Procedure for car purchase from direct owner

[Darrenlee]

Hi,

 

I have some questions on buying a car from a direct owner.

1st time car buyer so ive got these queries and hope i can get some help here

 

Assuming the car is 32k and I wish to borrow 25k from the bank.

 

What are the procedures I have to go thru for the transfer? (eg LTA, Bank, Insurance)

Do advise me thanks.

[Guyver]

Very simply....

 

Car owner will not transfer car to your name unless they get payment... and you'll not pay the $$ to them till you get the car under your name.

 

If it's buying in full cash... it'll be easier.. but buying through finance... then the approval part comes in... so would be slightly more complicated....

[Blackzafi]

Actually, it is not very complicated. The most impt thing is the financing bit. You should make sure that the bank is willing to lend you the money before even signing on the dotted line, so the 1st step is to check with the banks. They will be able to advise you what documentation proof is needed.

 

The insurance and LTA parts are straight-forward. For insurance, just go down to any of the your preferred insurers with a copy of the vehicle's log card, or i'm sure many of the MCF members who are doing insurance can help you.

 

As for LTA, you can check via onemotoring.com exactly how much is the transfer fee (to be borne by the buyer). All you need is the vehicle's registration no.

[Jusnel]

i got my car from owner directly.

 

i went thru a car finance agent to get my loan, LTA, insurance.... He also took care of ex-owner's outstanding finance as well.

 

He's a very nice guy.... so far the nicest car financing guy i came across..... honest and no hanky panky stuff.....

 

i had to made a deposit first (not much; few hundreds only), so that ex-owner cannot anyhow sell the car to another buyer. And this deposit is retained by the car finance guy.... and i will be able to get back my deposit if my loan application is rejected for any reason. So it's pretty fair to both parties. Everything is written on the buy/sell agreement form.

 

Try calling him: Ken Tung 8113 3145 (Chicago Motor) Tell him Nelson refer you to him. I hope he still remember me . No worries, even if he forgot about me, he will still give you good service la.

 

I am no way related to this guy. No commission or any other favours gained by me. Just a happy customer.

[Khee]

saw their advertisment in sgcarmart... their new car interest rate is only 3%.... i calculated it is $1700+ saving as compare to $800-$1k rebate from house loan...

[Darrenlee]

how much agent fees did u pay to him?

[Orange1971]

I dun think you need to pay him any agent fee, as a matter of fact when I brought my car from direct owner, I demand the finance company to waive off administrative fee (abt $200) The guy will get his loan commission from finance company

[Darrenlee]

which finance company did you loan from and whos the dealer that settle your loan/lta/insurance for you?

[Orange1971]

the finance company will settle for you everythings, lta transfer, insurance......my finance is Hanly Enterprise.....go to them direct, they dun have to pay commission to people more than happy to waive off admintrative charges........

[Darrenlee]

is the interest rate they charge fixed to the market rate or do they offer more attractive rates?

[Khee]

i think usually better... if not, other will go bank wat... easier to pay up also... for most bank, u can use internet banking to pay or Giro...

 

why not u call up the contact in this page... yesterday i still can see the chicago ad in sgcarmart... today no more liao... maybe the rate change...

[Khee]

http://www.sgcarmart.com/ads/chicago/chicago.php

[Nikonll]

anyone had direct owner purchase recently?

[Phang79]

Check with the agents first. They usually offer much better rate compared with going to the bank directly. The savings from the interest can be offset against the service fee of the agent. Work out the sum and see if it's worth it. Direct bank rate is usually 3.5%, can get 2.5% from agent.

If the price is same, let the agent settle all the paperwork and you can relax one corner.

[Rugged]

Anyone with bad experience in buying from direct owner???

I got a 5 years old ride, break down in few days time, repair fees very expensive, what should I do???

Any legal advise? anyone with experience guilding me, very very sian....

[Little_prince]

u buy car never bring for inspection?

 

legally it's caveat emptor applies...

 

once transaction completed, you don't really have much recourse