Where can I get a hire purchase financing? Where can I get an auto loan?
You can apply for HP financing from a banking institution. You will receive a financial statement called Second Schedule Part I, which states your financial obligations under the proposed Hire Purchase (HP) Agreement.
If you apply for hire purchase financing through a motor vehicle dealer (which will submit your application to a banking institution), you will receive another statement called the Second Schedule Part II. This statement states the consent of the banking institution to be a party to the agreement.
You need not pay for the cost of preparing and obtaining the Second Schedule, if you decide not to sign the Hire Purchase (HP) Agreement. The Second Schedule statement is also not binding on you yet. If you agree to take the hire purchase (HP) financing, you will need to enter into a hire purchase agreement with your banking institution.
Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)
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