You can take advantage of its current low interest rates and longer period for lower monthly repayments. You'll also get a higher margin of financing while maintaining your vehicle ownership.
Designed to comply with the provisions of the Hire Purchase Act 1967, it allows you to enjoy complete peace of mind too.
What do I get?
Normal HP Transaction:
Customer A --> e-tunai --> Customer B
e-tunai Car Refinancing Scheme:
Customer A --> e-car --> e-tunai --> Customer A
Administration Fee ranges from RM850 to RM1,550 or flat rate of 1% of the loan amount.
Road Tax can be:-
Processing Time varies. Completion takes 2 weeks for unencumbered vehicles and 3 weeks for encumbered vehicles.
E-tunai, which manages the Car Refinancing Scheme. Is the authorized agent of Bank Negara. All cases will exclusively be submitted to e-tunai for consideration. This makes payment of monthly instalments so easy, since you can do it on Internet, globally worldwide.
|Upon decision||e-tunai will contact you to arrange for loan execution and vehicle inspection|
|Signing of loan
Inspection of vehicle
You must be present with all the original documents
Settlement with other Finance Company:
(for encumbered vehicle)
|e-tunai will settle the existing loan upon completion of documentation and inspection.|
|JPJ (RTD) transfer||Upon obtaining the release letter, e-tunai will forward all transfer documents to JPJ for a double transfer.|
|Cash to you||Upon completion of the transfer, e-tunai will refund the balance to you.|
/ renewal of road
tax and insurance
|Customers undertake these on Internet www.oocities.com/etunai/ecar.htm|
|Margin of financing & tenure||As per e-tunai Hire Puchase standard guidelines|
|Interest rate||Ranges from 3.75% to 5%|
|Age of vehicle eligible for refinancing||Up to 13 years old|
|Eligibility of Hirer||Individual or coprporations not blacklisted by any financial institutions for unpaid debts.
Malaysia citizen aged between 18 to 55. A guarantor is required for foreign applicants or those above 55 years. Corporate bodies must be incorporated in Malaysia.
For individual applicants, the monthly repayment must not exceed 1/3 of the applicant's gross income ( as evidenced by proof of income). Corporate applicants must conduct genuine and legal business with sufficient cashflow to meet current liabilities.
|Loan amount (RM)||Administration fees|
|20,000 and below||RM850|
|21,000 and above||Between RM950 ~ RM1,550 or 1% of loan amount, whichever is higher|
Most importantly, e-tunai gives you the most competitive rates at the lowest possible closing cost and attractive hire purchase terms and conditions.
How to apply?
|Option 1||Phone or meet up||0128328587 0128282799|
|Option 2||Fax or email||088.237358 firstname.lastname@example.org
Name, Contact No., loan amount, existing financer, settlement amount
|Option 3||SMS||0128328587 0128282799|
What are the benefits?
This Scheme allows you to reschedule your existing financial commitments. You may choose to stretch your existing hire purchase loan up to a maximum of 108 months, which means that your loan repayment is reduced and you have additional cash flow with which to manage your expenses. You may also choose to unlock cash from your vehicle by applying for maximum allowable financing ( i.e. 90% of the sale price ) after selling your car to e-tunai.
Do you refinance consumer goods?
No. We arrange for refinancing of motor vehicles only, not items such as air-conditioning units or sewing machines.
Do you refinance lorries, buses, heavy equipment and machinery?
The Scheme has yet to be extended to these.
Can I apply of my car is being financed by another company?
Yes. Once we agree to purchase your car and e-tunai agrees to extend a hire purchase loan to refinance your car, we will fully settle your existing hire purchase loan and perform all the necessary transfer transactions at the JPJ.
The family car is registered in my wife's name. Can I refinance it under my name?
No. We can only refinance the car under its currently registered owner. In this case, your wife.
Isn't it better to refinance my car by selling it to a third party?
Contrary to popular belief, this is not a very good way to refinance your car. By selling it to a third party and continuing to use the car, you might run foul of statutory requirement under the Hire Purchase Act 1967, which requires you to update your finance company of the place where the car is kept. Although you continue using it, the car does not legally belong to you anymore. Are you willing to take such a risk?
I heard refinancing packages are illegal. Could I get into trouble?
We obtain top-notch legal advice during the design stage of the Scheme. By sharing our expertise and experience, we managed to design a car refinancing package that abides by the provisions of the Hire Purchase Act 1967 and adheres to the requirements set by Bank Negara Malaysia.
Can my company refinance its company car?
Most definitely! We would be happy to assist your company in rescheduling its commitments and improving its cashflow management.
Why refinance with e-tunai and not others?
We are backed by Bank Negara Malaysia and provide low interest rate.
What are the costs?
We charge a handling fee for purchasing the car from customers. This varies according to the refinancing loan amount that the customer applies for. The handling charges range from RM850 to RM1,550 or a flat rate of 1% depending on the loan amount. Customers will also have to pay a fee of about RM400 for registration and transfer of ownership at JPJ. These charges will be deducted fron the balance due to you from the sale of your car to e-tunai.
I reside outside the Klang Velley. Can I apply for a refinancing package from e-tunai?
We do extend our refinancing package to those residing outside the Klang Valley. We will soon be opening more branches at strategic locations in Malaysia to serve you better.
How can I be sure your quoted market value is fair?
The market value quoted by us is based on our Internal Pricing Committee Guidelines, a comprehensive compendium of the average market value of almost all cars on the road today. The price adopted is based on recommendations made by our vehicle evaluation experts who regularly analyze the current used car market. You can check in the market for the accuracy of our valuation. Due to the rigorous process that we go through, it is usually accepted as the benchmark for used car pricing in the market.
What is the maximum tenure?
108 months, depending on the make, model and age of the car
Is the rate negotiable?
Yes. We take into account each customer's credit track record before offering the best possible rate.
Can a foreigner apply?
Yes, provided that a Malaysian stands as guarantor for his refinancing application.
A foreigner - The guarantor must be a Malaysia citizen.
A Company - A director may stand as guarantor.
How soon can the loan be disbursed?
The net sale proceeds will be released to you as soon as transfer of ownership and endorsement of e-tunai's ownership claim at JPJ have been affected. It may take between 2 to 3 weeks.