Thursday, January 25, 2007

Auto Loan: Malaysian Auto Sales Fell in 2006

This is the age in which the number of auto is increasing everywhere. It seems that Malaysia is an exception to this rule. In fact, in 2006, new auto sales in Malaysia fell significantly.

Forbes reported:

Overall auto sales in 2006 fell to 490,768 units from a record high of 552,316 units in 2005, the Malaysian Automotive Association said in a report. But it predicted sales to rebound and grow by 1.9 percent this year to a half million vehicles.

The 2006 sales figure fell short of the association's forecast of 520,000 units as higher interest rates, stringent rules for loan approvals and shorter repayment period made financing a problem while a hike in retail fuel prices last year dampened sales, the report said.

"2006 was a trying year. The inability to get financing was a key factor as well as a low resale value," association president, Aishah Ahmad, told a news conference.

Malaysian government is always keen to maintain discipline in their economy. That is perhaps why it is becoming more difficult to get auto loan in the country. Yes, it is not a desirable condition. On the other hand, do not forget that 2007 is the 10th anniversary of Asian economic crisis of 1997. A disciplined approach to the economy saved it that time.


creditandmortgageindex said...

Well, getting auto loans in USA is not at all a big deal. Even in some third world countries like Pakistan, the AUTO FINANCING market is increasing more than ever before.

Even if you have bad credit and are looking for bad credit loans you can still avail auto loans. It all boils down to your own financial planning. If you have made an informed decision before applying for a car loan, you are sure to stay safe. You can even get a car loan even after bankruptcy and still be able to make your way out of it