It’s easy to get car loans in Brunei if you know how.
Firstly, eligibility of a car for loan depends on its condition and it’s age. As a general rule, a car that has passed it’s yearly inspection meets the condition requirement. As for the age requirement, cars can be loaned up till they are ten years old.
For example, If you buy a 2014 (4 years old as at 2018) car, you may only loan up to 6 years, which is when it turns 10 year old.
As for loan financers, there are two main ones. Baiduri and BIBD.
Baiduri offers car loans to all car buyers, as long as you have a salary assigned to any local back and earn $1000BND or more.
BIBD offers car loans to only government or semi-government staff. The salary requirement is $850. For BIBD, it offers loans for cars that are aged up to 12 years instead of 10.
The maximum loan tenure is 6.5 years for private sector and 7 years for government servants.
For foreigners, maximum loan tenure is capped at 5 years.
*All information from open source and is subject to changes. Please contact the relevant banks for more details.