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Buying a car is a common financial event and it can be one of your major financial commitments especially if you have just started working. If you are a first time buyer, some of the information below may be useful for you when buying a car.
- Determine what is your budget? (Rule-of-Thumb, the cost of car should not exceed your current annual income)
- How much can you afford to pay your monthly instalment? You may want to use the Hire Purchase Calculator to find out your monthly loan instalment required on your dream car.
- Determine your current cash flow position by using Cash Flow Management Calculator
- What is your brand of interest?
- Decide whether to buy a new car or second hand car?
- Think about the re-sale value of your car.
- Do you have enough insurance coverage for your car? You may want to have additional coverage such as natural disaster for your car.
- Have you added additional name drivers’ in your insurance cover?
- Do you have emergency car breakdown service for your car?
- Location of the nearest service centres or car repair workshop from your house.
- You can fund the car purchase using your own excess cash.
- You may also borrow from your family members, relatives or close friends.
- You can apply for hire purchase from local banks.
Checklist for hire purchase application
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