Found buyer but Loan not approved!

[Bigboar]

Now bank is very Strigent, i manage to find 2 buyer for my ride,

First Buyer pay $1500, loan 59k for 7 yrs,

Rejected by GE, Maybak, Hong leong.

 

Second byuer Her pay is 4K, She loan 55K for 8years.

But also rejected by HONG LEONG, reason being she have late payment record.

Now pending with UOB, DBS, need to wait atleast 1-2wks for the outcome!

 

Anyone facing the same situation?

IS there any other solution?

 

many thanks

[Altivo]

wah... first buyer's pay is $1.5k and he wants to buy a car?

[Ah_dude]

is like that 1 lo...Bank only like to deal with RICH pple....

Edited January 22, 2009 by Ah_dude

[Contax]

yalor , after 20%cpf , take home only 1.2k .

After deducting running expenses , maybe left with $500 to survive for the whole month ?

[Acemundo]

wow so did u get to keep the deposit? haha

 

i have said it many times - banks are a funny lot...They can be visualized as lending you the umbrella on a sunny day and taking it away on a rainy day. During good time credit is easily obtained, making people unconsciously reliant on their financing. but when crisis comes, they take away the credit support, make margin calls etc, making the reliant you worse than ever.

[Kiadaw]

Maybe low pay but high bonus & allowance package leh, who know, cannot just see face value. Anyway, I didn't know bank got really check credit recorsd. Thankfully, I have very good record.

 

Think Steve Job or Google director (can't remember) basic pay only US$1 per year......

Edited January 22, 2009 by Kiadaw

[Blackreplica]

your first buyer is a nutcase. monthly installments on his loan amount is already 900+. Is he supposed to pay all running costs and survive on 600 per month??? If i was the bank i wouldnt loan him the money either

[Throttle2]

Cars in singapore have always only been for those who can really afford.

just becos they change the rules and the downpayment amoutn and the loan tenor deosnt mean that cannot afford suddenly become can afford.

 

thats why I still support having downpayment 30% min. loan max 7 years

COE fixed at $25k and no ERP at all.

 

[Throttle2]

If I'm bank , i also wont lend to either one of them

[Mzrmazda3]

Now bank is very Strigent, i manage to find 2 buyer for my ride,

First Buyer pay $1500, loan 59k for 7 yrs,

Rejected by GE, Maybak, Hong leong.

 

This buyer needs a guarantor

 

[Rickster]

Many of u do not understand that people who have a basic salary of 1.5K usually are sales people.

 

A large chunk of their salary comes from commission and they have car allowances above the 1.5K basic salary.

 

My company's sales pple also have a basic of 1.5K, but they have a car allowance of another 800 or so. On top of that, they have commission which can easily more than double their basic pay+commission (for the hardworking ones).

[Damienic]

ermm...wat if the 1.5K income person is a clerk?

[Mustank]

agree

[Rickster]

The removal of the 30% DP actually is a great help to people who are in the sales or new-grads who r doing sales to buy their "tool of trade", but in the end, kena abused.

[Rickster]

Then that guy is a nutcase or from a rich family.

[Hoppie24]

wat car?

[Yattokame]

Commissions are not taken into account as they may fluctuate too much, thus affecting the repayment ability of the borrower.

Credit history, repayment ability and occupation do affect the bank's take on loan approval.

Also, try not to take loans from the same bank, esp car and housing loans.

 

[Cawanpecah]

this type of car is family car or normal use car??