Lorry Financing Approval Requirements Checklist (2026)
Get your lorry loan approved faster. Complete checklist of documents and requirements for commercial vehicle financing in Malaysia.
Executive Summary: Approval in 3 Steps
The Barrier: Lorry financing involves more than just money. It involves APAD Permits (formerly SPAD), Puspakom Inspection, and Road Tax. Banks reject applications because the permit is not ready or the driver has a bad license record.
The Solution: Our checklist ensures you have everything before you apply.
Key Requirements:
- Valid APAD Permit: Carrier License A or C.
- 6 Months Bank Statements: Showing consistent income.
- Clean Company Record: No major CTOS issues.
Verdict: Preparation prevents rejection. Use this checklist to get approved in 24-48 hours.
1. Document Checklist: What to Prepare
Different business types need different documents.
| Document | Sdn Bhd (Pte Ltd) | Enterprise / Sole Prop | Individual (Driver) |
|---|---|---|---|
| Identity | Director IC (All) | Owner IC | Applicant IC |
| Registration | Form 9, 24, 49, M&A | Form D / E | Driving License (GDL) |
| Financials | 6 Months Bank Statement | 6 Months Bank Statement | 3 Months Salary Slip |
| Permit | APAD Approval Letter | APAD Approval Letter | Employer Letter |
| Equipment | Quotation (Isuzu/Hino) | Quotation | Quotation |
Note: For individuals buying a lorry (rare), you need a guarantor and a contract with a logistics company.
2. The APAD Permit Hurdles
You cannot finance a commercial lorry (BDM > 3,500kg) without an APAD Permit.
- Permit A (Carrier): For transport companies carrying goods for others.
- Permit C (Self): For companies carrying their own goods (e.g., Furniture factory delivering furniture).
Ing Heng Tip: If your permit is βPending Approval,β show us the acknowledgment receipt from APAD. We can process the loan approval first (βConditional Approvalβ) while waiting for the permit.
3. Credit Score Requirements (CTOS/CCRIS)
Commercial vehicle loans are stricter on credit history than personal car loans.
- CCRIS: If you have 2+ months late payment on existing loans, banks will reject.
- CTOS: Outstanding telco bills of RM 2,000+ can cause rejection.
Ing Heng Flexibility: We accept 1-2 months late CCRIS if you can explain (e.g., βClient paid lateβ). We focus on your current bank balance.
4. Down Payment & Insurance
Donβt forget the upfront costs.
- Down Payment: Typically 10% - 20% (RM 10,000 - RM 20,000).
- Insurance: Commercial vehicle insurance is expensive (RM 3,000 - RM 6,000 per year).
- Road Tax: Based on BDM (Berat Dengan Muatan).
0% Down Payment: Available for companies with 3+ years track record and strong bank statements.
5. Age of Lorry
The financing tenure depends on the lorry age.
- New: Max 5 - 7 Years.
- Used (1 - 5 Years): Max 5 Years.
- Used (6 - 10 Years): Max 3 - 4 Years.
- Rebuilt/Recond: Max 4 - 5 Years.
Important: We do NOT finance βSambung Bayarβ lorries. The ownership must be legally transferable at JPJ.
Conclusion
Getting a lorry loan is the first step to expanding your logistics fleet. Donβt let paperwork stop your growth. Prepare your documents, clear your small debts, and apply with confidence.
Ready to add a new Isuzu or Hino to your fleet? Send us your documents for a free eligibility check.
Check Eligibility via WhatsApp Fast Approval for Logistics Companies.