Hire Purchase (HP)?
Hire Purchase usually happen in car loan. When you buy a car, you are the hirer and the bank is the financier. Then, you have the possession of the car but at the same time have to repay the bank who is the owner of the car based on the terms of payment . When the instalment paid up, the car owner is you.
You were protected by Hire Purchase Act 1967. Refer to it when necessary.
Major banking institutions. You will receive a financial statement called Second Schedule Part 1, which state your financial obligations under the proposed HP agreement.
However, sometimes the car dealer will help you to obtain loan. You will receive Second Schedule Part 2 states that the bank is a party to the agreement. Remember you don't need to pay anything for Second Schedule, and lawyer is a white elephant in HP agreement.
10% of the motor vehicle cash price is the minimum deposit should be required by banking institutions. However, we had heard alot of RM1 deposit or zero deposit nowadays.
If you default, the guarantor is liable for the unpaid portion of the HP financing and interest due. A guarantor is pre-requisite.
The car dealers or the banking institutions will arrange insurance cover for you in the first year. For the subsequent year, you will need to find for insurance yourself. Motor vehicles under HP financing usually need a comprehensive insurance policy.
Fixed rate or Variable rate financing?
Fixed rate financing means that the interest charge is fixed. Maximum rate charge in fixed rate term capped at 10% per annum. The variable rate financing follow the movement of the base lending rate (BLR). Maximum variable rate financing interest capped at 17% per annum. Your prediction of future interest rate movement is crucial in selecting type of financing.
Generally, the banking institutions have the rights to repossess the registered vehicle if you unable to pay for instalment for 2 months consecutively.
If you have further question. visit here.
+ I am also providing car insurance renewing service, drop me a comment if you need my service =)
Thursday, August 27, 2009
Hire Purchase (HP)?
Tuesday, August 25, 2009
Kuala Lumpur: Positive developments in Asia have hinted that the region is on the road to economic recovery. These developments could also signal to investors that the time is ripe to consider opportunities available in the region.
Speaking at a media briefing on Investing Asia today, Sulaiman Mohd Tahir, Head of Consumer Sales & Distribution, CIMB Bank Berhad in his welcome address said: “Asian economies are well poised to recovery with China leading the way. Taking into account all the positive economic indicators from around the world and Asia, we expect the level of investors’ risk averseness to moderate and confidence to return significantly. This is also the best time for investors to consider the prospects of shifting into equities. At CIMB Bank, we are prepared to ride the next growth wave and ensure our investors’ portfolios are well positioned to benefit from a booming Asia.”
Investors were encouraged to take advantage of these Asian opportunities via three Asian equity funds managed by CIMB-Principal Asset Management Berhad (“CIMB-Principal”); two being conventional funds while the other is a Shariah-compliant fund.
Raymond Tang, Chief Investment Officer of CIMB-Principal stated that as at end July 2009 their three Asian funds - CIMB Islamic Asia Pacific Equity Fund, CIMB-Principal Emerging Asia Equity Fund and CIMB-Principal Asia Infrastructure Equity Fund have recorded a YTD cumulative performance of 50.68%, 49.46% and 36.83% respectively.
“The market moves ahead of the real economy by six to nine months. The recent positive market performance has moved in anticipation of the first round of recovery. From here we foresee a positive uptrend that investors can still partake of in anticipation of the second leg of the recovery,” he concluded.
Credit to: CIMB
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Sunday, August 23, 2009
Risk management is the first thing human would have to plan especially in this modern world. Even newly born babies have s couple policies bought by their lovely parents. In my point of view, I would need these coverage on my life
A medical card can be your life-saving tool during emergency event. For the lower class family, their usually living without credit card or having excessive cash in bank. A medical card can ensure me eligible for immediate treatment.
My family deserve the coverage of losing me. When i am no longer able to provide financial security to my family, the life insurance coverage help to provide food and shelter to my love ones. Well, the coverage on my life should increase in tandem with income. If i afford the premium, i would at least have RM500,000 coverage on my life. (haha...only if)
3. Permanent Disability
Usually permanent disability regard as TPD. Well, it comes in a package with death. Which mean that when i acquire RM500,000 coverage in mortal, i'd also entitle to RM500,000 of TPD coverage. Whichever come first, me family would at least pass through the hard time.
4. Critical Illness
When i am sick, my family suffer as well. 36 dread diseases coverage seem to be obsolete. Since the insurance companies earn so much, i think they should increase the coverage to at least 48 or more number of diseases at the same premium.
5. Personal Accident (PA)
This is what i fear the most. Whatever activities we engage in carrying risk. For example, slipped on the floor during bath, injury in workplace, fell into the drain, and etc. So, personal accident enable us to get compensation for unfortunate event. One most vital point to buy personal accident is in the word "accident", the terms and condition for entitlement on compensation between PA and PDA is alot different. I will discuss it next time why it is different. (Cpmparison between PA and TPD)
6. Endowment (Savings for retirement)
Retirement fund from insurance is perhaps the smallest portion of retirement income for my portfolio. Since the cash value exist for some insurance policies, i will get back those monies plus some return if nothing happen to me.
If i am rich enough, then i am able to pay for anything in times of difficulties. The most important thing is to make everything appear affordable to me rather than scaring of uncertainty. However, personal risk management have to be handle properly before reaching the rich status (sorry, is true rich status) =).
All these is what i think, feel free to drop comment to me on your insurance planning. We can share opinion together.
+ I am also an AIA authorized agent, kindly leave me a comment if you have any question regarding insurance.
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Saturday, August 22, 2009
Working for years but still have little saving? Why this happen?
Mistake 1: Failed to Plan
Do you properly plan your finances? Normally we don't plan for our finances and let it run in its own course. So, we ended paying high tax and overpaying for financial products (insurance, unit trust..etc). We even leave our money sit freely at home earning nothing. Planning is usually too late when you run into serious financial deficit. Your personal financial crisis. (Boooooommmm).
Mistake 2: Spending beyond our means
Most of us need to pay for utilities, car loan, house loan, credit card bill, telephone bill, and other micellaneous monthly. However, the temptation of rich lifestyle induce us to spend on foods, high tech gadgets, fashion, magazine, entertainment and leisure. When you continue to spend more than often, you run into persnal insolvency. (Imagine your car kena pull back by bank, house being tender to third party, no mobile phone to use, have to depend on relatives or sometime no one else).
Mistake 3: Spending future money
Credit card, the best credit tool for the poor. when we buy on credt, we happy that we can buy what we like without paying money until end of month. You have 20 days to be happy before the interest count on. Further detail on credit card interest available via http://www.hsbc.com.my/1/2/personal-banking/credit-cards/credit-card-fees-charges
Mistake 4: Delaying saving for retirement
Your income increase over years, but your spending also increase over years. More often the increasein spending exceed the increment in income will drag your retirement plan. (eg: House renovation, buying new cars, expensive items)
Mistake 5: Investing in the wrong product
Have you been buying several unit trusts and insurance policies without knowing who is the management team and relied on the advise of agents? It is vital for us to equip with some basic financial knowledge to shield ourselves from misinformation and fraud. (When you buying into financial products, make sure you read through the terms and conditions and ensure a sound management team behind it)
Mistake 6: Not saving for a rainy day
Planning for risk management is important as well. Imagine the life of our family who depend on our financial support. Insurance is perhaps the best and loyal partner the would help to take care our family members when we loss the ability to generate any income. Have you already buy one?
Mistake 7: Focusing on too much money matters
Get your money with happiness. Sometime, money is not the most important matter. The most important element in life is happiness. We live longer with happiness and hence it lead us to stay healthy and possess the ability to acumulate more wealth (knowledge and money).
However, if we choose to unhappy but poor. I would rather choose to be unhappy but rich.
Start early for finanial planning and enjoy the fruit of your lifetime commmitment earlier than your peers.
If you want to know further in personal wealth management, u can go to malaysia investor site.
Friday, August 21, 2009
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