Q1 : What is the maximum margin of finance and loan tenure?

TCCR offers a maximum 90% of financing and up to 7 years term and we can consider for 8 & 9 years on case to case basis.

Q2 : Can I modify the monthly repayment amount if I have financial difficulties?

No, TCCR do not provide any Reschedule plan.

Q3 : When can TCCR repossess my motor vehicle?

TCCR has the authority to take possession of the motor vehicle comprised in Hire-Purchase Agreement in the event that there are 2 successive defaults of payment or a default in respect of the last payment. TCCR will serve on the hirer a notice in writing in the form set in the 4th Schedule to the Hire Purchase Act 1967 and the period fixed by the notice has expired. The period shall not be less than 21 days after service of the notice. In short, TCCR will follow as per HP Act to take repossession for account in arrears after 2 months and 21 days.

Q4 : Do I still have to pay my monthly installments if my motor vehicle is stolen?

Yes. This is because your liability to pay the monthly installments does not cease with the loss of your motor vehicle and you need to lodge a police report and proceed for insurance claims with insurance company. By the way, you can start to discontinue making monthly installment if the amount of insurance claims is able to settle all your HP Loan Outstanding + other charges (if any).

Q5 : If I pay my monthly installment after the due date, will TCCR charge overdue interest?

Yes. You will be charged an interest of 8% per annum for number of days which will be based on the particular monthly installment amount provided in Hire Purchase Act 1967.

Q6 : How to request change of correspond address?

Download this FORM and submit via e-mail to tccr@tanchonggroup.com.

Q7 : Can a foreigner apply for the HP Loan?

TCCR is prepared to consider on foreigner application and TCCR will cap at MOF below 70% and usually, a local guarantor is required. The final decision still needs to go through normal credit evaluation process. 

Q8 : Can a foreigner who is approved under My2ndHome scheme apply for the HP Loan?

Yes and it similar to Q7. The normal identification document with documentary evidence of participation under My2ndHome program is required. 

Q9 : If I submit a HP Loan and then rejected, can I appeal?

Yes, you can appeal in the event that you have obtained new / addition income documents / personal savings in order to support for our re-evaluation.

Q10 : Can I finance the car purchase with 100% HP loan?

No, it is not allowed via the current HP Act. Maximum MOF is 90 % with 10% down payment is necessary.

Q11 : If I have queries on HP Loan, who do I contact to seek clarification?

You can contact us at 03-4047 8888 or e-mail to tccr@tanchonggroup.com

Q12 : Can the guarantor of the HP Loan be non-relative eg. Friends?

TCCR prefer family members and qualified guarantor.

Q13 : Can a Red IC holder with PR card apply for a HP Loan?

PR card holder can enter into HP Agreement and it is valid but not for red IC holder.

Q14 : Does TCCR insist on the loan applicant possess a valid driving license?

IC is compulsory but driving license is not necessary but preferably. TCCR will require to know the logic behind for that particular customer for buying a car without a driving license which is regulated under J.P.J rule and regulations.