{"id":23789,"date":"2022-11-26T05:21:47","date_gmt":"2022-11-25T21:21:47","guid":{"rendered":"https:\/\/www.carsome.my\/news\/?p=23789"},"modified":"2024-07-15T15:16:25","modified_gmt":"2024-07-15T07:16:25","slug":"fresh-graduate-car-loan","status":"publish","type":"post","link":"https:\/\/www.carsome.my\/news\/item\/fresh-graduate-car-loan","title":{"rendered":"Car Loan Rejected as a Fresh Grad? Here&#8217;s Why &#038; How You Can Buy Your First Car"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Congratulations, you\u2019ve made it! Now that you are officially a fresh graduate, the rest of your future is here. With that, you might have secured a job and are now on the lookout for your first car.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, getting your loan approved as a fresh graduate can be difficult because of stringent bank criteria. Here are five common reasons why banks may be rejecting your car loan application.<\/span><\/p>\n<p><b>Related article: <\/b><a href=\"https:\/\/www.carsome.my\/news\/item\/calculate-car-loans\"><span style=\"font-weight: 400;\">How are Car Loans and Interests Calculated?<\/span><\/a><\/p>\n<h2><b>1. You Don\u2019t Have a Credit Score<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">When applying for a car loan, you\u2019ll definitely hear the terms <\/span><a href=\"https:\/\/www.malaysia.gov.my\/portal\/content\/30836\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Central Credit Reference Information System (CCRIS)<\/span><\/a> <span style=\"font-weight: 400;\">\u00a0or <\/span><a href=\"https:\/\/ctoscredit.com.my\/news-media\/what-goes-into-your-credit-score-calculation\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Credit Tip-Off Service (<\/span><span style=\"font-weight: 400;\">CTOS)<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0 CCRIS is managed by the Credit Bureau of Bank Negara Malaysia, whereas CTOS is a private agency. Most financial institutions in Malaysia use both CTOS and CCRIS reports to evaluate your credit health.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, CCRIS does not calculate a credit score, instead, it lists your credit information from financial service providers including insurance brokers, telecommunication companies and of course, banks. This just means they can see every financial commitment you have.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, CTOS generates a credit score as a three-digit number. Your <\/span><a href=\"https:\/\/www.imoney.my\/articles\/everything-need-know-credit-score\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">credit score<\/span><\/a><span style=\"font-weight: 400;\"> is generated by calculating the percentages of the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0your payment history;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0other loan amounts;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0length of credit history;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0new credit applications; and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0your legal track record<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-23795\" src=\"https:\/\/carsome.my\/news\/wp-content\/uploads\/wp\/carsome-capital-3-1.jpg\" alt=\"fresh graduate car loan\" width=\"2449\" height=\"1632\" srcset=\"https:\/\/www.carsome.my\/news\/wp-content\/uploads\/wp\/carsome-capital-3-1.jpg 2449w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/wp\/carsome-capital-3-1-300x200.jpg 300w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/wp\/carsome-capital-3-1-768x512.jpg 768w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/wp\/carsome-capital-3-1-1024x682.jpg 1024w\" sizes=\"(max-width: 2449px) 100vw, 2449px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The higher you score, the better &#8211; any number below 651 is viewed as below average and it might dent your overall application. You can view the CTOS\u2019 credit scorecard <\/span><a href=\"https:\/\/ctoscredit.com.my\/learn\/what-actually-is-a-good-credit-score\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a fresh graduate, you may not have a credit score as you do not have any loans under your name. So on the CTOS scale, your credit score falls under \u201cNo score\u201d. Because of this, banks are unable to determine your financial status and decide if you can afford the loan. Hence, banks are more wary of lending to you because they have no assurance that you will be able to repay the loan amount.\u00a0<\/span><\/p>\n<h2><b>2. You Are Newly Employed &amp; Cannot Supply the Required Documents<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">When applying for a car loan, you will need to present your financial documents which include payslips for employed individuals. Most banks require at least six months of employment history to ensure you have stable income to finance the loan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unfortunately, as a fresh graduate, you might have just scored your first job which means you have to wait at least six months before applying for a loan. Other supporting documents required include your Employee Provident Fund (EPF) statements, which you won&#8217;t have unless you have been employed before.\u00a0<\/span><\/p>\n<h2><b>3. Your Debt Service Ratio (DSR) is Too High<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">But let\u2019s say you have been employed for at least six months but in the months prior to that, you took up a credit card &#8211; this will then be reflected in your CCRIS and CTOS reports. From there, banks will refer to these credit obligations as your monthly financial commitments. They will then calculate your Debt Service Ratio (DSR) to find out if you can afford another loan (the car loan you applied for).\u00a0<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-23796 size-full\" src=\"https:\/\/carsome.my\/news\/wp-content\/uploads\/wp\/carsome-capital-2-1.jpg\" alt=\"malaysia car loan\" width=\"4896\" height=\"3264\" srcset=\"https:\/\/www.carsome.my\/news\/wp-content\/uploads\/wp\/carsome-capital-2-1.jpg 4896w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/wp\/carsome-capital-2-1-300x200.jpg 300w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/wp\/carsome-capital-2-1-768x512.jpg 768w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/wp\/carsome-capital-2-1-1024x683.jpg 1024w\" sizes=\"(max-width: 4896px) 100vw, 4896px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">This DSR is important because it can make or break your application &#8211; in essence, it measures if you have enough cash on hand to sustain a lifestyle after deducting your monthly commitments. Every DSR limit is different in each bank. For example, if a bank\u2019s DSR limit was 70 percent, any DSR percentage above 70 would most likely be rejected, or subject to closer review. A <\/span><a href=\"https:\/\/www.comparehero.my\/debt-management\/articles\/how-calculate-debt-service-ratio\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">healthy DSR<\/span><\/a><span style=\"font-weight: 400;\"> would be between 30 and 40 percent.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The DSR is calculated by dividing your monthly financial commitments (loans, credit cards, etc.) with your total monthly income.\u00a0<\/span><\/p>\n<h2><b>4. Your Guarantor\u2019s Documents Are Not Strong Enough<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">One way to strengthen your loan application is by using a guarantor. A <\/span><a href=\"https:\/\/www.malaysia.gov.my\/portal\/content\/30819\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">guarantor<\/span><\/a><span style=\"font-weight: 400;\"> is someone who will be legally bound to settle any outstanding amount if the principal borrower (the loan applicant) defaults.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Banks are more likely to approve your application if you have a strong guarantor because if anything happens, the guarantor will be obligated to settle any unpaid portion of the loan. So, if you have tried to apply with a guarantor but your loan was still rejected, it may also be because your guarantor was not strong enough.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cStrong\u201d in this sense refers to your guarantor\u2019s financial status and if they can afford the commitment should you (the loan applicant) fail to comply with the repayment terms. A guarantor will need to submit their income documents as well for the bank to ensure his or her financial standing is acceptable.\u00a0<\/span><\/p>\n<h2><b>5. Car Loan Approvals Are Tougher During the Pandemic<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">On top of the reasons above, banks have become stricter in car loan approvals. <\/span><a href=\"https:\/\/themalaysianreserve.com\/2020\/06\/22\/tougher-approvals-seen-for-car-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Malaysian Automotive Association (MAA) president Datuk Aishah Ahmad<\/span><\/a><span style=\"font-weight: 400;\"> said applicants are faced with longer approval times because lenders are adding on to the criteria required for approval. This includes whether the potential borrower is working from home, or what type of industry they are involved in.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sadly, this makes it harder for graduates, especially now, to finance a car \u2013 those who have just scored their first job may need to forego their plans on owning a car during these times. But fortunately, most banks in Malaysia now offer graduate schemes that you can apply for if you\u2019re buying your first car as a fresh graduate and CARSOME also has a product specially for graduates to finance their first car easily.<\/span><\/p>\n<h2><b>You Can Try to Apply For a Graduate Scheme<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">As a fresh graduate, it will be quite impossible for you to prepare all the required documents needed to apply for a conventional car loan. Apart from that, you\u2019ll also need to fulfill other loan requirements such as submitting your latest pay slip and preparing at least 10 percent of the down payment for the car you want to buy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But with a graduate scheme, you can own a vehicle without having to prepare a hefty down payment, submitting various documents, or a high minimum wage. If your application is approved, you\u2019ll be able to finance up to 100 percent of the car price with a loan tenure of up to nine years but with an interest rate that is slightly higher compared to conventional car loans \u2013 around 0.10 to 0.20 percent higher (normal interest rates will vary from 2.8 to 4.5 percent).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s a list of local banks that provide graduate schemes if you\u2019re interested in applying for one:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>CIMB &#8211; <\/b><a href=\"https:\/\/www.cimb.com.my\/en\/personal\/day-to-day-banking\/financing\/auto-financing\/graduate-young-professional-scheme.html\"><span style=\"font-weight: 400;\">First Car Financing<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Bank Muamalat &#8211;<\/b> <a href=\"https:\/\/www.muamalat.com.my\/consumer-banking\/financing\/vehicle-financing\/muamalat-auto-grad-scheme\/\"><span style=\"font-weight: 400;\">Muamalat Auto Grad Scheme<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Bank Rakyat &#8211; <\/b><a href=\"https:\/\/www.bankrakyat.com.my\/c\/personal\/financing_i\/vehicle_financing_i_an_naqlu_2_graduate_scheme-48\/auto\"><span style=\"font-weight: 400;\">Vehicle Financing-i (An Naqlu 2) &#8211; Graduate Scheme<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Maybank &#8211;<\/b> <a href=\"https:\/\/www.maybank2u.com.my\/maybank2u\/malaysia\/en\/personal\/loans\/hire_purchase\/my_first_car_plan.page\"><span style=\"font-weight: 400;\">My First Car Plan<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Bank Islam &#8211;<\/b> <a href=\"https:\/\/www.bankislam.com\/personal-banking\/financing\/vehicle-financing\/vehicle-financing-i-gradone\/\"><span style=\"font-weight: 400;\">Vehicle Financing-i GradONE<\/span><\/a><\/li>\n<\/ul>\n<h3><b>Eligibility<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">To be eligible to apply for the graduate scheme, you must be:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Malaysian<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Aged between 20 to 35 years old*<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Must be a graduate with a minimum qualification of Diploma or Degree*<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Application must be made within five years from the date of graduation*<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Minimum wage of RM1,800 and above*<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Must earn a fixed salary*<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Only applicable for new national car purchase<\/span><\/li>\n<\/ul>\n<p><i><span style=\"font-weight: 400;\">*Requirements may differ based on the bank and their terms and conditions.<\/span><\/i><\/p>\n<h3><b>Required Documents<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you\u2019re eligible to apply for a graduate scheme loan, here\u2019s a list of all the documents you need to prepare for your application:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Copy of MyKad<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Copy of Driving Licence<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Copy of Certified Diploma\/Degree or transcript<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Copy of Employment Offer Letter<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Copy of latest three months salary slip (if applicable) and\/or copy of latest three months bank statement (if applicable)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">*<\/span><i><span style=\"font-weight: 400;\">Requirements may differ based on the bank and their terms and conditions.<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">**Banks reserve the right to request for additional documents.<\/span><\/i><\/p>\n<h2><b>Or You Can Get Your First Car with CARSOME Capital<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Banks perceive that fresh graduates carry a higher financial risk compared to borrowers from older age groups. This is why their loan applications have a higher chance to be rejected. Hence, CARSOME Capital has launched a hassle-free solution where fresh graduates, or those with a minimum of a Degree within five years of graduation, can now secure their first car.<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-23798 size-full\" src=\"https:\/\/carsome.my\/news\/wp-content\/uploads\/wp\/carsome-capital-4.jpg\" alt=\"fresh graduate car loan\" width=\"2449\" height=\"1633\" srcset=\"https:\/\/www.carsome.my\/news\/wp-content\/uploads\/wp\/carsome-capital-4.jpg 2449w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/wp\/carsome-capital-4-300x200.jpg 300w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/wp\/carsome-capital-4-768x512.jpg 768w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/wp\/carsome-capital-4-1024x683.jpg 1024w\" sizes=\"(max-width: 2449px) 100vw, 2449px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">This is because <a href=\"https:\/\/www.carsome.my\/capital\">CARSOME Capital<\/a> allows <\/span><b>graduate applicants aged up to 35 years old<\/b><span style=\"font-weight: 400;\"> to apply with just their Employment Letter of Offer!\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can also apply for a loan tenure of up to nine years which means you can have a more affordable monthly payment amount. Here are the full requirements:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Apply with an Employment Letter of Offer: <\/b><span style=\"font-weight: 400;\">All it takes is showing your offer letter. This is to prove you will have income to support the loan repayment. This is great for graduates who have just accepted their first job, or have just recently secured a new job, as you don\u2019t have to provide up to six months of income documentation as you would with a conventional bank.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Hold at least a Degree certification:<\/b><span style=\"font-weight: 400;\"> You are eligible as long as it is within five years from your graduation date.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>You only need a comfort guarantor: <\/b><span style=\"font-weight: 400;\">You can apply with your<\/span> <span style=\"font-weight: 400;\">parents as a comfort guarantor. This is different from the conventional guarantor that common banks require. For CARSOME Capital, you can supply any form of income from your comfort guarantor with no minimum requirement.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Driver\u2019s License and Identification Card (NRIC): <\/b><span style=\"font-weight: 400;\">You will need to provide your NRIC and driver\u2019s license. Your parents also need to submit their NRICs as a comfort guarantor.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">To top it off, you can conveniently repay your loan amount via Jompay. However, you can only apply for this auto-financing option when you buy a CARSOME Certified car.\u00a0<\/span><\/p>\n<h2><b>Buy a CARSOME Certified Car for Quality Assurance\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">All CARSOME Certified cars have passed our strict 175-point inspection to make sure it is free of major accidents, frame or flood damage. Besides that, CARSOME Certified cars are reconditioned and come with a CARSOME Promise. The CARSOME Promise is our assurance for you to have total peace of mind in your purchase.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is our CARSOME Promise to you:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Five-day money-back guarantee<\/b><span style=\"font-weight: 400;\">: If you buy a used car from CARSOME and you happen not to like it, you can return it back to us within five days to get your full amount back. No questions asked!\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Professional inspection<\/b><span style=\"font-weight: 400;\">: All CARSOME cars go through an inspection that covers 175 points to ensure it is free from major accidents, frame, fire, and flood damage.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>One-year warranty<\/b><span style=\"font-weight: 400;\">: Your journey with us does not stop after you buy a car. We will give you a warranty for coverage in your first year.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">So, if you are keen on buying your first car with CARSOME, head over to <\/span><a href=\"https:\/\/www.carsome.my\/buy-car\"><span style=\"font-weight: 400;\">carsome.my <\/span><\/a>\u00a0or <a href=\"https:\/\/news.carsome.com\/mobile-app-download\">download our mobile app<\/a> <span style=\"font-weight: 400;\">to choose the wheels you want.\u00a0<\/span><span style=\"font-weight: 400;\">Following that, you can book an appointment to view the car (we also offer virtual appointments during lockdown), and if you like it, just buy it with CARSOME Capital\u2019s auto financing option. It\u2019s super hassle-free.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With that, we wish you many safe drives with your car ahead!<\/span><\/p>\n<p><b>Related article: <\/b><a href=\"https:\/\/www.carsome.my\/news\/item\/car-loan-rejected\"><span style=\"font-weight: 400;\">Car Loan Got Rejected? Here\u2019s How to Increase Your Loan Approval Chances<\/span><\/a><\/p>\n<p><b>This article is also available in Bahasa Melayu here: <\/b><a href=\"https:\/\/www.carsome.my\/news\/item\/pinjaman-kereta-graduan-baharu\"><span style=\"font-weight: 400;\">Pinjaman Kereta Ditolak? Ketahui Sebabnya &amp; Cara untuk Membeli Kereta sebagai Graduan Baharu<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here are five reasons why your car loan might be rejected as a fresh graduate applicant and how you can get easy loan approval! <\/p>\n","protected":false},"author":3,"featured_media":29654,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fresh Graduate Car Loan Rejection &amp; How to Buy Your First Car<\/title>\n<meta name=\"description\" content=\"We list down five reasons why your application is rejected and how you can easily apply for a car loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.carsome.my\/news\/item\/fresh-graduate-car-loan\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Car Loan Rejected as a Fresh Grad? 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