Financing for COE re-newed vehicle

[Tjy]

Intend to buy a pre-own car which is registered in 2000 Nov. Owner has already renewed the COE last yr till 2019. Understood that banks don't really finance COE cars. In this situation, anyone has any reccomendations on where I should approach to get a loan if I would like to proceed with the purchase.

 

THanks alot in advance

[Ferraricalifornia]

they do finance....

 

but max tenure is 5yrs (or until the COE expires, whichever is lower), and not 10yrs for new cars....

 

plus the annual interest rate is 5% compared to new cars of 1.88% and 2% for used cars....

 

 

[Mockngbrd]

Maybank , up to the car's 20th yr bday max

 

don't think interest is 5%, its prob. lower. 5% sounds more like prvt. financing

Edited August 27, 2010 by Mockngbrd

[Ferraricalifornia]

oooh???

 

but what's the interest rate like???

[Mockngbrd]

i forgot how much was mine... best to call and check

http://info.maybank2u.com.sg/personal/loan...n/car-loan.aspx

[Zanter]

I do not know the brand of car which you are purchasing but i urge u to reconsider your decision. Reason being that the car COE value is low, ARF value is forfeited cos you renewed COE, so when u scrap the car in future its almost worthless unless its an exotic like Porsche or the like.

 

I know this cos in the past I have a friend who purschased a renewed coe Merz at ard 60k but 2 years down the road when wanted to sell its like 30k cos few singaporeans like old cars. So dont think its cheap geting COE car..in my frds case his depreciation is siong higher than a new Merz!

[Amazon777]

Unless it some exotic COE cars. Else there are alot of better deals of $25K to $35K 4 to 5 yrs old car in the market for resale. Good luck

Edited August 27, 2010 by Amazon777

[Ivan_06]

Intend to buy a pre-own car which is registered in 2000 Nov. Owner has already renewed the COE last yr till 2019. Understood that banks don't really finance COE cars. In this situation, anyone has any reccomendations on where I should approach to get a loan if I would like to proceed with the purchase.

 

THanks alot in advance

 

unless the car was owned and driven by you.... else dun buy COE cars, you wouldn't know its history...

 

for me, i am looking at renewing the car when its up in another 5 years...

 

its about 5 years old now...

[Mockngbrd]

I do not know the brand of car which you are purchasing but i urge u to reconsider your decision. Reason being that the car COE value is low, ARF value is forfeited cos you renewed COE, so when u scrap the car in future its almost worthless unless its an exotic like Porsche or the like.

 

I know this cos in the past I have a friend who purschased a renewed coe Merz at ard 60k but 2 years down the road when wanted to sell its like 30k cos few singaporeans like old cars. So dont think its cheap geting COE car..in my frds case his depreciation is siong higher than a new Merz!

 

 

i think its diff. in this case cos its the prev. owner who forfeited the ARF and took the $$$ hit.

nothing wrong with COE cars as long as you like it and can maintain it.,.. i for one will pretty much look at only COE cars cos i don't intend to sell

Edited August 27, 2010 by Mockngbrd

[Tjy]

but for bank's the loan amount for coe car is veryvery low rite?

 

Bro mockngbrd, you are the same guy in bmw-sg ? I used to own a e36 bmw and now want to buy a e46 .. hence would require and be checking out the loan..

[Mockngbrd]

Yup same guy.

Loan Amt u'll havto check with the bank. It'll be somewhat based on their valuation of the car. E46s shd be able to get

[Ferraricalifornia]

COE cars can buy....

 

but those that are expiring or nearing their 20yrs COE lifespan....

 

or else get those classics collectibles....

 

cars with value....

 

cars that people don't mind collecting, though it's not really fit for driving....

 

Cheers.

[Mockngbrd]

the value of a car is only relative to the buyer

[Ferraricalifornia]

nope....

 

it's relative in the market....

 

if not why do you think there're collectibles???

 

haha....

[Throttle2]

Intend to buy a pre-own car which is registered in 2000 Nov. Owner has already renewed the COE last yr till 2019. Understood that banks don't really finance COE cars. In this situation, anyone has any reccomendations on where I should approach to get a loan if I would like to proceed with the purchase.

 

THanks alot in advance

 

 

Try not to buy a COE car unless you are paying for it in full.

 

a COE car (unless it is a sports car) is generally worthless except for Paper which is only COE.

If you borrow to buy a car like that, you not only pay higher interest, you hold higher risk.

 

The whole equation generally works against you.

 

 

 

 

 

[Zanter]

I did not say all coe cars cannot buy. Depends on the price of course. Some dealers will claim that a 3k COE renewed e46 is worth current coe price + ARF price+ more?. If the TS buys such a car he would have to be prepared to lose a lot if he sells within 2/3 years. I concur with what Throttle stated -ideally COE cars shd be purchased with cash. I think if wanna drive a Conti like BMW and wanna save $ can consider a 8 year car, then u wud be assured of the scrap value shd you decide to scrap at any time but of course need to come out with a lot of cash & loan is max 2 years.

[Throttle2]

i think its diff. in this case cos its the prev. owner who forfeited the ARF and took the $$$ hit.

nothing wrong with COE cars as long as you like it and can maintain it.,.. i for one will pretty much look at only COE cars cos i don't intend to sell

 

I drove an E36 318is Coupe (just like yours) to the last few months of COE before selling it to Hin Lung who according to them, exported it

Yes there is nothing wrong with COE cars except that the total value is very dependant on the real buyers demand since the paper value is only the COE.

If you have an exotic set of wheels, then perhaps there is still a chance of a right buyer to come along.

 

Otherwise, what this means it that resale for COE cars can be really bad especially non-coupes/sports, therefore it works for people like you (enthusiast-type) with no intention to sell.

but it wont work for most of the driving population which prefers to change cars every possible opportunity.

You know lah, singaporeans...

 

 

 

 

[Mockngbrd]

yup. it only works for enthusiasts. not for the general public unless they are savvy enough