In Malaysia, buying a used car is possible for an 18 year old, but there are certain legal requirements and considerations to be aware of. Here’s a simple guide on what you need to know about purchasing a car at 18.
1. Legal Age to Own a Car
The legal age to own a car is 18 years old. At this age, you are legally allowed to sign contracts, including the sale and purchase agreement for a car. However, certain factors can affect whether or not you can buy a car independently.
2. Driving License Requirements
To drive the car, you must hold a valid driving license. For those under 21, a Probationary (P) License is required. You must also have passed the driving test to get this license. Without a license, you can’t legally drive the car, even though you may legally own it.
3. Proof of Income or Financing
Although the legal age to own a car is 18, many car dealerships require proof of income to verify that you can afford to pay for the car, especially if you are financing the purchase with a loan. Without proof of income, it may be difficult to secure financing, as banks and financial institutions usually require a stable income source before approving a car loan.
4. Car Loan Application (If Financing)
If you plan to apply for a loan, you’ll need to meet the financial institution’s requirements, which may include a stable job or a co-signer (like a parent or guarantor). Banks will assess your creditworthiness, and if you don’t have a credit history, they may require additional documents or a co-signer to approve the loan.
5. Parental or Guardian Consent for Minors
If you are under 21 and unable to secure a loan on your own, a parent or guardian may need to co-sign the loan agreement. This is especially common for young buyers without a credit history. In some cases, they may also need to be present to sign the purchase agreement.
Conclusion
Yes, 18 years old can legally buy a used car in Malaysia, but you must meet certain conditions, such as having a valid driving license and proof of income for financing purposes. If you are under 21, you may also need a co-signer for a loan. It’s important to be prepared with the required documentation and ensure you can afford the car before making the purchase.
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