Full payment for new car.. Any problems?

[Latio79]

Nothing to be afraid if the money is earned legally.

[Zanter]

  Quote

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.

 

I paid my last 2 cars in cashier order but no problem. I do pay my fair share in taxes thou.

[Chickenfarm]

I hide them in my chicken coop

[Davidklt]

How does IRAS know whether you have paid in full or not..

[Chickenfarm]

Bro...if you have an acumen in investment, you can actually look at the prevailing interest rates and the possible returns you could get from an investment kung tao. If the latter is better, then it is wise to take a loan and plant your cash somewhere that will yield more $$ for you.

 

I can't do maths to save my life so I one time settle everything to rest my mind on other things Hence, it doesn't mean that those who take loans cannot afford and those who pay in full are loaded It's just a financial decision Now you have to do yours

Edited November 15, 2007 by Chickenfarm

[Ahlun]

Thanks to all bros for the replies! appreciate it.. well, some of you might think place the $$ elsewhere to do investment will be better and have better cashflow sense.. i agree with this point partially..

 

But we must also consider for the possibility of losing some or all of the $$ in the investment process.. there's no low risk high gain investments out there.. To me, once you sign on the line for the purchase of the ride, you are bound legally to repay the sum entirely whether or not you drive the car 10yrs,sell it half way or it crashes (touch wood).. Eventually, it all goes down to whether or not taking a loan will bring more value than paying for the car entirely.. If it does for sure, go ahead for the loan. Cos it's a confirmed gain.

 

All i think of is, we have to pay eventually, why not pay now? (if i'm able to) rather than one day if suddenly something happen and the bank wants me to repay the loan immediatly but my $$ is stuck somewhere else.. then i'll be in serious debt.. Whereas, if i'm able to pay for the car now, potentially i made savings on the interest already. and should there be any problems in future, i have 1 lesser debt to worry for.. if there's a need, i can also sell the car to raise some $$ without having to worry about the additional interest that i've to topup to repay the loan.

 

nothing goes smoothly. there're ups and downs and we never know what will happen next.. I believe bros doing business will agree with me that business is sometimes up sometimes down. It's unpredictable.

 

anyway.. just my 2 cents worth of opinion. cheers!

[Galantspeedz]

exact same thinking as mine.

 

dun worry about the full payment issue..... as long your money is legal, there is nothing stopping you.

 

FYI, my house and car is paid in full and there is no problems what so ever....

 

so go ahead and pay in full and have peace of mind

[Boxster]

It think the car sellers are stupid when ppl pay in full they call it "penalty". Makes cash ppl think got $$$ still must charge me extra.

 

They should put it in such a manner that there banks are willing to give an additional discount if a loan of $XX,000 at the rate of x.xx%

[Ahlun]

haha.. yah.. afterall, they just want you to take a loan with them.. so that have to make it sound bad to convince u not to pay full..

[Picanto]

no loan means lower commission for the SE. OF course he/she will not be too happy if most customers pay in full.

[Tkseah]

This is becos dealers wanna advertise the lowest possible selling price to attract buyers.. and lowest selling price is when taking maximum loan..

[Smiley]

my sis did that fr her commerical van. no problem.

 

but her friend did the same and got into trouble with IRAS because he did not pay tax fr the last 10 years. slapped with a heavy fine.

[Vodkeith]

if u unable to justify where yr moni come from, then u got the answer, rite?

 

if yr moni is hard earn, 'clean' n abv board, no worri who call u up, rite?

[Amx57]

how about taking the minimum loan amount like $20k & pay it off within 1yr?

[Kenlinliu1419]

  Quote

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.

 

Big downside is that there is ZERO room for negotiation.

 

I tried to pay in full for my new car and had no luck in getting discount or any freebies. So I ended up giving them a little commission by taking as small loan as feasible over a 12 month period. At least I got some discount and made a very good friend at the same time.

[Daniu85]

i heard there's a chance u dont get back the capital u invest in sunshine empire... saw in the news that they are being put in the investor alert list and are investigated on now right?

[Freestylers09]

yday i went BM wif my friend....mininum muz be 25k...if not pay 3k extra initially 1.5k (think alot singaporeans si bei rich liao )..in the end got it at 25k loan 2 years...means interest 500+ nia....but hor...the SE good...give 1k extra discount...just curious..do the car come with solar film and 3M flooring mats itself or also not including initially??He also include it...not bad wor...u see...even interest 500+ ...he willing to give extra 1k off the price list...wonder how they earn from a car a sold also...but initially i think he didnt know that will trade in and DP..thats why say give 1k extra off 1st

Edited November 18, 2007 by Freestylers09