plan to buy F30 and willing to pay above 30% downpayment but BMW Credit reject my loan

[2577175]

plan to buy F30 and willing to pay above 30% downpayment but BMW Credit reject my loan..

i dont have income tax recipt but my montly bank statement transaction around 100k..
hv 50k in bank fd and 12k in Great Eastern Saving plan...

any other ways can i get the offer ?


pls advice, thanks ...

 

[pchan1]

Nowadays it's getting more difficult as all financial institution are required to bounce applicant's record against CCRIS.

In lieu of income tax receipt, you may use epf statement if you are employed.





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[2577175]

oppssss, if i put 200k to fd is it possible to get ?

 

[seancorr]

oppssss, if i put 200k to fd is it possible to get ?

You can try but I've spoken with my dealer before and they said it will be bloody hard if you're not declaring your income hence I bought mine just before I went dark with my income declarations =]

Buying house on the other hard is a little bit easier as some banks will approve loans up to 60% if you show them your big fat bank account statement.

 

[F10 CREW]

First & foremost, you need to check if you are blacklisted. You can go to CTOS and register and do a self check. Must not have pending lawsuits, bankrupt notices, owing to PTPTN, etc.

The other reason your loan was rejected could be due to you having bad track payment records. Your payment record has to be clean for at least 1 year. If you updated the payments recently, it does not help.

If you clear the above, then you have to prove a regular income (example : via EPF statement and regular paycheck entry into your bank account).

If self employed, you have to produce proof of income with steady and stabile cash flow.

If you pledge FD of 200K is possible. This means that your FD is used to secure the loan.

Recommend that you finance your car in the local banks. Easier to get the loan.

 

[kuntakinte]

I'm really surprised to hear BMW Credit rejecting a loan application. They are pretty lenient usually. As others have said, maybe it's a CCRIS or CTOS issue you are facing...

 

[seancorr]

I'm really surprised to hear BMW Credit rejecting a loan application. They are pretty lenient usually. As others have said, maybe it's a CCRIS or CTOS issue you are facing...

They are but the salesgirl told me that its also hard for them to approve if you do not declare EPF or income to LHDN as they too go through the same process like other banks.

 

[achtung]

bmw credit is part maybank product maaa...

 

[pchan1]

bmw credit is part maybank product maaa...

Really? I thought they just use may bank as account receivable to make it convenient for payment?




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[2577175]

maybank and affind also reject due to my age and business too new :sleep:

then only way i buy F30 is by CASH ?

 

[kuntakinte]

maybank and affind also reject due to my age and business too new :sleep:

then only way i buy F30 is by CASH ?

That's what most young borrowers experience. Due to limited or no track record of credit worthiness or repayment promptness, bankers are known to reject loans even in cases of high downpayment, meaning if you don't have a credit card or loan, they can't assess your loan repayment punctuality hence reject the loan

Which I think is rather stupid policy. How is the young going to produce a track record when they can't even procure one in the first place?

Your best chance may be legal ah long or credit services company

 

[seancorr]

Such is the way of our crap policy here in Bolehland and best part is if you pay by cash confirm LHDN will come knocking on your door...

 

[pchan1]

Buy magnum or toto first price stub to cover up [emoji1].


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[seancorr]

Buy magnum or toto first price stub to cover up [emoji1].


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Lol if only I had such luck,,,

 

[F10 CREW]

I am made to understand that the 5 years BSRI is only applicable if your loan is from BMWCredit. Is this true? Anyone can confirm this as Public bank is giving me a better rate than bmw credit.

Please advise my Beemer friends.

 

[tkm]

I am made to understand that the 5 years BSRI is only applicable if your loan is from BMWCredit. Is this true? Anyone can confirm this as Public bank is giving me a better rate than bmw credit.
Please advise my Beemer friends.

I guess the BSRI is given by the dealers itself on the BMW promotions. It has nothing related to the BMW credit. Just do not let the SA mislead you in cutting down the rebates.

Btw, how did the dealers calculate their 10% downpayment? Im curious to know. Is is after the rebates and need further 10% downpayment? Because i heard it from a friend who told me this.

 

[Kajenthiran]

I just got my blue BMW f30 320d from auto Bavaria, they gave me 16k discount and 5 yrs of BSRi and some discounted 3M tint...paid 10% downpayment and that's it. Loan was with BMW credit. The best deal compare to the rest of competitors @ if u get loans with bank also still entitle for 5 yrs BSRI and no issue with that

 

[shama]

I just got my blue BMW f30 320d from auto Bavaria, they gave me 16k discount and 5 yrs of BSRi and some discounted 3M tint...paid 10% downpayment and that's it. Loan was with BMW credit. The best deal compare to the rest of competitors @ if u get loans with bank also still entitle for 5 yrs BSRI and no issue with that

yours is a pre-reg?

 

[alvinkstan]

hmm.. to me BMW Credit service is bad.. poor respond...call no anwer...request for 7 years ...they propose 8 years...
submit my documents for past 2weeks..till now no news...first time rejected..now still told me under process..

 

[seancorr]

hmm.. to me BMW Credit service is bad.. poor respond...call no anwer...request for 7 years ...they propose 8 years...
submit my documents for past 2weeks..till now no news...first time rejected..now still told me under process..

That's bloody slow, why not try for normal banks? Normal to get it approved within 3 days.