Full payment for new car.. Any problems?

[Ahlun]

Any bros here made full payment for your car and receive IRAS notice? I'm considering between taking a loan and making full payment. Heard friends said if you make full payment, IRAS might call you up for checking. How true is this? Any bros kana before? If really so troublesome, i would rather opt for loan. Pls advice. Thanks.

[Winhelm]

not sure car dealers/agents want this..they need bank comission.

[Nus24]

If you are paying zero income tax for the past few years, then suddenly can pay over $100k for a car, then most likely you will be interviewed. Happened once to my uncle 5 years ago, when he paid cash for his 7series. He was able to prove with mathematics calculation that it was possible for him to save up the cash over the past ten years of his working life

But if you are paying much income tax, then there is noting to fear, just say you save alot.

 

That is why many ah-long likes to buy winning 4D/toto tickets from people, this is so that during the interview, they can claim their monies are from lotteries.

[Ironstarz]

i paid in full for my car so far no iras, depend on wat car u buy la maybe... my boss also pay for his civic in full also no notice from iras...

 

if u wanna pay in full be prepared to pay at least extra 2k for the car

[Freestylers09]

unless u got statment of income to prove lor..if not sugguest u dun..as well pay 1 - 3 years better still

[Altum]

Paid in full, no IRAS calls. But my car only cost 60 plus K, about 4K more than if I had taken a 70% 7 yrs loan at 3.5%.

[Jl1500k]

Can paid full payment but maybe have to pay some penalty of $5k or you have to pay a higher price for a new car. Bcos the finance cannot earn interest from you.

 

Maybe can go for 90% downpayment and 6 months loan.

[Tonk]

some of the bro ar correct,it depend on how much u ar paying 4 the car,,,but one thing 4 sure the salesman will not b happy bcause there be no bank or finance rebate 2 them n pls don`t let the salesman know u ar paying cash until the final moment

[Boxster]

Y so worried about IRAS check let those gahment check lah unless yr $$ "cannot see light"

Edited November 14, 2007 by Boxster

[Hiphiphoray]

Ya....confirm one cannot get a good car price if go for 0% loan. Sure pay a few k more. Damn LPPL.

 

I think the best SE can offer is loan about 30% at 1 year loan.

Edited November 14, 2007 by Hiphiphoray

[Fcw75]

I got my commercial vehicle from VW with no loan. Full payment, the SE even gave me a $500 discount. No penalty for not taking loan and no check from IRAS (dun tink they so free plus it's under company name I guess).

Edited November 14, 2007 by Fcw75

[Jl1500k]

Yalor IRAS where got so free. Every week got pp strike toto/4d cannot meh In fact they should be happy, the more pp buy car the better so that economic can grow mah

[Curahee]

not sure car dealers/agents want this..they need bank comission.

 

They will hard sell u to take min 7 yrs loan so that they can earn commision., Den keep telling u crap not to pay in full. If u all have the ability to pay full better pay full. Dun fall into their trap.

[Beei]

i think the first problem u face will be your SE giving you a black face..

If u have enough money in your bank, why not..

[Freestylers09]

bro,tio 4d and toto got stated one la...iirc if no file iras for cetrain salary...and with some assets holding with loans...cant justified the amount in bank,etc..will kana...iirc is 100k combine in all banks...if not those bookies and ah long..why bother so much to pay people for thier account to transact $....like the recent case for the clerk...

[Ahlun]

Thanks for the replies.. i'm actually a newly started self-employed so still haven't receive any tax notice before.. due to the nature of my job, need to travel around to meet customers.. so thinking of getting a car.. made some income from my business within this first year + some help from parents.. so thinking of getting a car in the 60k range.. was advised if can pay full go for it to avoid the hefty interest.. but also heard of the disadvantages of paying full.. i'm concern because i haven't got any income declared yet and if i'm getting a car now before the tax assessment next year, afraid iras will call me up drink kopi.. lol.. .. they so efficient mah? haha..

 

it's not that i got things hide, but wana avoid as much trouble as my business also just started.. later iras every year aso pay special attention on me how? so hope bros out there can advice me.. thanks!

[Freestylers09]

Bro,if use this 60k to park in expand ur biz or what..let say 10 years interest about 15k rite?since can see ur biz quite profitable...u can easy overcoem this 15k within v short period..anyway u got this 60k to spare..keep it better than pay so much..esp u in biz...u can play around with it... [;)]and ya..u in biz..better declare salary to something relevant to what u own...

Edited November 14, 2007 by Freestylers09

[Ahlun]

bro.. good suggestion.. but another reason y i had the thought of paying in full is because i haven't declared any income.. so taking a loan with the bank is definitely a problem.. and i don't think i could wait till next year after tax assessment then get the car.. duno what to do..