Why banks so stuck up.

[Ferrariz]

Wanted to negoitate with OCBC, DBS, OUB, a simple car loan. All say go ask your car dealer..wah kao. You mean consumer no rights to get car loan directly from bank ar? We must pay $$$ to car dealers to be our middle men meh? Can complain MAS anot?

[Kotila]

That is a good idea. No compitition as dealer tied up with particular bank and we cannot get the best deal.

[Watwheels]

How much interest can they earn from one buyer? Try getting 100 friends or so who also wanna get a loan to buy a car.

[Lv3338]

many years back, when i buy 2nd hand car....i approached dbs direct ler.....and it works...

now cannot liao?

[Watwheels]

Many years back cars are more expensive and require a larger loan. Look at the prices of new cars now.

[Drive_carcar]

Now banks are also getting more stringent with loan approvals.

 

Nowadays, they don't like to finance 100% which requires buyers to fork up some cash up front, and requires the borrower to have pristine credit history, low gearing, high income. It's like they are looking for the perfect customer everytime.

 

It's all part and parcel of the tightening credit around the world, as they are all reeling from the effects of economic crisis. I think Singapore will probably be one of the last to ease up when the economy recovers.

 

In short, bankers are generally a**h&&es.

[Ichibawa]

Same like insurance... when they are not making money... they will increase their premium...

[Curahee]

Now banks are also getting more stringent with loan approvals.

 

Nowadays, they don't like to finance 100% which requires buyers to fork up some cash up front, and requires the borrower to have pristine credit history, low gearing, high income. It's like they are looking for the perfect customer everytime.

 

It's all part and parcel of the tightening credit around the world, as they are all reeling from the effects of economic crisis. I think Singapore will probably be one of the last to ease up when the economy recovers.

 

In short, bankers are generally a**h&&es.

 

These bankers in some way also help these ppl, these ppl record not gd still want to go and buy a car, loan not approve should be a wake up call for them and should live within limit.

[Route88]

Must pass car dealer?

[Blue-winter]

anyways bankers struck up now....yayapapaya..

only now lah.....

 

but going thru car dealer is better cos will have better package with them ...is n't it better?

[Guyver]

Wanted to negoitate with OCBC, DBS, OUB, a simple car loan. All say go ask your car dealer..wah kao. You mean consumer no rights to get car loan directly from bank ar? We must pay $$$ to car dealers to be our middle men meh? Can complain MAS anot?

 

No choice one.

 

If everybody were to do this .... and the principle were to allow this .... then the principle will end up doing a "B-to-C" model.

 

Instead of dealing with a few channel .... they have to deal with hundreds or thousands of individual.

 

So ... bank will always tell people to go to their channels.

 

This is the fact in whatever business.

[Phang79]

Consumers can still get a car loan directly from banks.

I think the TS did not paint a correct picture. Maybe he had already applied a loan thru a car dealer before, cannot get a good interest rate and try to talk to the bank directly?

[Blueray]

 

so far all my car loans also thru the AD, think the banks prefer the ADs to do the paperwork and pay them a comm for the effort.

[Twofouronenite]

Maybe some of the banker's mentality is : U r borrowing money from me, u need my help not the other way round?

 

Hence the ya ya attitude.

 

Think some banks will still do it, once I talk to a banker from SC, he even tell me if I need car loan he'll help me. That's was mid last year.

[Phatish]

I think SC do not offer car loans.

[Alim]

As far as I know, usually ADs have direct line to banks, where they have exclusive tie-ups & special promo interest rates.

 

For most PIs, they don't have direct line also, they go through channels, so called Authorised Agents like Sin Thai Hin.

 

Either way, the channels do all the paperwork & pay upfront to the car dealers (PIs) before they can release the car to you.

 

Bank > ADs get commission & payment from bank > release car to consumer

 

Bank > Authorised agents > PIs get commission & car payment from AA > release car to consumer

 

One of my friend's got a contact from AA, he got a bit of rebate that was meant for PIs comm. For AD cars, you can go thru AA but you can't take loan from the bank that have exclusive tie-up with their respective ADs.