Minimum Car Loan ??

[Fattychubby]

Just wanna find out if there are any minimum loan amount for car loans.. The banks might not find it profitable for small loan quantum especially in this low interest rates environment

 

I am asking this becus currently considering to cash out from my MPV and switch to a older sedan.

The cash will go towards the new car and hence lowering my monthly commitments.

[SimonTan]

No minimum loan.

Go ahead plan your budget.

 

Minimum loan only imposed by PI and SE who wants to earn commissions.

[Kelvingoh45]

There is. Some banks $10,000 some $20,000. Any amount lower then thier guide line, there will be a service charge or about $200-$400.

[Nzy]

Just wanna find out if there are any minimum loan amount for car loans.. The banks might not find it profitable for small loan quantum especially in this low interest rates environment

 

I am asking this becus currently considering to cash out from my MPV and switch to a older sedan.

The cash will go towards the new car and hence lowering my monthly commitments.

 

Since it will be a small loan only then might as well see if you can pay in full.

[Otoko]

Just wanna find out if there are any minimum loan amount for car loans.. The banks might not find it profitable for small loan quantum especially in this low interest rates environment

 

I am asking this becus currently considering to cash out from my MPV and switch to a older sedan.

The cash will go towards the new car and hence lowering my monthly commitments.

 

think its best u approach any finance car loan to have confirmation for your enquiries, no point getting so many diff opinions from forum~ u already have in mind what u want actually~

[TheRationalVoice]

Just wanna find out if there are any minimum loan amount for car loans.. The banks might not find it profitable for small loan quantum especially in this low interest rates environment

 

I am asking this becus currently considering to cash out from my MPV and switch to a older sedan.

The cash will go towards the new car and hence lowering my monthly commitments.

 

The minimum deposit rule was abolished by statute in 2003.

 

However, finance companies may not grant 100% loan.

Edited May 20, 2012 by TheRationalVoice

[Tohto]

The minimum deposit rule was abolished by statute in 2003.

 

However, finance companies may not grant 100% loan.

 

TS is asking for min loan lah. Mostly paid cash.

[Fattychubby]

Looking to get a older car.. so likely after dumping the cash in.. still need to loan ard $15K..

which is not quite a lot but i why tie up the cash since cost of lending is so low .. 1.68%p.a?

[Stam]

Looking to get a older car.. so likely after dumping the cash in.. still need to loan ard $15K..

which is not quite a lot but i why tie up the cash since cost of lending is so low .. 1.68%p.a?

 

Not 1.88%?

[Nekha123]

Just wanna find out if there are any minimum loan amount for car loans.. The banks might not find it profitable for small loan quantum especially in this low interest rates environment

 

I am asking this becus currently considering to cash out from my MPV and switch to a older sedan.

The cash will go towards the new car and hence lowering my monthly commitments.

 

Not every banks has minimum loan amount. Those which have minimum limit is starts from $10,000 :) The other banks that provide lower loan amount will charge high interest rate.

Edited May 21, 2012 by Nekha123

[L_club23]

I believe no real minimum loan amount, but different interest rates will be tagged to the different quantums.

Edited May 21, 2012 by L_club23

[Kurty]

when i got my car, there was actually a minimum of 10k from maybank with interest rate of 3%.

 

but that was 4 yrs back, i'm not sure if it's still around.

[Swiftee]

Took my loan from DBS last time... now still paying installment. What i know is no min loan if im not wrong. of cos u dont go there say u only want borrow 5k.

[13177]

Took my loan from DBS last time... now still paying installment. What i know is no min loan if im not wrong. of cos u dont go there say u only want borrow 5k.

Even the bank loan you 5K also not worth, cause not worth paying the interest since you only loan for a small amount. I would say loan at least 10K or more lo.

Edited May 23, 2012 by 13177

[JimmyMcG1978]

Not if you're taking the loan from a bank. Anyway banks like DBS, OCBC, UOB etc. have some of the best car loan packages in town. Better than those finance companies, if the loan amount is too low, they won't want as they can't make enough money. Plus so many hidden fees etc.

[Json]

So far I haven't heard of loan amount. If there is really such requirements, then you just have to shorten your repayment period. Shortening your repayment period or loan amount will both lead to lower interest payout.

 

Heard of some loan package at 1.68%. Advise you to check on their t&c such as early full settlement charges.