Used car: bank loan? in-house loan?

[Tiny_planet]

Hi guys,

 

For those whom bought used car direct from car dealers, what kind of car loan options are given since there are bank loan which is now hovering around 2.45% and in-house loan which is more than 3%. Do used car dealers insist using in-house loan which benefits them?

 

Thank you.

[Mcf777]

unless your bank loan is rejected.

If not, i dont see the need to get chop by the car dealer own finace company.

[Ixat]

I just bought my used car two weeks ago.

 

Dealer only applied for UOB, OCBC and Maybank. All at 2.45%

 

I ask him why never apply leasing coy or those in-house. He say no reason to if applicant credit rating is sound.

 

So I guess its like Mcf777 has said, only when banks reject you than try leasing coys

 

 

[Rlee]

Thinking of getting a used car. Is there any downside in using in-house loan compared to bank loan?

 

Thanks in advance.

[So_nice]

wow..so fast increased? i bought mine in jan, 2.28%

[Nimm12]

i bought mine in jan10, 0% interest

bcos paid full

 

[Kiadaw]

I will get the loan with the lowest interest rate (but may factoring any rebate, package, if any).

 

Anyway, I just got my car recently. My dealer just submit my application for Hong Leong, as it was the cheapest then (2.28%), so no need to think which other banks to submit at all.

 

 

Having said that,

With due respect, if a bank reject your loan in the 1st place, you may wanna re-evaluate whether you should lower your expectation of what car you wanna buy (or maybe considering putting more down payment) instead of looking at other alternate loans.

Edited March 16, 2010 by Kiadaw

[Rlee]

Thinking of getting a used car. Is there any downside in using in-house loan compared to bank loan?

 

Thanks in advance.

 

 

Errrr....anyone care to reply my question. Thanks thanks!