First One Sdn Bhd is the leading hire purchase financer in Malaysia, and we are here for you to fulfill your dream of owning that new car, for business use or for personal use. When you don’t have the full amount to buy the car ready, we help you to pay for your dream car through easy monthly installments.
In the case of upgrade of machinery, you can also opt for hire purchase loan in such scenario. Since the installment is already fixed, if you can estimate the increase in sales from this upgrade of machinery, you can easily decide to upgrade by obtaining hire purchase loan. Some people may use business loan or SME loan to finance such machinery upgrades, but if we can offer you the same hire purchase loan, why not consider us.
Commonly referred to as a “car loan”, a hire purchase loan arrangement in Malaysia is governed by the Hire Purchase Act 1967. In the context of this Act, the legal rights and duties of the hirer and the owner are established. This allows the hirer the right to use the assets at a minimal start up cost, as the hirer may not have immediate cash upfront.
Consider the situation – you have zeroed in on that special car that appeals to you, or to upgrade the machinery in your factory which will be able to offer multiplied operating efficiency, but the price holds you back. Traditionally, in such situations, you would be looking for a hire purchase financing. A business hire purchase would be a car for your company needs or the machinery upgrade for your factory that can be financed as well.
How does it work? After you have selected the car or machinery, you need to pay the dealer a minimum deposit of ten percent. The financer pays for the other ninety percent. The financer, at this point, technically owns the car or the machinery. Then you sign a hire purchase agreement to ‘hire’ the car or machinery from the financer for a particular duration.
For your part, you promise to pay a monthly installment to the financier. Once you have completely paid off the price of the car plus the interest amount, the financier will transfer ownership of the car or machinery to you. So this means until you have made the total payment under the agreement you will not own the car or machinery that you bought. For any default in payment of the installment, the financier has the right to pull back the car or machinery, and sell it to another third party.
Therefore, if you are in such a situation, do not let temporary delay in cash inflow, prevents you from having your dream car, or upgrading that machinery. If you have calculated, and the numbers make sense, and you can afford the installment, contact us for immediate assistance. Call now!
You may also interested to know more about housing loan? Call +6011-2930 9300 or email info@firstcashloanmalaysia.com for more info now!