Funding Societies has signed an agreement with Chailease Berjaya Credit Sdn Bhd, Berjaya Corp Berhad’s associated non-bank financial institution with Chailease Holding Co. Ltd.
The agreement aims to provide financing to 1,500 used car dealers (UCDs) registered with Chailease Berjaya.
Under this partnership, eligible UCDs can apply for financing to facilitate the purchase of dealership floor stock and offer value-added hire-purchase solutions to their customers.
Chai Kien Poon, Country Head, Funding Societies Malaysia, remarked, “Our partnership with Chailease Berjaya Credit enables us to grow our UCD portfolio and serve creditworthy, underserved dealerships within Chailease Berjaya Credit’s network. This collaboration provides these dealerships with accessible credit lines to support their operations and seize growth prospects.”
“Through our partnership with Funding Societies, we aim to address this issue by expanding credit access to small and medium-sized car dealerships. These dealerships face ever-changing market demands, and we believe that by enabling them to acquire inventory and offer consumer financing options, we can contribute to a stronger ecosystem and enhance cash flow for both dealerships and their customers,” said Ming-Tsung Chang, Managing Director, Chailease Berjaya Credit Sdn. Bhd.
Under the financing partnership, UCDs have the opportunity to secure dealer financing for up to 85% of their motor vehicle inventory purchases. The financing period spans up to 90 days from the disbursement date, and the application process is straightforward – UCDs only need to submit 2 sets of documents, identity documents (directors and company) and bank statements to apply for financing up to RM500,000.
To be eligible for dealer financing under this partnership, UCDs must meet the following requirements:
- Registered with the Companies Commission of Malaysia (SSM) as one of the following: a sole proprietorship, a partnership, a private limited company (not a subsidiary of listed companies), or an unlisted public limited company with at least 30% Malaysian ownership;
- Have been in operation for at least 1 year; and
- Have a minimum annual revenue of RM500,000.
