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The BMW Range
3 Series
E46
This first step to buy 2nd hand E46?
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<blockquote data-quote="wingzee" data-source="post: 599619" data-attributes="member: 22730"><p>Agreed with geoffreylee. Speaking from my experience with my purchase of an E46 just a week ago. </p><p></p><p>Search the car through Mudah, Motor Trader, forums or car dealers. </p><p></p><p>Check the valuation of the car from banks to ensure the car is not overpriced.</p><p></p><p>Try to get the registration card or info on year of manufacturing as this will determine the loan availability for the ride. From what I have enquire, in order to obtain a 90% MOF for any car currently, the year of manufacturing must be 2003 or newer. Anything before 2003, the maximum MOF will be 80-85% (some are only 70%, depending on the bank). In addition, the manufacturing year will also play a part in determining the interest rate and tenure for the hire purchase loan. Was earlier looking at a 2001 330i and various banks quoted 5-7% of interest and maximum repayment period of only 4-5 years. I am able to get 3.4% for a 5 years tenure for a 2004 325i via a local bank.</p><p></p><p>Do check for your loan eligibility as well. From what I was told, current BNM ruling will look at a person's monthly commitments over their nett income (i/o of gross income previously). If the monthly installment exceeds 30-35% of your nett income, you would require a guarantor or the application might be rejected. However, other factors may determine your eligibility as well, such as current outstanding liabilities eg. personal loan, housing loan, credit card debts etc. All these are up to the bank's credit department discretion.</p><p></p><p>Once you have found your car and eligible for a loan, check with the dealer of owner whether are you allowed to bring the car for checks and diagnostic. Many used car dealers are reluctant to do so but some are okay. Bring the car to a reputable BMW mech (use the search function in the forum, I brought mine to Jason @ Optimum Autoworks, Kayu Ara).</p><p></p><p>Consult the mech on the conditions of the car, what parts are required to be replaced, repairs etc.</p><p></p><p>Discuss with the dealer/owner on these and ask for discounts if cost of repairs are too high.</p><p></p><p>Do go through the E46 thread for more information.</p><p></p><p>Good luck in your car hunting and may you find your UDM soon!</p></blockquote><p></p>
[QUOTE="wingzee, post: 599619, member: 22730"] Agreed with geoffreylee. Speaking from my experience with my purchase of an E46 just a week ago. Search the car through Mudah, Motor Trader, forums or car dealers. Check the valuation of the car from banks to ensure the car is not overpriced. Try to get the registration card or info on year of manufacturing as this will determine the loan availability for the ride. From what I have enquire, in order to obtain a 90% MOF for any car currently, the year of manufacturing must be 2003 or newer. Anything before 2003, the maximum MOF will be 80-85% (some are only 70%, depending on the bank). In addition, the manufacturing year will also play a part in determining the interest rate and tenure for the hire purchase loan. Was earlier looking at a 2001 330i and various banks quoted 5-7% of interest and maximum repayment period of only 4-5 years. I am able to get 3.4% for a 5 years tenure for a 2004 325i via a local bank. Do check for your loan eligibility as well. From what I was told, current BNM ruling will look at a person's monthly commitments over their nett income (i/o of gross income previously). If the monthly installment exceeds 30-35% of your nett income, you would require a guarantor or the application might be rejected. However, other factors may determine your eligibility as well, such as current outstanding liabilities eg. personal loan, housing loan, credit card debts etc. All these are up to the bank's credit department discretion. Once you have found your car and eligible for a loan, check with the dealer of owner whether are you allowed to bring the car for checks and diagnostic. Many used car dealers are reluctant to do so but some are okay. Bring the car to a reputable BMW mech (use the search function in the forum, I brought mine to Jason @ Optimum Autoworks, Kayu Ara). Consult the mech on the conditions of the car, what parts are required to be replaced, repairs etc. Discuss with the dealer/owner on these and ask for discounts if cost of repairs are too high. Do go through the E46 thread for more information. Good luck in your car hunting and may you find your UDM soon! [/QUOTE]
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