The Journey Of Your New Car – getting pumped

[therock]

Suzuki too!

 

 

[MdRidzuan]

First time buyer here. Made downpayment and secured COE last week. Informed by SE that in-principle approval has been given by Maybank. And got a letter last week as well from Standard Chartered informing that in-principle approval has been given. Question is, how many banks does it take to finance my car loan? Does this mean I have to pay the monthly installment to the two banks?

[Ody_2004]

First time buyer here. Made downpayment and secured COE last week. Informed by SE that in-principle approval has been given by Maybank. And got a letter last week as well from Standard Chartered informing that in-principle approval has been given. Question is, how many banks does it take to finance my car loan? Does this mean I have to pay the monthly installment to the two banks?

 

no lah! eventually only ONE bank do your biz..

 

It is a mortgage loan.. one vehicle one bank

[MdRidzuan]

no lah! eventually only ONE bank do your biz..

 

It is a mortgage loan.. one vehicle one bank

Ahh I see. So how do I know which bank will eventually finance my car loan? Will the SE inform me before I collect the car keys? Sorry for so many questions!!

[Ody_2004]

Ahh I see. So how do I know which bank will eventually finance my car loan? Will the SE inform me before I collect the car keys? Sorry for so many questions!!

 

you need to make a trip down to sign document and make final payment. at this time you will know which bank you taking loan from.

 

once everything settle financially then they will register the car under your name.

 

congrats on your new ride!

[MdRidzuan]

Alright noted. Kinda apprehensive l and uncertain on getting approvals from 2 different banks. Feeling more at ease now. Thank you for the sharing boss!!

[Thaiyotakamli]

Suzuki too!

Actually maybe its the truck that need refuel lol

[Prataboy]

First time buyer here. Made downpayment and secured COE last week. Informed by SE that in-principle approval has been given by Maybank. And got a letter last week as well from Standard Chartered informing that in-principle approval has been given. Question is, how many banks does it take to finance my car loan? Does this mean I have to pay the monthly installment to the two banks?

 

Thought usually the SE will wait till the loan is approved before he/she submits the bid for the COEs?

[MdRidzuan]

Thought usually the SE will wait till the loan is approved before he/she submits the bid for the COEs?

Yup yup. My loan from the bank got approved first. Then the SE bid and secured my COE last week. Then somehow got another approval from a different bank after that. Clarified with the SE and informed to ignore the letter from the 2nd bank. All is well now