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Essay On Car Cards

863 Words4 Pages

CAR LOANS
Car loan is a probably the simplest type of car financing that provided by a financial institution to a potential car buyer. After paying a relatively low deposit, you hire your car with the option to buy it by the end of the contract.
As cited by Bank Negara Malaysia, hire-purchase refers to the outstanding amount of receivables from hire-purchase facilities usually granted to firms and individuals for the purchase of capital assets, particularly motor vehicles, machinery and equipment and consumer durables. According to Wahbah al-Zuhayli (2002), hire purchase refers to owning the benefit of certain assets for a specific period of time, by paying an agreed sums of rental, with an agreement that the owner will transfer the rented …show more content…

While credit cards provide cash advance facility, most Malaysian credit card holders use credit cards for payment purposes, which represent 85% of the total credit card transactions. By the year-end 2000, there were approximately 2.8 million credit cards in circulation and the transactions valued at MYR16.4 billion.

This picture showed the number of Malaysian that owned credit card during 2014. About 34.48% of Malaysian owned a credit card and 1 out 4 of them spent about RM930 monthly by using their credit cards.

(Sources by CompareHero)

This picture showed the behaviour of credit card holder in purchasing online during 2014. It showed that the most of Malaysian using their credit for travel & flights with 68% and the least of Malaysian using for groceries which are 19% only. The other behaviour are for daily deals, fashion and technology & gadgets with 56% , 42% and 37% respectively.

( Sources by CompareHero)

GUIDELINES AND RESTRICTION BY BANK NEGARA MALAYSIA

Since 1 January 2012, Bank Negara Malaysia has implemented stricter lending guidelines for credit card holder . They more restricted to credit card holder to reduce the credit card debt in

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