Flexible and reliable Car loans/ Finance Companies

[Skoder]

Hi All,

 

I have searched through almost everywhere for a car loan but proved futile under the following situation;

 

Bad credit rating (I think so, but not a bankrupt) but with have cleared all debts in his credit bureau report, however, many major banks from the AD have rejected his loan applications. Even the "friendliest" finance company turn him down flat without offering reason (i understand that its the industry practice) or a counteroffer. And guarantor is not value to them.

 

He has existing car to trade in too, but is high in loan, yet paid 4/10 years. Reason for changing is due to the bigger commitment and light delivery of goods. Problem further escalated when he is self-employed with his 5 room flat as his home office. Therefore, not having CPF contribution atm, thus no income prove.

 

I can understand his need to change from his current sedan to a station-wagon/estate/mini mpv kind of car to facilitate his functions both work and home.

 

Can anyone recommend a good, reliable and really flexible loan company?

[Gadgeter]

I have moved your thread from Tips & Resources folder to General car discussion folder.

[Porche]

get PI cars lor

[Nkps]

huh? get PI car got different meh? finance still come from finance institution what

[Wave_rider]

in-house finance ??

[Nkps]

just wonder which are the PI really provide the so called 'IN-HOUSE' finance

[Skoder]

most of their "in-house" finance are like ties with the regular big bank leh. And those regular big banks are like very tao leh....

[Nkps]

that means to say there is no actual so called in house finance lah

[Galantspeedz]

Hi All,

 

I have searched through almost everywhere for a car loan but proved futile under the following situation;

 

Bad credit rating (I think so, but not a bankrupt) but with have cleared all debts in his credit bureau report, however, many major banks from the AD have rejected his loan applications. Even the "friendliest" finance company turn him down flat without offering reason (i understand that its the industry practice) or a counteroffer. And guarantor is not value to them.

 

He has existing car to trade in too, but is high in loan, yet paid 4/10 years. Reason for changing is due to the bigger commitment and light delivery of goods. Problem further escalated when he is self-employed with his 5 room flat as his home office. Therefore, not having CPF contribution atm, thus no income prove.

 

I can understand his need to change from his current sedan to a station-wagon/estate/mini mpv kind of car to facilitate his functions both work and home.

 

Can anyone recommend a good, reliable and really flexible loan company?

 

try tokyo leasing or GE. IF not, you can try Frankel Leasing

[Galantspeedz]

if it is PI, there is hua yang leasing, etc.

 

but i think the reason for the rejection of loan is preivous bad payment records + too high overtrade, thus resulting in too high a loan which is above their market value.

 

Simply put, he can't afford a car.

Edited December 31, 2007 by Galantspeedz

[Skoder]

Ah , thks for the inputs. Appreciate it. As for the friendliest loan, they rejected his loan liao. I can offer to be his guarantor, but they din even ask me for my details. Dunno y...

 

My friend can afford, just din wanna put his money into a liability.

[Theobserver]

Maybe if you look at it from the bank's perspective, they also do not want to put their money in a "liability". Bank are also investing people's money and I am sure they have strict procedures to follow concerning loan criteria. As your friend can afford it, why not he pay a higher down payment for the car so that the bank have the confidence to loan him the rest ?

[Galantspeedz]

From the bank's viewpoint, i can understand why.

 

hope you dun mind me being frank. but no matter how rich a fella say he is. I think past history and documents speaks for itself.

 

Ask him to put a FD with the bank instead and as a collateral... maybe the loan can go thru..

[Theobserver]

To quote a popular Jack Neo movie some years back, "Banks only lend money to rich people !"

[Rtth84]

why rich pple need money? poor need money...

[Galantspeedz]

rich people need money to make more money so possibility of paying loans is higher.

 

poor people need money to spend more so possibility of paying loans is lower.

 

Acceptable explanation?

[Rtth84]

you saying poor cannot make money only spend money la

[Galantspeedz]

well.. if you are shallow you can think this way. I dun really care.

 

 

But if you are smart enough, you will know i am talking from the viewpoint of any organsiation.

 

Case in point:

 

Why do instutitions usually loan money only to successful biz models and seldom untried biz models?

 

Why if you got high loan and low income, you need guarantor?

 

And finally, who usually defaults on loans?

 

And if you still dun believe ar? go ask a begger to borrow 1m and ask a CEO borrow 1m, you see who they lend lor..