Picture this – the car that you’ve been aiming to purchase now appears to be within reach. Now that you’re ready to make the leap, financing is the next step towards your new vehicle, but how do you go about it?
The typical hire purchase application process takes a few days. An application form has to be filled, and the applicant is required to furnish a copy of his or her Identification Card (IC/MyKad), three months’ salary slip, EA/BE forms and an EPF (KWSP) statement. To do all this, the applicant typically has to take time out of their work day to provide the required details to the bank, not to mention the time needed to gather the documents in the first place.
With the 1-Minute Auto Financing InstaApproval™ by CIMB, this can be shortened to literally a small fraction of that time. The fast-tracked process by CIMB requires just the prospective, salaried customer’s IC/MyKad, from which his or her details required for the vehicle purchase can be extracted, along with biometric fingerprint identification. These include details such as one’s EPF statement and credit rating, which can be generated by kiosks on-site or by portable EPF devices.
Prospective customer only needs to visit a participating dealer or auto carnival, and meet with a CIMB sales staff with their IC/MyKad. The customer and dealer will receive an SMS upon approval of the loan within one minute of signing the application. This is applicable for loan tenures of up to nine years, and for loan-to-value up to 90%.
In addition to the convenience of this paperless process, the digital platform employed here offers better security of the applicant’s details as well. Not only that, the applicant will have the relief of near-instant confirmation of their application’s status, which goes towards easing the process of what normally is the second largest financial commitment for any individual.
The CIMB 1-Minute Auto Financing InstaApproval™ is supported by CIMB Auto Finance centres nationwide and is available at selected partner showrooms, partner roadshows, as well as selected used car dealers.
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