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Procedures n precautions in buying a new car

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Procedures n precautions in buying a new car Empty Procedures n precautions in buying a new car

Post by nicotyne 2012-11-11, 1:42 am

Guys, i just placed my booking for a new FoFi. Now waiting for loan approval.

Maybe daikor2 here can help me out by explaining what is the procedure after this.
got my purchase order form that state car brand,color,my name,the person who received my booking fee and the amount.
after loan got approved, what should i do?
when to pay full dp?
what document should i expect from both the bank and the dealer?
any order in signing the document? (wait for this doc then sign this one or etc)


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Post by dares 2012-11-11, 12:53 pm

After loan approved, you will be asked to sign the hire purchase agreement plus an assortment of documents prepared by the bank, the loan officer or your SA will contact you regarding this. During the signing feel free to enquire the loan officer with whatever question you have.

At that point, you may or may not be asked to pay the balance of the downpayment.

After that just wait for the car to be delivered, check the car, and sign the delivery order. If you haven't pay the d/p, this would be the time you'll have to pay it.
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Post by nicotyne 2012-11-11, 1:03 pm

during the call from the loan officer,he never told me anything about the loan interest rate.im at work at that time so kinda in a hurry and just answer anything he want to end the call fast. The interest rate,it is decided at that time or after it?

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Post by cheezels21 2012-11-11, 4:46 pm

Once your loan has been approved, you can find out from the loan officer what's the approved interest rate. If you're not happy wt the rate, you can ask the loan officer to try to appeal a lower rate or apply the loan from another bank.

If you're ok with the rate, the loan officer will get you to sign the agreements and whole stack of documents. And it may alarm you that you're signing on empty documents. I'm not sure what's the correct procedure but from the few cars i bought, they always give me empty documents to sign and they will fill in the details later. It's either you trust them or insist they fill in first which may delay the process.

Once the loan agreement signed, the loan officer will inform your SA, who will then ask you to make the final dp if the car is already available. Only after the final remaining dp is made, the SA will proceed with the car registration which should take only 1-2 days. Then give them 1 day to clean and prep the car before you go collect the car

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Post by nicotyne 2012-11-11, 6:03 pm

thanks alot guys..just one last thing,how to confirm that my car is ready before i pay dp?
Any document that comes with it? I cant physically inspect the car at that time right? Or can i? Correct me if im wrong but engine n chassis number checking are done before we pay the dp right? Im not really afraid of the loan officer,cz most of the time,SA is the shark.

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Post by dares 2012-11-11, 7:58 pm

I already got a chassis number after my loan was approved (before signing the loan) Shocked Don't ask me how, the SA already opened a file with my chassis number and engine number on the front cover by the time I arrived to sign the loan. By right the loan officer will inspect the car at the yard before processing your loan.

I paid my d/p the same day I signed my documents.
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Post by nicotyne 2012-11-11, 9:10 pm

dares wrote:I already got a chassis number after my loan was approved (before signing the loan) Shocked Don't ask me how, the SA already opened a file with my chassis number and engine number on the front cover by the time I arrived to sign the loan. By right the loan officer will inspect the car at the yard before processing your loan.

I paid my d/p the same day I signed my documents.

just to confirm,is this part of procedure or your SA abit rajin and settle everything upfront for u? Some mention about signing a blank document, does the details of the car included in the document that u have to sign prepared by the bank?

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Post by cheezels21 2012-11-11, 10:43 pm

From what I understood, SA will collect the car from the yard if the car is available, based on the booking that was made. I guess the loan officer will just proceed with the loan agreement without all the details filled in to save time and in case you don't agree to sign the agreement. Once the loan has been signed and confirmed, the SA will pass the car details to the loan officer to complete up the documents. I've not heard of loan officer inspecting the car at the yard.

Anyway, the inspection of the engine/chassis number is usually done during delivery of car. If you don't pay the DP, they are not going to register the car under your name.

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