Wt_know Supersonic March 18, 2015 Share March 18, 2015 (edited) absolutely ... but when the YOLO thinking comes in ... all hell breaks lose take loan for wedding take loan for renovation take loan for vacation take loan to buy rolex take loan to buy home theatre system even hire purchase is a form of loan ... pay by installments and if miss payment + interest and some would argue ... i can pay all but i want to pay in 36 months ... why? heart pain? lol Buy HDB say at 400k, downpayment 20%, loan @ 320k. Say HDB depreciates at 3% per year X 5 years = 343k. Still have cash back. Most importantly, HDB will not take away the flat compare with banks taking away the car. Also, HDB likely to appreciates. Edited March 18, 2015 by Wt_know ↡ Advertisement Link to post Share on other sites More sharing options...
Civic6228 6th Gear March 18, 2015 Share March 18, 2015 It never comes to your mind that one may lost the job over the 10 years period. What if one member loses job due to health issues? Got insurance to cover for medicial but during the period, where to find the money to pay for the car? Lost job ... Still think of keeping the car ..... Must be a nut case.... If in any finanical difficulties the car should be the first to go .... 1 Link to post Share on other sites More sharing options...
Detach8 5th Gear March 18, 2015 Share March 18, 2015 absolutely ... but when the YOLO thinking comes in ... all hell breaks lose take loan for wedding take loan for renovation take loan for vacation take loan to buy rolex take loan to buy home theatre system even hire purchase is a form of loan ... pay by installments and if miss payment + interest and some would argue ... i can pay all but i want to pay in 36 months ... why? heart pain? lol I dunno.. but I have not personally seen/met such a person, although I believe there are such people around. It'd be interesting to hear a few stories. If I knew any of my friends did that, they'll get a lecturing from me for sure... that's nuts. Link to post Share on other sites More sharing options...
Nissan833 5th Gear March 18, 2015 Share March 18, 2015 I dunno.. but I have not personally seen/met such a person, although I believe there are such people around. It'd be interesting to hear a few stories. If I knew any of my friends did that, they'll get a lecturing from me for sure... that's nuts. There are some that took use CC for interest free instalment for wedding ring Because must insist on big rock if not wife will be unhappy! On top of housing loan, renovation loan, wedding package loan.. all the whatever loan. Link to post Share on other sites More sharing options...
Detach8 5th Gear March 18, 2015 Share March 18, 2015 (edited) There are some that took use CC for interest free instalment for wedding ring Because must insist on big rock if not wife will be unhappy! On top of housing loan, renovation loan, wedding package loan.. all the whatever loan. It's normal for people to buy stuff on CC instalment lah, as long as they are sure they can pay it off without incurring interests. My car insurance via aunty lucy is also paid in instalments. The scarier stories I've heard is that people buy stuff with instalments, then sell the stuff for quick cash, then default on the instalments. This is usually used to pay off big debts, like soccer debts. e.g. person goes to Harvey Norman, buys a MacBook pro for 3K under UOB instalment, goes online, sells it for $2.9K, takes the money and pays ah long. Edited March 18, 2015 by Detach8 1 Link to post Share on other sites More sharing options...
Heartlander Turbocharged March 18, 2015 Share March 18, 2015 Lost job ... Still think of keeping the car ..... Must be a nut case.... If in any finanical difficulties the car should be the first to go ....Some cases would need to pay cash to redeem loan, especially those on 100% loan term. Can't sell car as no lump sum in bank. Not that i pity them. Link to post Share on other sites More sharing options...
Vhtfhwlego Supercharged March 19, 2015 Share March 19, 2015 Lost job ... Still think of keeping the car ..... Must be a nut case.... If in any finanical difficulties the car should be the first to go ....This drive off with zero downpayment cannot sell car as need to top up loan over market value. Link to post Share on other sites More sharing options...
Civic6228 6th Gear March 19, 2015 Share March 19, 2015 This drive off with zero downpayment cannot sell car as need to top up loan over market value. Long pain or short pain ..... have a make a decision. These people with 10 years loan only have themselves to be blamed ... basically they are living beyond their means. Link to post Share on other sites More sharing options...
Little_prince Supersonic March 19, 2015 Share March 19, 2015 Buy HDB say at 400k, downpayment 20%, loan @ 320k. Say HDB depreciates at 3% per year X 5 years = 343k. Still have cash back. Most importantly, HDB will not take away the flat compare with banks taking away the car. Also, HDB likely to appreciates. to me simple. house or hdb. it's a roof over your head. its a necessity. for car. it is not a necessity. Link to post Share on other sites More sharing options...
Tedlhw 5th Gear March 19, 2015 Share March 19, 2015 Hey Ted, how is bonus and stuff this year for you? Any kangtao for me? Aiya, I waiting for u to give me kangtao lor.. I where got kang tao one.. me just subsisting compared to you man. Been hearing that u give away cigars one..so when u going to give me one.. Bonus wise, it's been one of the better years.. not exactly blowout, but really can't complain. I mean thats really subjective.. for example, my assistant got almost 6 months and he wasn't very happy! I gave him a piece of my mind.. Link to post Share on other sites More sharing options...
The_Bear Turbocharged March 19, 2015 Share March 19, 2015 I dunno.. but I have not personally seen/met such a person, although I believe there are such people around. It'd be interesting to hear a few stories. If I knew any of my friends did that, they'll get a lecturing from me for sure... that's nuts. If you noticed, legal loan and pawn shops have popped up like mushrooms after a rain all over Singapore, especially in the heartlands. It only goes to show that the business is thriving and expanding. Just like a gambling problem, a lot of people around you will not readily talk about it until they run out of options. There are a large group of people who live hand to mouth and this group of people do not come onto forums and talk about their problem, if they even see it as a problem. If you really look carefully, you will probably find someone within your circle with such an issue. But do you really want to? Link to post Share on other sites More sharing options...
Nissan833 5th Gear March 19, 2015 Share March 19, 2015 It's normal for people to buy stuff on CC instalment lah, as long as they are sure they can pay it off without incurring interests. My car insurance via aunty lucy is also paid in instalments. The scarier stories I've heard is that people buy stuff with instalments, then sell the stuff for quick cash, then default on the instalments. This is usually used to pay off big debts, like soccer debts. e.g. person goes to Harvey Norman, buys a MacBook pro for 3K under UOB instalment, goes online, sells it for $2.9K, takes the money and pays ah long. Oh.. maybe it's different mentality lor. I don't buy such items and use CC loan. I only recently have CC too lol Link to post Share on other sites More sharing options...
Damienic 5th Gear March 19, 2015 Share March 19, 2015 For this poll, if single person, can it be termed as "household income"? Cos the scenario for a single owning car and a household consisting of married couple in owning car will be somewhat different Lost job ... Still think of keeping the car ..... Must be a nut case.... If in any finanical difficulties the car should be the first to go .... In some cases, not because they dun want to get rid of the car but getting rid of the car may actually incur more expenses upfront. for e.g, if the car is borrow on loan for certain number of years and you are just in first 1 or 2 yrs in servicing the loan, the sales proceeds from the car may not be enough to pay off the outstanding loan and you are required to cough up money to redeem the loan instead... Link to post Share on other sites More sharing options...
Detach8 5th Gear March 19, 2015 Share March 19, 2015 If you noticed, legal loan and pawn shops have popped up like mushrooms after a rain all over Singapore, especially in the heartlands. It only goes to show that the business is thriving and expanding. Just like a gambling problem, a lot of people around you will not readily talk about it until they run out of options. There are a large group of people who live hand to mouth and this group of people do not come onto forums and talk about their problem, if they even see it as a problem. If you really look carefully, you will probably find someone within your circle with such an issue. But do you really want to? Hmm you brought up a good point. I do notice that. I actually walked past two in an old estate and I turned around and ask my wife: "so many people borrow money?" Link to post Share on other sites More sharing options...
Nissan833 5th Gear March 19, 2015 Share March 19, 2015 If you noticed, legal loan and pawn shops have popped up like mushrooms after a rain all over Singapore, especially in the heartlands. It only goes to show that the business is thriving and expanding. Just like a gambling problem, a lot of people around you will not readily talk about it until they run out of options. There are a large group of people who live hand to mouth and this group of people do not come onto forums and talk about their problem, if they even see it as a problem. If you really look carefully, you will probably find someone within your circle with such an issue. But do you really want to? My circle of friends, have a few like this. Banker somemore, monthly income around $7k, not low for sure but his monthly instalments and debts all add up to quite high. Everything also on instalment or loan, no reserves or savings one. If one day his sales performance drop, he get the sack, then all the instalment how? I asked him. He say will not happen one lah! Then buy expensive watch, tailor made suits 4 figure cost, renovation $70k for HDB, branded items all over. Always try to talk him out.. don't wanna listen. Link to post Share on other sites More sharing options...
Wt_know Supersonic March 19, 2015 Share March 19, 2015 (edited) $7k per month for banker? lol ok ... may be 12-24 months bonus ... that's about $160k-$200k per annum (MCF junior level) ... hehe My circle of friends, have a few like this. Banker somemore, monthly income around $7k, not low for sure but his monthly instalments and debts all add up to quite high. Everything also on instalment or loan, no reserves or savings one. If one day his sales performance drop, he get the sack, then all the instalment how? I asked him. He say will not happen one lah! Then buy expensive watch, tailor made suits 4 figure cost, renovation $70k for HDB, branded items all over. Always try to talk him out.. don't wanna listen. Edited March 19, 2015 by Wt_know Link to post Share on other sites More sharing options...
Angcheek Hypersonic March 19, 2015 Share March 19, 2015 My circle of friends, have a few like this. Banker somemore, monthly income around $7k, not low for sure but his monthly instalments and debts all add up to quite high. Everything also on instalment or loan, no reserves or savings one. If one day his sales performance drop, he get the sack, then all the instalment how? I asked him. He say will not happen one lah! Then buy expensive watch, tailor made suits 4 figure cost, renovation $70k for HDB, branded items all over. Always try to talk him out.. don't wanna listen. maybe bonus 12mth lel hahaha but hor current banking market is very rocky. Live a high life , Pay a high price 3 Link to post Share on other sites More sharing options...
Damienic 5th Gear March 19, 2015 Share March 19, 2015 maybe bonus 12mth lel hahaha but hor current banking market is very rocky. Live a high life , Pay a high price my cousin who is in banking, told me she received no bonus for 2014 as sales was bad. she said 2015 also gonna be a quiet year for the banking industry $7k per month for banker? lol ok ... may be 12-24 months bonus ... sounds more like it ... about $160k-$200k per annum I have yet to hear of any banker earning 4 figure sum. Mostly 5 fig sum and >15k per month. ↡ Advertisement 1 Link to post Share on other sites More sharing options...
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