What To Do When Your Car Is Stolen And How To Prevent It?
- By CompareHero.my
- December 30, 2020
Finding out your car has been stolen can be overwhelming. You might wonder what is the right thing to do and if you’re entitled to claim payments for auto theft from your insurance provider. Here’s a quick step-by-step guide and useful tips you can consider to prevent your car from being stolen.
It was a bright sunny day and you had a quick errand to run in the city. You parked your car, took all of your belongings, shut the door and pressed the lock button on your car keys.
After 30 minutes, you returned to where your car was parked and found out that your car was nowhere to be seen. You frantically looked everywhere for your car, but couldn’t find it. Panicked, you felt your heart racing and the first thing that came to mind – what to do?
You then try to recall if you locked your car or if you went to the wrong parking spot, but none of it seems to make sense. There is only one possibility left: your car has been stolen.
Car theft is one of the situations you would never want to experience, but what would you do if it happened to you? What are the right steps to take if your car has been stolen?
Below are the four important steps that you must take:
Contents
Four steps to take when your car is stolen
1. Check if your car was stolen
The first thing you need to do is to check if your car was stolen. If you parked your car at a closed or paid parking space like the shopping malls or office buildings, car theft can still happen. In this scenario, check with the building management and get the security footage (if there’s any) to confirm that your car was stolen.
If you parked in a public space or near a shop lot, look around and check the parking space as there’s a chance that you just forgot the exact place where you parked your car. You should also contact the towing companies to see if your car got towed unknowingly. Ask people around if they noticed any suspicious activity while you were away.
What if your car gets stolen from your own home? Although you have a front porch gate that could prevent your car from being stolen, it doesn’t guarantee the safety of the car. Car thieves will use the slightest chance to steal the car whenever possible like when you forget to lock the gate and leave the gate open.
If you have a CCTV installed at the porch, you can use the footage as a solid proof that your car was stolen. If you don’t, ask your neighbours who do. Other than that, a GPS device would be helpful for you to trace and locate your car if you have it installed to your vehicle.
If your car was indeed stolen, the next step is to make a police report. Do not try to find your vehicle on your own. Car thieves are desperate individuals; therefore, trying to recover your car on your own could put yourself in a dangerous situation. The thieves could have past criminal records and might be potentially armed, so never confront them if you do not want to assume the risk of what may happen as a result.
2. Report your stolen car to the police
You must make a police report immediately once you find out that your car was stolen. Go to the nearest police station to file a stolen car report, and make sure that you provide enough information about your car. The details may include:
- Car registration plate
- Vehicle identification number
- Your identification
- Car’s brand, model and colour
- Tracking device (if any)
- Other distinct features of your car
Once the report has been made, don’t forget to keep a copy of the report for yourself since you will need it for the insurance claim process later.
3. Contact your car insurance company
Get in touch with your respective insurer to file for a stolen car insurance claim.
After you filed the police report, inform your car insurance company that your car has been stolen. Your insurer will request you to compile and submit a number of documents within a stipulated time frame which is within seven days of the date of accident/loss if you are not physically disabled or hospitalised following the event.
Below are the documents needed for the claim:
- Claim form (provider by insurers)
- Original copy of police report
- Copy of driver’s NRIC
- Copy of driver’s driving license
- Vehicle registration card
- Copy of hire purchase agreement
Take note that you will only be able to file a car theft claim depending on the:
a) Types of car insurance policy
The insurance company will only compensate comprehensive and third party, fire and theft policyholders as the policy includes theft coverage while the third party insurance policy does not. Find out more about the types of car insurance coverage here.
b) Nature of theft
If your car was stolen due to self-negligence, then you’re not qualified to file for a stolen car insurance claim. For example, you handed over your car keys to the car wash operator and instead of waiting, you went to other places and only returned an hour later. You then realised that your car is missing. This is clear negligence on your part.
c) How much can you claim?
It depends on the agreement you made with your insurance company. If your car is insured based on the agreed value, then you can claim the same amount. But if it’s insured based on the market value, then the settlement will be based on the current car market value or the sum insured, whichever is lower.
What’s the difference between agreed value and market value?
An agreed value is the value both you and your insurer agreed to insure the car for until the policy renewal date. The value is determined based on the vehicle’s model and age.
A market value is how much your car is worth or priced in the market before it was damaged or stolen.
Related: #WhatIWishIKnew – The Ultimate Guide On How To File An Auto Insurance Claim In Malaysia
4. Report lost or stolen items from your car
Call the bank customer service to cancel your cards if you left them in your car.
Besides reporting your stolen vehicle to the police and car insurance company, there are other parties you may also need to notify. If you left your essentials like your wallet that contained a credit card and debit card, you have to let the bank know so they can cancel your lost or stolen cards. If you left your house keys in the car, go to the locksmith and have your locks changed as soon as possible.
You can inform your friends and family so they can be on the lookout for your stolen car. Posting lost vehicle information on social media could also help the public to be aware of your missing car. While you’re doing that, don’t forget to attach some pictures of your car and include other required details like the car model, colour and plate numbers that can be helpful in the caption.
Bonus tip: Check car selling sites
Cars are often stolen for the parts, which means they can quickly get dismantled and disappear. In the event your car is found, it may be damaged or have some missing parts.
Besides having your car disassembled and the parts sold for profits, the thieves could also sell your stolen car on car selling sites. You can search and browse through different websites if any cars match your car’s description.
Important: If you find any leads, contact and inform the authority immediately so they can do the investigation for you. Do not confront the thieves on your own to avoid any misunderstanding or disagreement.
What if your stolen car is recovered?
If your car was stolen and then recovered, you will want to check if any personal items have been stolen. But keep in mind that comprehensive coverage won’t cover stolen personal items such as a phone or a laptop.
If the authority informs that your vehicle has been recovered after you’ve notified your insurer, you must:
- Not reclaim possession of your vehicle unless authorised by the police.
- Immediately inform your insurer so they can make proper arrangements on the claim process and inspection of the recovered vehicle.
If you manage to get your car back within the claim process period, you are still the rightful owner of your car. Any repair cost incurred is still claimable from the insurer and your No Claim Discount (NCD) will be forfeited.
Claim process period: A period of which your insurer is still processing your claim request
No Claim Discount (NCD): An entitlement or reward for policyholder if there’s no claim made on your car insurance policy within the one-year insured period.
The NCD rate depends on a rate fixed by Persatuan Insurans Am Malaysia (PIAM). Private cars can have an NCD rate between 25% to 55% as agreed in the policy.
Related: How To Calculate Car Insurance Price In Malaysia
However, if the claim has been processed by your insurer, you are no longer the owner of the vehicle. Instead, the insurer takes over the ownership of the vehicle.
As stated by Bank Negara Malaysia (BNM), the claim process may take up to six months from the date of notification of theft or when the investigation has been completed, whichever is earlier. This is to allow any possible recovery of your vehicle by the authorities during the investigation period.
If your car was stolen and you still owe some money on it, you’ll have to continue paying for the instalments while filing the insurance claims. In case your stolen car cannot be recovered or found, you need to pay off the remaining amount with your insurance payout.
Be more vigilant and use these tips to prevent your car from being stolen in the future
You don’t want the same incident to happen twice. You could park your car in a safe space like a gated house compound, but that does not lessen the possibility of car theft.
Here are nine things you can do to prevent your car from being stolen:
- Never leave your vehicle’s engine running without a passenger, even if you will be gone for one minute.
- Park your car at a gated area, busy area or somewhere secured.
- Do not leave the parking ticket and season parking card in your car as it may make it easier for the thieves to steal your car.
- Ensure your car is locked and the windows are closed.
- Never leave valuable items and documents in your car, both in and out of sight.
- Install a GPS tracking system.
- Use a locking device on the steering wheel and gear shift.
- Install a car alarm and other optional sensors to monitor your glass breakage, motion, etc.
- Don’t hang or place your car keys in common places such as the front door key rack, key bowl or in plain sights such as the living room, master bedroom or office.
Related: What Does It Mean When Your Car Is Considered A Total Loss?
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#PropertyHacks: Buying Your First Home In Malaysia? Here’s What You Need To Know – The Buying Stage (Part 2)
- By CompareHero.my
- December 28, 2020
Buying your first home is one of the most daunting life experiences. From figuring out the right house to dealing with the real estate agent, there are many steps that make up the home-buying process. First-time home buyers can read this article for a list of things to know when buying a house for the first time.
Buying a property is a major financial investment. This article is the second chapter of a special three-part mini-series within #PropertyHacks. Follow these tips and tricks to make the most out of your investment. Stay tuned for more content!
Buying a first home is a big milestone for just anyone. It’s an enormous commitment and chances are, it will be the largest purchase you will ever make in life. So it’s understandable if the whole process can be a daunting one. But fear not, with a little bit of guidance, a lot of research and self-belief, you will get through it.
Earlier this month, we deciphered some of the most important things you need to know before buying your first property. In this episode, we will dive deep into the steps you need to take throughout the buying process itself.
Related: #PropertyHacks: Buying Your First Home In Malaysia – The Pre-purchase Stage (Part 1)
Contents
- Step 1: Don’t look for the perfect house, but look for the right home
- Step 2: Get an agent to help you make an offer and negotiate
- Step 3: Submit all your documents and figure out your financing options
- Step 4: inspect the home – never accept an offer without checking the unit beforehand
- Step 5: Closed the deal? Congratulations! Nope? Time to move on
Step 1: Don’t look for the perfect house, but look for the right home
Perfect is in the eyes of the beholder, so instead of looking for the perfect house, it would be more fitting to look for the right home.
We purposely distinguished home and house; the former is your haven that reflects your very preference, personality, lifestyle and some could even argue values. A house, on other hand, is just a shelter made out of concrete.
When your physiological and safety needs are being met, you could proceed to fulfil other needs such as love, esteem and self-actualisation. (Image source: Thoughtco.com)
All humans, according to psychologist Abraham Maslow, need proper shelter (within the safety category), which comes after the physiological needs as part of the Maslow’s hierarchy of needs. Having a safe and secure home is a basic survival pillar. The right house will feel like home and allow you to go back to a sanctuary after a long and stressful day at work.
To make your house a sanctuary, however, you will need to find a place that fits in perfectly for you. When looking for a property, we recommend these following factors to help you get closer to your dream home.
Price
For some, this could be the decisive factor; for others who have the luxury of choice, may have a more lenient price range. So it fares differently for different people.
But before you dive deep into other factors or hit the property market right away, you should set a certain budget to help you narrow down your choices. This move will also help you save time as you get to drop any options that are out of your price range.
Type of property
Double-storey terrace? Apartment with a swimming pool? Townhouse near the city? If we were to list down all possible options, there will be endless options for you to choose from. Avoid this sticky dilemma by setting up a budget.
For example, if you are looking for a double-storey terrace, you could get a relatively cheap one, between RM400,000 to RM550,000 in the outskirts of Selangor.
If you want to avoid the dreadful upfront cost or down payment, you could buy a property that is still under construction (albeit it will only be completed after a few years), or if you are feeling optimistic and don’t mind dedicating more time (and money) towards the property, you could opt for a fixer-upper that doesn’t require a complete overhaul.
Look for homes that have not reached its full potential or were once golden gems but have reached their peak. Different people have different needs and priorities so it depends on what yours are as well.
And truth be told, in exchange for affordability, we would be willing to live at a place that is “incomplete” or slightly “run down”. Perhaps the house meets your other bigger needs that are much more difficult to compromise, such as location and size, so don’t let the physical imperfections completely blind you.
There’s also a wide belief that first-time homebuyers shouldn’t worry too much about finding the “perfect” house, because the goal is to get up the property ladder. Whether or not you agree with this belief is up to you, but it’s worth mulling over.
Location
Where your house will be located is perhaps the second most important factor when buying a house. Why? A great location will remain profitable no matter how the real estate market performs, but a bad location could make it harder for you to rent it out or even live in the future.
For instance, it will be more costly to commute to work if your office is located two hours away from where the house is located. Pro tip we found online: you can make an ugly house attractive but you can’t make a bad location great.
Neighbourhood
This point is particularly important for those planning to raise a family. Inspect the neighbourhood to see if it’s family-friendly and safe. One good tip is to check out the neighbourhood at different times of the day, be it day or night.
If you are a green enthusiast, maybe you prefer to live in an environmentally friendly neighbourhood, and if you walk a lot, maybe you want to settle down in a neighbourhood that has great walkability and many facilities for pedestrians.
If you want to go the extra mile, squeeze in a few chats or meetings with some of the locals to get a sense of the neighbourhood to see if it suits your preferences and taste.
Public Transportation
This may or may not be important to you depending on your cost of living, lifestyle and preferences. Those living on their own may prefer commuting via public transportation than families who need to factor in the modes of transport for their spouses and children as well. Some other families, however, choose to take public transportation to cut down on the cost.
For others, the length of time it takes to and fro for work could be the ultimate factor in their decision to close a deal, especially those living in the city. These types of residential areas may be nearer to a network of public transportation. We will have to admit, there are a lot of perks to taking public transportation. For one, you can save time (unfortunately Malaysia is synonymous with heavy traffic), money, stress and even the earth!
Schools – If you have family and kids, it would be more ideal for your kids to attend a school that is closer to home. Scout for residential areas or neighbourhoods that include schools and educational centres.
Of course, that doesn’t mean you should compensate for quality for the sake of convenience. After all, you want the best for your children. However, you also need to factor in the budget you are working with as not all public schools are located in every neighbourhood.
Expand your search
Thanks to the Internet, searching for properties on sale is now much easier than ever before. Online listings like iProperty, PropertyGuru, Mudah.com make it easier for consumers to search, browse and narrow down housing options by type, price range with a certain area.
Secure a reliable and trustworthy agent
Once you have figured out a few ideal options, get hold of a trusted agent to provide more insights on the property and location, as well as to help you secure the house. With so many property choices to look for – Malaysia is known for its severe glut in the property market – it would be much easier to get a lead on available options in the market through a reliable real estate agent. Ask friends, family, and business contacts, too. This is a great segway into the second point.
A good real estate agent won’t pressure you into buying a property because they are in desperate need to hit their monthly quota.
Step 2: Get an agent to help you make an offer and negotiate
In Malaysia, like in most other countries, a real estate agent will be the middleman between you and the property owner (if it’s a sub sale) and the property developer. Of course, there are other characters involved; the banker and the lawyer among others, but the agent is the main character in the process, and the type of agent you work with will set the tone of your deal.
Your real estate agent will help you decide how much money you want to offer for the house or how much money the both of you think it’s worth negotiating for. Your agent could also help you secure other conditions with the property, i.e. free furniture.
Though it’s not an apple to apple comparison, a good real estate agent is similar to a good car salesperson; they can help you save time and money while a bad one will leave you frustrated. We recently did a piece on spotting a good car agent from a bad one for reference.
For sub sale properties, the agent will be responsible for presenting your offer to the seller’s agent and negotiating that offer. After that, you can expect the seller to accept your offer or issue a counteroffer. Then it’s a matter of going back and forth until a deal can be reached or you can also walk away if it’s not worth your time. You will not be able to provide an offer or negotiate a price for a property under construction.
If you find all the documentation perplexing and confusing, it’s perhaps a good idea to jot it all down in an excel sheet.
Step 3: Submit all your documents and figure out your financing options
Successfully negotiated a deal? Congratulations!
But hold up, that’s not the end of the process. After you have agreed to a certain price with the owner or have successfully filled in your application for a property under construction, the next tough step is to complete all the necessary documentation, and for some, this can be the most complicated process due to the sheer amount of time and effort it takes.
Since this section is quite lengthy by nature, we will provide a basic run-through of some of the documents that you will eventually sign.
1. Letter Of Offer/ Intent To Purchase
Purpose:
This document states that the buyer has intentions to purchase the property. It is written up by the company of the appointed realtor. This document ensures you, the buyer, gets the property at the agreed price and the seller can offload it at the agreed price, too.
What to look for:
- Look out of the selling price of the property with any included fixtures and furnishings.
- Double-check the Sales And Purchase Agreement (SPA) date signage.
- The document will include conditions of the offer and purchase to protect both the buyer and the seller. An obvious example is the return of the earnest deposit if the sale doesn’t go through. An earnest deposit or the notoriously known down payment is made by the buyer in a show of good faith to secure the property.
2. Sales And Purchase Agreement (SPA)
Purpose:
This is a comprehensive legal document that seals the deal between the seller and buyer. It also contains agreed-upon terms and conditions of the property transaction between the buyer and seller.
What to look for:
- Typically, an agent will recommend a law firm to write up and manage the signing of the SPA for its clients. Lawyers are necessary because they have the expertise and knowledge to iron out the details in the SPA.
- The document doubles as a safety net to protect both parties if anything goes wrong.
- The buyer is responsible for the stamp duty on the SPA. If you didn’t already know, stamp duty is a tax imposed on documents in the sale or transfer of a property.
3. Memorandum Of Transfer (MOT)
Purpose:
As its name is called, this document officially cements the transfer of ownership of the property from the developer (or from the proprietor for subsale properties) to its new owner. This legal document signals that the transfer of ownership has legally been completed.
What to look for:
- Similar to the SPA, there is a stamp duty charge.
- However, buyers will receive a 100% exemption from having to pay the stamp duty on the MOT for spousal transfers. Similarly, a 50% exemption will be given when a parent transfers the property to the child or vice versa.
- Some great news, under Budget 2021,first-home buyers whose selected home is below RM500,000, are eligible for a full stamp duty exemption for memorandum of transfer documents (MOT) and loan agreements for purchase agreements. However, the SPA must be executed and signed within the stipulated period, starting from 1 January 2021 to 31 December 2025.
4. The Facility Agreement
Purpose:
Commonly known as a loan agreement, it details the terms and conditions of the housing loan accepted by the buyer.
What to look for:
- Drawn up by the bank’s lawyer to protect the bank’s interest.
- The buyer or borrower has to pay the legal fees for the facility agreement. (Important to factor this into the total cost as well)
When it comes to financing the house, there are several payments that the buyer will need to be aware of.
5. Upfront cost or down payment
If you have reached this point, we are sure you have secured enough money for the down payment of a house in the secondary market (sub sale unit). Properties under construction don’t usually require a down payment.
In Malaysia, the typical minimum amount of down payment is 10% of the total purchase price, and the balance 90% (margin of financing) will be secured with a bank loan – for a buyer’s first two residential properties.
So let’s say you want to buy an RM500,000 condo in Puchong, you will need to fork out at least RM50,000 for the upfront cost.
6. Hidden fees
If you are a first-time buyer then it may come to your surprise that there are some “hidden fees” that you will need to be responsible for beyond just the deposit and the loan. Ugh!
These miscellaneous fees and charges can seriously hike up your total cost, so it’s important to know them beforehand so that you can estimate whether you have the financial capacity to buy a house.
A house valued at RM500,000 with a typical 90% margin of financing comes with about RM20,000 in fees and charges – on top of the down payment. Figure out if that amount is affordable for you before saying yes.
Here is the full list of hidden fees
- Stamp duty for transfer of ownership of title or MOT (as explained above): 1% for the first RM100,000; 2% for the next RM400,000 and 3% on the subsequent amount.
- Sale & Purchase Agreement (SPA) legal fees: 1% for first RM150,000 and 0.7% of the remaining value of property within RM1 million.
- Stamping for SPA: Less than RM100
- SPA legal disbursement fee: A few hundred Ringgit
- Loan Facility Agreement legal fee: 1% for first RM150,000 and 0.7% of the remaining value of loan within RM1 million.
- Stamp duty for loan: 0.5% of the loan amount
- Loan Facility Agreement legal disbursement fee: A few hundred Ringgit
- Fee for Transfer of Ownership title: A few hundred Ringgit
- Mortgage Reducing Term Insurance: RM1000 or more, depending on the bank
- Government Tax on Agreements: 6% of lawyer fees
- Bank processing fee for the loan: RM20
7. Monthly instalment
Most borrowers will take up a home loan as it is quite impossible to buy a house in cash.
Check out this cool home loan calculator we found on AKPK if you need to calculate how much you will need to pay in a month to cover the cost of your home and how long you need to finance it. By the way, most banks will typically require borrowers to repay their home loans in full before they turn 65 to 70 years old.
Related: What Actually Happens When You Go To AKPK For Help?
Beyond the loan, you should also factor in the other costs. These figures include down payment, regular maintenance expenses, homeowners’ insurance, property taxes and unexpected costs like emergencies.
In order to stay afloat financially, it is recommended that your overall total of monthly instalments on all your outstanding loans, including your home loan, does not exceed 70% of your net income, which is the income after deductibles such as income tax and EPF.
When working with your agent, get them to share a few interest rate options for the hire purchase (house loan) from a few different banks so you have options to choose from.
Related: Is Your Credit Score Good Enough To Get You A Mortgage? Here’s Why It Matters
Just like how you will take a car for a test drive before buying it, you should also inspect your house before buying it.
Step 4: inspect the home – never accept an offer without checking the unit beforehand
Doesn’t matter if your home is brand new or is a sub sale, a big rookie mistake you will want to avoid is not inspecting the house before closing the deal, no matter how flawless the house may appear.
In fact, we recommend appointing a trained professional to inspect for the quality, safety and overall condition of the property.
The last thing you want is to get stuck with an unsafe or damaged property, despite already forking out so much money for the down payment. Not to mention the headache of having to figure out all the unexpected repairs.
A home inspection is like a medical check-up or a financial check-up of your potential partner before you decide to wed them – it helps you see whether they are medically or financially fit enough to be with you before your decide to tie the knot; we know it sounds like an extreme example, but it makes sense.
If the home inspection shows serious defects that were not disclosed earlier, then it gives time for you to back out of the deal and rescind your offer (and get your deposit back). Or you could just renegotiate to have the seller make additional repairs or discount the selling price.
Step 5: Closed the deal? Congratulations! Nope? Time to move on
If all goes well: your documents were accepted and processed, loan application was approved and the down payment has been made, then congratulations, you are a few steps closer from getting the keys to your new house!
P.S.: But before you get all excited, just bear in mind that the entire process of purchasing a house can take a few months to officialise and complete.
Now that you are getting closer to moving to your new house – or let’s say you already have, then what’s installed next? Surprise! Homeownership costs don’t end at the purchase stage. Remember that you also need to factor in the monthly mortgage payments and the maintenance as well.
Now that you are an official – in a way – homeowner, what do you do? Well, stay tuned for our third and final episode in our mini-series of buying your first home in Malaysia as part of the #PropertyHacks editorial series, to find out!
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#BreakingItDown – How To Spot A Bad Car Salesperson (And A Good One)
- By CompareHero.my
- December 24, 2020
Thanks to lower car loan rates, buying a car has now become an increasingly attractive option. So your next step will be a visit to the dealerships, where you’ll be liaising with car salespeople. A good car salesperson can help you save time and money while a bad one will leave you frustrated. Here’s how you can spot the difference.
Purchasing a car can be an exciting and easy experience when you are dealing with the right salespeople. A good car salesperson will collaborate with you every step of the way – from the moment you walk into the dealership until the delivery of your vehicle. Meanwhile, you could end up wasting your time and spending more money while dealing with bad salespeople.
Contents
Warning signs you’re dealing with a bad car salesperson
1. Being ignored
Some car salespeople will ignore you when you visit the dealership.You will feel as if you have invisibility superpowers. Even after you have walked around the showroom and looked interested in certain models, they carry on chatting.
If a car salesperson can’t even be bothered to enquire if you need help, you are likely to experience the same quality of service for the rest of your buying process. Time to step on your accelerator and zoom out of there.
2. Unreliable
So you have made an appointment to test drive a car, and the car salespeople assure you that the vehicle is available at this particular date and time. You even contact them when you are on the way to the dealership.
However, when you arrive, the car is suddenly unavailable and the salesperson comes up with excuses. With such unreliable service, now you have your own “excuse” to opt for a different dealership and salesperson.
By providing unreliable service, a car salesperson can lose potential buyers.
3. Lack of initiative
You will surely have questions about the car that you wish to buy. After all, you are about to make one of the biggest financial decisions in your life.
Sometimes, the car salespeople may not be able to answer all your questions. However hard they try, some car salespeople just couldn’t remember every little detail about the vehicles at their dealership. They should still take the initiative to find out and satisfy your query promptly.
If you are enquiring about basic information like the number of official service centres for the car in Kuala Lumpur, and the salesperson responds with a “sorry, I can’t help you” type of answer, then you might be better off taking your business elsewhere.
4. Pushy
A car purchase can take forever when the salesperson repetitively tries to convince you to pay a little more for the bells and whistles that you don’t need. They could also make you think that you are losing out on a great deal if you don’t buy the car now.
Whoa, slam on the brakes and walk away from this deal! You should not be pressured into making up your mind, especially when it concerns an important purchase like buying a car.
Feeling uncomfortable? Let’s look for a trustworthy, good car salesperson instead.
Related: #BreakingItDown – How To Buy A Car With Cash: Here’s Everything You Need To Know
A good car salesperson cares about his or her customers and will strive to get them the best deals.
Qualities of a good car salesperson
1. They understand you have a budget
Before visiting a dealership, it’s recommended that you calculate how much you can afford to spend on your car loan monthly instalment. Good car salespeople will always do their best to work with you to get the vehicle you want within budget.
They are also prepared to recommend a more suitable car if your chosen vehicle is too pricey. This proves that they genuinely care about their customers besides meeting the sales quota.
Related: #BreakingItDown – The True Total Cost Of Car Ownership In Malaysia
2. Informative
Good car salespeople will educate themselves regularly about the vehicles they are selling. Their knowledge should extend beyond the make, model, year and specs of a car.
They understand that buying a car is a major purchase and you wish to make a well-informed decision. So a good salesperson will be able to provide the information you need promptly. They want to help you complete the sales process smoothly as well.
You can expect clear, quick information from car salespeople who know and understand their products.
3. Responsive
A truly professional car salesperson will respond to your calls, emails and texts within a reasonably prompt timeframe. If you contact the dealership to arrange a test drive, they will get back to you quickly. They will also efficiently arrange a pick-up or delivery time for your new car.
4. No-pressure approach
These sales professionals understand that piling on the pressure is only going to drive buyers away. So they establish a no-pressure environment where you will feel empowered to make a decision that best meets your needs.
Here are the kind of salespeople who deserve your trust. They will lay out all the purchasing options that are available to you, including vehicle and finance-related information. These professionals will also gladly answer any questions you might have.
You will have time to weigh your options and ultimately purchase your ideal car.
5. Excellent online reviews
Find out what users have been saying about a particular car dealership on Google. You can even check out their star ratings. When a good dealership provides great customer service, word travels fast.
Ready to visit a car dealership now?
Now that you can spot the difference between a good car salesperson and a bad one, a stress-free buying experience at the dealerships awaits. Remember to do your own research before making a purchase. Good luck!
Related: #NewNormal: Should You Get A New Car In A COVID-19 World? Here’s What An Expert Says
Whether you are a first-time or seasoned buyer, the process of buying a car can be complicated if you don’t know the industry that well. The #BreakingItDown series is all about addressing this problem. Stay tuned for more content.
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Use These 7 Cash Tricks to Grow Your Savings
- By CompareHero.my
- December 23, 2020
Regardless of your income and debt, having the right financial plan is crucial to grow your money in your savings account. If growing your savings is one of your financial goals, here are seven tricks that will help you achieve it.
This article was first published in September 2018 and has been updated for freshness, accuracy and comprehensiveness.
It can’t be denied that cash is king, but let’s all agree that having cash on hand is the fastest way to spend it.
But with these few tips and tricks, you can save instead! Follow these seven cash tips to help you build your stash of dough!
Contents
- 1. Limit your ATM visits
- 2. Carry large bills
- 3. Cuba try test your budget
- 4. Keep the change
- 5. Save a specific denomination
- 6. Do the 52-week Money Challenge
- 7. Delete the auto-fill forms
- Bonus tip: Use an app to track your spending!
- There you have it, our top seven money saving tips! Did we miss out on anything?
1. Limit your ATM visits
Find out how much you need to spend in a week and stick to a budget. It will also help to calculate your necessary expenses for transport, food, and other necessities.
One good practice we can recommend is to withdraw only the amount you NEED from the ATM at the beginning of every week, for that week. Be mindful that the cash you withdraw should last you throughout the week to avoid constant runs to the ATM.
Most of us usually make an ATM run when we run out of cash and need more, but that habit can make it harder to keep track of our money. Setting a specific day to withdraw money from the ATM can help you be more financially disciplined.
When you have less cash in your wallet to spend, you will need to adjust your spending accordingly. Having less cash on hand will also be a tangible reminder on the importance of proper money management.
You may spend more, unconsciously, when using smaller bills.
2. Carry large bills
“You should take care of small, loose bills as large bills take care of themselves” – Mexican folk saying
According to a study published in the Journal of Consumer Research, shoppers are less likely to spend their money if they are carrying the cash in large denominations.
It’s known as the denomination effect, a type of cognitive bias that makes people less inclined to spend with larger bills compared to the equivalent value in the form of smaller bills.
In visual terms: Say you have a single RM100 note versus a mix of RM10 and RM20 that add up to RM100, you will be more inclined to spend the RM10 and RM20 bills as you don’t need to break the single RM100 bill.
Try carrying around larger denominations, it might help slow down your spending next time.
3. Cuba try test your budget
If you are contemplating a large purchase, such as an apartment or a new car, the first step is to save the amount of money you will need to pay for the monthly installment every month in cash. This is to see how it will feel when you have to service the loan.
For example, if getting a car means you will have to pay an installment of RM600 every month, set aside that same amount every month for a period of time.
This way, you can truly put into perspective as to how the purchase will affect your finances. It’s a good way to assess if you can maintain your current spending levels or if sacrifices need to be made and you have to cut corners. Plus, this won’t cost you money; it’ll save instead!
Related: The #30DaysBudgetHero Challenge: RM500 Budget For A Month [Update]
Got spare changes? Don’t throw them away or leave them hanging around the house – save it!
4. Keep the change
Tell that to yourself, not the cashier!
At the end of the day, make it a habit to gather all your loose coins and put it into a designated place like a coin jar. You’re bound to get change from your daily spending.
For example, after you pay for your RM7 nasi campur with a RM10 note, make a mental note that the RM3 change will go into your coin jar at the end of the day.
Don’t underestimate how much money you can save up this way, especially if you are consistent about it. If you don’t set aside your loose change, it’s highly likely that you will make unnecessary purchases because you want to get rid of the coins anyway.
If you want, you can also invest your small amounts of money or changes, into micro-investing platform Raiz. It’s an incredibly efficient way of making the most of every cent being spent, so rather than waste your cents away, why not stretch your Ringgit and have it saved and invested instead?
Keep RM10 a day, and in a month you can save up to RM300, and RM3,600 in a year!
5. Save a specific denomination
You may have noticed that you tend to come across RM5 notes much less than the other denominations, like RM1, RM10 and RM20.
You can make saving cash fun, almost scavenger-like, by setting aside all the RM5 notes you do come across. If putting aside all RM5 notes is a struggle, you can opt to only set aside the RM5 notes you get as change every other week or when you make certain purchases.
This way, you will have some flexibility and won’t limit your spending too much.
Related: 10 Money Saving Challenges – Are You Game?
6. Do the 52-week Money Challenge
This is a saving tip that should ideally be done during the first week at the beginning of the year because you can end up with RM1,378 in savings, or even more depending on your creativity!
You don’t have to wait until next year, you can start now!
How it works is by saving RM1 in the first week of the year, then gradually increasing the savings by RM1 every week throughout the year. So, you will need to set aside:
- RM2 in Week 2
- RM3 in Week 3,
- RM4 in Week 4 and so on.
At the last week of the year, you will need to put aside approximately RM52!
Don’t limit yourself, however; if you want to go beyond that, start with a higher amount! The more you set aside, the more cash you’ll have at the end of the year!
7. Delete the auto-fill forms
It may be convenient, but sometimes too much convenience can actually backfire.
This is especially true when it comes to storing your payment information at online shops. Frictions or obstacles – that extra step – will provide you with more time to make you second guess a purchase.
Reduce impulse purchases by removing the auto-fill forms and saved credit card details on all of your favourite online stores. Make it less convenient; manually fill in your payment details etc. Hopefully this could help you be more mindful of what you are getting yourself into. It basically acts as a deterrent.
See also: Here’s Why Saving Money Now Is Important For Every Malaysian
Bonus tip: Use an app to track your spending!
We carry our smartphones all the time anyway, why not use it to track your spending too?
Budgeting apps are invaluable tools that could help you manage your finances better. Check out our list of budgeting apps you should use: 5 Budgeting Apps You Can’t Live Without.
Having an overview of your finances all laid out on an app at the end of the week or the month is useful, especially if you’re wondering where all your money has disappeared to.
There you have it, our top seven money saving tips! Did we miss out on anything?
Growing your money isn’t easy – but it doesn’t have to be a painstaking or dreadful experience.
Lastly, don’t pressure yourself to save up a lot right away because it takes time (years) to grow your money akin to how it takes time for a seed to grow!
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5 Last-Minute Christmas Shopping Tips For Affordable, Thoughtful Gifts
- By CompareHero.my
- December 22, 2020
In a year filled with economic and pandemic-related uncertainties, we could all use some Christmas cheer. What if you haven’t prepared your presents yet? Relax. Check out these thoughtful yet affordable last-minute Christmas shopping tips and gift ideas for your loved ones!
Contents
1. Gift cards can be special too
Gift cards provide your loved ones with the flexibility to buy what they want at their favourite stores and entertainment platforms.
The right gift card can mean a lot to your loved one, especially when it caters to his or her interests.
Convenience stores such as 7-Eleven offer a variety of gift cards for coffee lovers and “yum cha” enthusiasts (from Starbucks), movie buffs (Netflix), music streamers (Spotify and Joox), smartphone devotees (Google Play), fashionable trendsetters (Zalora) and gamers (PlayStation Network and PlayStation Plus). Prices vary between RM14.90 and RM300.
If your gift recipients are foodies and frequent users of e-hailing rides, you can make their day by giving them food and ride gift card vouchers from Grab. You can purchase a card for as low as RM5.
So here’s a useful last-minute holiday shopping tip: Drop by your neighbourhood convenience store or have these gift cards delivered. Show your family and friends how thoughtful you are. Give them the flexibility to enjoy what they love at their favourite stores and entertainment platforms.
A simple yet yummy home-cooked meal can be a great Christmas gift.
2. Try cooking (even if you’re not a celebrity chef)
Preparing a dish or snack straight from the heart (and tummy) is a great gift idea. Even if your culinary skills pale in comparison to Chef Wan, there are easy, fast recipes that you can look up online.
All you have to do is order the ingredients online or shop at the nearest supermarket, follow the recipe, spend some time in the kitchen and voila, you’ve made some Cheesy Mashed Potatoes, Orange Cranberry Muffins and other Christmas themed food.
Imagine your loved ones’ joyful surprise when you turn up with your dish. Nothing says Merry Christmas like something home-cooked!
Related: Save Money By Making Your Own RM5 Meals
From best-selling novels to toys and collectibles, BookXcess offers classy yet affordable gifts.
3. BookXcess, the store with many last-minute gift ideas
No, we are not being paid to promote BookXcess, but it’s more than just a chain of stores that sells affordable books. You can also purchase Star Wars posters, Harry Potter journals, vintage die-cast models and other classy yet budget-friendly gifts.
If you want the gifts to arrive before Christmas Day, ordering online at such short notice may not be a good idea. It could take a few days for your items to arrive. So it’s best if you can just visit a BookXCess branch.
If you live in the Klang Valley; Nusajaya, Johor; Ipoh or Penang, then you’re in luck. There’s a BookXCess outlet within driving distance.
Resist any temptation to make impulse purchases when you’re shopping at the mall.
4. Make a list and stick to your budget
If you decide to brave the crowds and shop at the mall, remember to create a shopping list that’s within your budget. The shops and kiosks will be doing their best to catch your eye with “YEAR-END SALE” and “TAWARAN HEBAT” promotions.
Don’t be tempted by last-minute impulse purchases. Just keep calm and stay within your budget. Buying additional gifts, no matter how good the bargain sounds, might make you overspend.
Related: 5 Budgeting Apps You Can’t Live Without
Share the gift of quality time with your loved ones this festive season.
5. Shop after Christmas
Finding all these last-minute shopping too stressful? You can share the gift of quality time with your family and friends instead. Watch your favourite movies together and catch up with loved ones.
You can always shop for presents at a more leisurely pace after Christmas. What’s more important is that you are able to enjoy a happier, financially stress-free New Year.
Whatever your shopping options are, do stay safe. Wear a facemask, sanitise your hands and practise social distancing. Enjoy the festive holidays and may 2021 be an extraordinary year for us!
