The Letter of Intent for Car Loan serves as a crucial preliminary step in the vehicle financing process in Malaysia. It is typically used when a prospective borrower has identified a specific vehicle and wishes to formally indicate their intention to obtain financing from a particular financial institution. The document includes essential information such as the vehicle specifications, proposed loan amount, tentative interest rates, and repayment terms, while also outlining any conditions that must be satisfied before proceeding to the final loan agreement. This document operates within the Malaysian legal framework, particularly under the Hire-Purchase Act 1967 and Financial Services Act 2013, and while not binding for the main loan terms, it often includes certain binding elements such as exclusivity periods or good faith obligations.
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1. Date and Parties: Identification of all parties involved, including the prospective borrower and the financial institution
2. Subject Vehicle Details: Specific details of the vehicle including make, model, year, color, and registration/chassis number if available
3. Proposed Loan Terms: Key financial terms including proposed loan amount, interest rate range, and tentative repayment period
4. Purpose Declaration: Statement declaring the intent to enter into a car loan agreement subject to conditions
5. Validity Period: Duration for which the Letter of Intent remains valid
6. Conditions Precedent: Key conditions that must be met before proceeding with the formal loan agreement
1. Deposit Details: Include when a deposit has been or will be paid, specifying the amount and payment terms
2. Insurance Requirements: Include when specific insurance requirements need to be highlighted upfront
3. Trade-in Vehicle Details: Include when there is a trade-in vehicle involved in the transaction
4. Special Conditions: Include when there are unique circumstances or requirements specific to this transaction
5. Early Termination Provisions: Include when there's a need to specify conditions for early termination of the LOI
1. Schedule A - Vehicle Specifications: Detailed technical specifications and features of the vehicle
2. Schedule B - Preliminary Financial Calculations: Indicative loan calculations including estimated monthly payments
3. Schedule C - Required Documents Checklist: List of documents required for the formal loan application
4. Appendix 1 - Vehicle Valuation Report: If applicable, independent valuation of the vehicle
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Financial Advisor
Bank Branch Manager
Automotive Finance Manager
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