Raytham Neutral Newbie January 22, 2009 Share January 22, 2009 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 Ask the second buyer to settle the oustanding then try again lor. I also faced the same problem kana rejected by OCBC(my previous car loan finance),Citibank and DBS due to outstanding reno loan my wife owe. In the end i fed up liao one shot clear the damn loan in cash. Only then Hong Leong willing to loan liao. But i don want liao rather save up till comfortable range then buy. have more choices too. ↡ Advertisement Link to post Share on other sites More sharing options...
Weichien Clutched January 22, 2009 Share January 22, 2009 banks are for the rich. ah longs for the poor Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged January 22, 2009 Share January 22, 2009 1st thing. What is the car valuation? what car? Paper value? etc..... It may be the loan is too high for a lower valued car so must give full details. Link to post Share on other sites More sharing options...
Rickster 5th Gear January 22, 2009 Share January 22, 2009 And Ah-longs are our equivalent of the US's sub-prime loan. Both of them lend $ to the poor(high risk group) with high interest. Link to post Share on other sites More sharing options...
Ario Neutral Newbie January 22, 2009 Share January 22, 2009 frankly speaking if you are the lender, which one will you approved? None of the above I presumed.. Link to post Share on other sites More sharing options...
Ah_dude Neutral Newbie January 22, 2009 Share January 22, 2009 And Ah-longs are our equivalent of the US's sub-prime loan. Both of them lend $ to the poor(high risk group) with high interest. but the impact diff.... Ah long will not gg Kaput...and cause world economic to free fall... they at most pile up police station "splash paint..hang pig head ..vandalism report" only... So the hardware shop and butcher will be happy.. hardwareshop will stock in more paint...and more thinner... Link to post Share on other sites More sharing options...
Throttle2 Supersonic January 22, 2009 Share January 22, 2009 Abused abused abused. anyway, no money dont buy If have money but not so much, buy cheaper car, why buy new car with big loan. I started out with a 15 yr old, $21k car (paid in cash) so i wont pity those whose financials suck due to their car commitment. i also definitely wont advocate buying a car as a tool of trade. not unless you are a private taxi driver. you get a job to earn the money to buy a car, not buy a car, to get a job, to earn the money. principles all twisted into today's society. Link to post Share on other sites More sharing options...
Ah_dude Neutral Newbie January 22, 2009 Share January 22, 2009 frankly speaking if you are the lender, which one will you approved? None of the above I presumed.. maybe 2nd one got better chance...but with some condition loh... Link to post Share on other sites More sharing options...
Wt_know Hypersonic January 22, 2009 Share January 22, 2009 in a nutshell, i hate banks. they are the biggest sucker at all time. Link to post Share on other sites More sharing options...
Rickster 5th Gear January 22, 2009 Share January 22, 2009 (edited) Having a car as tools of trade in sales is not twisted. In manufacturing industry, u need to have a car to get a sales job. If not, no sales. Pple in sales also tend to be lesser educated and not possible to secure employment which can pay them decently. Therefore, the 0% DP really makes a world of a difference to these group of pple. Thats where the car allowance comes in. Buy a car that is within the allowance and not something that is out. I've a friend who is working as sales of medical equipment with glaxo smith kline, her car allowance is 1.5K, so she got a jazz. That should be the way. And not like some sales guys in my company that drives a WRX on a full 10 yr loan. Edited January 22, 2009 by Rickster Link to post Share on other sites More sharing options...
Rickster 5th Gear January 22, 2009 Share January 22, 2009 Don't blame the banks. Its the pple who abuse the banks' credit system. Bank is just like fire, it can be a friend or...a foe if mishandled. Link to post Share on other sites More sharing options...
Route88 2nd Gear January 22, 2009 Share January 22, 2009 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 Next time tell the buyer to get credit bureau report Link to post Share on other sites More sharing options...
Rayleigh 6th Gear January 22, 2009 Share January 22, 2009 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. They are worse than ah long but they are legitimate. They have no feeling or EQ Link to post Share on other sites More sharing options...
Acemundo Supercharged January 22, 2009 Share January 22, 2009 while the bank must be the best invention since ancient times, i will say i do not agree very much with their current way of conducting business. in short, they have greatly distorted real demand that makes demand look very good during good times and demand to look very bad during bad times. Link to post Share on other sites More sharing options...
Marcng Neutral Newbie January 22, 2009 Share January 22, 2009 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. No ERP?U wait long long....its a better earning than COE.... Link to post Share on other sites More sharing options...
Civic155 Neutral Newbie January 22, 2009 Share January 22, 2009 If from rich family, the person would have paid cash instead of asking for loan... Link to post Share on other sites More sharing options...
Wt_know Hypersonic January 22, 2009 Share January 22, 2009 (edited) you put $50K in FD, bank give you $hitty interest, you take it or leave it. and one more thing, if the bank collapse (before gov guarantee), your money is vanish and they will not compensate you. you borrow $50K from the bank, they charge you obscene interest and reserve the right to raise the interest from time to time. you take it or leave it. and slap you with pages T&C with the words so fine you need magnifying class to read. Don't blame the banks. Its the pple who abuse the banks' credit system. Bank is just like fire, it can be a friend or...a foe if mishandled. Edited January 22, 2009 by Wt_know Link to post Share on other sites More sharing options...
Kezg1 5th Gear January 22, 2009 Share January 22, 2009 Yes they do...every time when they wanted to loan out money....you can also check by yourself thru CBA website (credit bureau agency...smthing like that) who have got into your record to check on you. ↡ Advertisement Link to post Share on other sites More sharing options...
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