“Car Buyers Alert: Full Loan Schemes to End in August 2024, Prepare for Down Payments”

Source: World Of Buzz

Starting August 2024, full loan schemes for car purchases will no longer be available, so if you’re planning to buy a car, it’s time to start saving.

A report by Sinar Harian reveals that all car buyers will need to make at least a 10% down payment. This change aims to address the lack of transparency in car pricing by some sellers.

With the introduction of electronic invoicing (e-invoicing), all invoice amounts are expected to be accurate, eliminating discrepancies often caused by sales agents not providing the true cost of the car.

The Inland Revenue Board (LHDN) announced that e-invoicing will begin in phases starting this August, just weeks away.

This initiative is designed to promote automation and improve information accuracy, reducing errors that can occur with manual invoices.

However, a car salesman expressed concerns that the industry might suffer if full loans are not available.

“Currently, about 60% of car buyers rely on full loans. The government should consider allowing some buyers to purchase with a 5% down payment,” he suggested.

What are your thoughts on ending full loan schemes for car purchases?