BAIDURI FINANCE
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HIRE PURCHASE VEHICLE FINANCING
FREQUENTLY ASKED QUESTIONS

1) What is Hire Purchase?

A Hire Purchase, also referred to as HP, is basically a car loan.

More details: HP is normally a loan with a fixed period (usually 5-7 years), with an APR which is set before the contract begins.

2) Am I the registered keeper of the car bought using an HP?

Yes, you are registered keeper of the car and are responsible for insuring and maintaining it

More details: However, Baiduri Finance remains the legal owner ('has title') of the car until the amount you have borrowed has been fully repaid and you have decided to pay the 'Early Settlement' fee.

3) How do I finance my car?

There are 4 steps:

STEP 1: Confirm purchase of car with the Car Dealer

STEP 2: Provide required documents and personal details & Pay Booking Fee (Deposit)

STEP 3: Car Dealer will apply for the loan on behalf of the customer.

STEP 4: Upon approval of the loan, acknowledge the completed 2nd Schedule, witnessed by the Car Dealer.

More details: Baiduri Finance will do a complete screening to those applying for the HP, and will only provide it for eligible and credit-worthy customers.

4) How to apply for Hire Purchase Vehicle Financing?

Upon confirmation and payment of deposit, the Car Dealer will apply for the HP on behalf of the customer.

5) How do I know if I am credit-worthy?

We base a customer’s credit worthiness by examining their salary slip. We look out for something called a DCR (Debt Coverage Ratio) which is the ratio of cash available for debt servicing to interest, principal and lease payments In Baiduri Finance, someone is deemed credit-worthy if their DCR does not exceed 40% of their nett salary.

6) How long does it take to approve my HP?

If the application meets Baiduri Finance Acceptance Criteria, approval will be given on the spot.

7) Am I eligible to apply if my salary is not assigned to Baiduri Bank?

Yes! Of course you are eligible.

8) How do I pay for my Hire Purchase?

  • Cash
  • Cheque
  • Standing instruction
  • i-Banking
  • ATM
  • CDM
  • FAST mobile payment services

9) How do I pay using the CDM?

Select Baiduri Finance Hire Purchase by entering and confirm your hire purchase number.

10) When do I pay using the CDM?

One month after the date of agreement date. i.e every 28th of the month

 

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