes, it is hard to get loans for such old cars but you can try the credit and leasing companies. They operate differently from finance companies and charge much higher interest rates (10% pa. I think).

[dereklaw]

Siew,

Yes, it will be very hard to get a loan for anything more than 10 years, unless its a Classical Car.

Have friends whose loan application was rejected due to age of car, different companies have different policy, but most cap at between 7 to 10 years. I have called BSN before and there limit is up to 10 years.

For the price that you're selling, its better COD. Save you the hassle and as you said, after all, its not much.

[mpidana]

maybe u can try private loan with bank rakyat... interest rate, 6-8% only..

[anthonywyc]

Dangerous oh... to get loan from those big ear.

[Chips]

I think the original reason for this topic was whether a buyer could get a loan for the car. If this is not possible, then the next best thing is to just sell off the car to a used car dealer who would probably pay cash but maybe not as much. It would be op to the dealer then to help his customer get a loan.

[anthonywyc]

Those used car dealer will then try all excuse to lower your car price oh... Cannot get loan lah... Too old lah... bla bla....

[Siew]

Tough luck. I hope the prospect would be able to fork out the cash.
Agreed with Anthony, used car dealer would give every excuse to push the price down.
I remember selling my wira last year, asked not less than 6 car dealers, most of them quoted RM32K to RM34K, only the one along Middle Ring Road 2 quoted RM35K. Not satisfied, advertised in the paper and get RM37K.
Interesting thing is the person who bought my car didn't even test drive my car. Asked him why? he said " By looking at the car and your face, no need". Like this also can.....
Anyhow, thanks for the advice / view.

[anthonywyc]

like that also can lah ?? Must have cute cute face oh....