Car fully paid up. Where to finance & get cash?

[Longg8]

as above.

 

car fully paid up.

 

want to use it as a collateral and based on its market value to get cash.

 

any idea which financial inst offer that?

 

Thanks.

[Jj5599]

I thought only properties you can refinance..

[Maroon5]

i thk dbs has refinance? go check it out.

[Madtari]

i think it will be hard to use a car as a collateral... cos its a depreciating asset... if u 'pawn' it, that FI still need to worry about storage space, maintenance.... and if ur thinking of getting a loan out of ur car and still get to drive it, can forget abt it. haha...

[Throttle2]

as above.

 

car fully paid up.

 

want to use it as a collateral and based on its market value to get cash.

 

any idea which financial inst offer that?

 

Thanks.

 

actually i havent heard of an institution crazy enough to do that in Singapore.

 

perhaps you should sell your car and get another one on full loan if your credibility is still worthy

[Longg8]

I thought only properties you can refinance..

 

not refinancing as there's no financing in the 1st place.

[Longg8]

actually i havent heard of an institution crazy enough to do that in Singapore.

 

perhaps you should sell your car and get another one on full loan if your credibility is still worthy

 

my credit is definitely worthy. no liability, no loan., nothing. owner equity = asset. haha..

[Jfamily]

Sir,

 

Already pm you. Thank you.

[Longg8]

replied.

[Throttle2]

my credit is definitely worthy. no liability, no loan., nothing. owner equity = asset. haha..

 

that good but credibility also involves your propensity or capacity to pay on top of your (non)liabilities.

 

 

 

[Jj5599]

Dude, I think you looking for some cash at low interest rates right? Try talking to some banks for personal line of credit.

[Pelican]

some time ago, i am desperate in need of cash for some small investment. i went around asking banks if they have any kind of loan that i can use my car or HDB flat as collateral. all the banks dont have such loan. only private properties is possible.

 

in the end i have no choice but to take up several personal loan.

 

i feel so cheated. Our HDB flat is suppose to be an asset touted by the govt but i cant even use it to convert to a short term loan.

 

i can understand if HDB flat is still under financing, it should not be allow to use as collateral but even a fully paid HDB flat (asset) cant use to get loan.

 

 

anyway, i dont think any legal money lender / bank got such kind of loan.

 

singapore banks dont even accept fully paid HDB flat as collateral, let alone car.

 

banks only accept private properties as collateral.

 

i'm not sure about now. in the past, some private money lender accept HDB as collateral to loan money.

 

so there is a possibility that some private money lender might accept car as collateral.

Edited March 22, 2011 by Pelican

[Jfamily]

Sir,

 

Drop you a message.

 

Cheers

[Darkseed73]

some time ago, i am desperate in need of cash for some small investment. i went around asking banks if they have any kind of loan that i can use my car or HDB flat as collateral. all the banks dont have such loan. only private properties is possible.

 

in the end i have no choice but to take up several personal loan.

 

i feel so cheated. Our HDB flat is suppose to be an asset touted by the govt but i cant even use it to convert to a short term loan.

 

i can understand if HDB flat is still under financing, it should not be allow to use as collateral but even a fully paid HDB flat (asset) cant use to get loan.

 

 

anyway, i dont think any legal money lender / bank got such kind of loan.

 

singapore banks dont even accept fully paid HDB flat as collateral, let alone car.

 

banks only accept private properties as collateral.

 

i'm not sure about now. in the past, some private money lender accept HDB as collateral to loan money.

 

so there is a possibility that some private money lender might accept car as collateral.

 

Let me provide you a wake up call.

 

You DO NOT OWN THE HDB flat, you only LEASE from HDB that's all for 99 years that is why Banks do not accept HDB as collateral becos in the event u unable to pay BANKS are not allow to take over your flat to sell as it belong to the GOVT.

 

That is why a lot of ppl have to go LOANSHARK which in the end come spray your house???

 

People should just live within their means.

 

I ask my mom why last time ppl take 10k loan from HDB also scare like hell, now youngster take 400-500k loan also not scare.

 

Really scary change of mindset.

 

[Soya]

even if car fully paid off, it's a depreciating asset. even if ur car is worth $50k today wif high COE environment, it may be worth maybe $35k next year if COE tanks. plus gotta factor in annual depreciation; even the LTA's guaranteed paper value deminishes every year. hence, wonder which legit finance co will lend $$ against something that's on a downward slope? maybe except loan sharks....

 

for hdb, ppl forgot they dun "own" the flat but are simply lesees. simple fact of the matter is that u can't lelong away something u dun own.

 

for pte property, the mortgage bank has 1st charge so it's a little different.

[Pelican]

Let me provide you a wake up call.

 

You DO NOT OWN THE HDB flat, you only LEASE from HDB that's all for 99 years that is why Banks do not accept HDB as collateral becos in the event u unable to pay BANKS are not allow to take over your flat to sell as it belong to the GOVT.

 

That is why a lot of ppl have to go LOANSHARK which in the end come spray your house???

 

People should just live within their means.

 

I ask my mom why last time ppl take 10k loan from HDB also scare like hell, now youngster take 400-500k loan also not scare.

 

Really scary change of mindset.

 

 

s--t. I've been screwed by the govt. They keep on implanting the idea that HDB is an "asset".

 

99 years private properties seem like lease too but it can be use as collateral. This is suck.

[The_Bear]

s--t. I've been screwed by the govt. They keep on implanting the idea that HDB is an "asset".

 

99 years private properties seem like lease too but it can be use as collateral. This is suck.

 

put it the other way, the banks cannot evict you.

[Jfamily]

Hi Sir,

 

Reply you with the detail

 

Thank you