Yrvsport 2nd Gear February 28, 2013 Share February 28, 2013 taking a loan is not spending your own money.... this sort of spending habit is no good.... pay full cash or else dun buy ... practise prudence... Provided i'm a millionaire... ↡ Advertisement Link to post Share on other sites More sharing options...
Hshs 5th Gear February 28, 2013 Share February 28, 2013 taking a loan is not spending your own money.... this sort of spending habit is no good.... pay full cash or else dun buy ... practise prudence... If everyone like you no more bank or finance company in this world liao. Link to post Share on other sites More sharing options...
Warthog Clutched February 28, 2013 Share February 28, 2013 taking a loan is not spending your own money.... this sort of spending habit is no good.... pay full cash or else dun buy ... practise prudence... Another elite talking. Most poor need loan to buy things they want e.g. house, studies, furniture, medical bills, etc. They just need to make sure they don't over-leverage. Personal responsiblity. Link to post Share on other sites More sharing options...
MX5NC2 1st Gear February 28, 2013 Share February 28, 2013 (edited) Inevitable and makes sense...banks can now lend less, profits are reduced so to make up for the shortfall IRs need to go up. And the effective IRs are coming close to those in Australia. Edited February 28, 2013 by MX5NC2 Link to post Share on other sites More sharing options...
Passat57 3rd Gear February 28, 2013 Share February 28, 2013 When we refinance our private condo, can we take some cash out, and use it to pay for the car? Housing loan is still very much lower than car loan. Link to post Share on other sites More sharing options...
Bighero Neutral Newbie February 28, 2013 Share February 28, 2013 Seems like the posts here are citing bank website. Has anyone actually gone to a car showroom to ask about interest rate? Reason i am asking is (and I COULD BE WRONG) because prior to me receiving my current car last Oct, i was browsing DBS website (sometime between Jul and Aug) to see more details of their iHP car loan although my loan with iHP had already been approved at 1.88% (u can say i itchy backside wanted to read the fine details). So i went to the DBS website and the auto loans there were 3.5% as what was reported here. So as far as i know, the published interest rates on DBS website all the while like that and may not be a reaction to the latest MAS rules. Note that the auto loan is not stated as iHP. So maybe this is the "nominal rate" but when apply to iHP there is a "promotional" rate. Again, i could be wrong. Maybe this weekend i drop by showroom and ask. You are correct. The interest rate in the banks's website has always been like this, very high. It is only when you go through a car dealer then the interest rate is lower. so effectively, there has been NO change in car interest rate yet Link to post Share on other sites More sharing options...
Mustank Hypersonic February 28, 2013 Share February 28, 2013 You are correct. The interest rate in the banks's website has always been like this, very high. It is only when you go through a car dealer then the interest rate is lower. so effectively, there has been NO change in car interest rate yet Picha lobang!!!! [laugh] Link to post Share on other sites More sharing options...
Notxer Neutral Newbie February 28, 2013 Share February 28, 2013 Suppose the new car price is still $100K, how can still can loan $100K over 5 years ??? I tot only 50/60% and the rest pay in cash... Erh.. He is using a $100k loan to illustrate how we pay more when interest rate is at 3.25% even with a 5yrs tenure as compared to a 10 years loan with the previous 1.88% interest. :) Link to post Share on other sites More sharing options...
Ongjoe Neutral Newbie February 28, 2013 Share February 28, 2013 I notice that on sgcarmart, certain dealers are still offering full loans as well as in house loans...how come? Link to post Share on other sites More sharing options...
Mllcg 3rd Gear February 28, 2013 Share February 28, 2013 I notice that on sgcarmart, certain dealers are still offering full loans as well as in house loans...how come? dealers are loaning u from their credit line Link to post Share on other sites More sharing options...
Hondaclub Neutral Newbie February 28, 2013 Share February 28, 2013 SINGAPORE Link to post Share on other sites More sharing options...
Unltd 5th Gear February 28, 2013 Share February 28, 2013 That is why all the full licence banks here earn record profits. Interbank 0.2 % and they lend you 6% (effective interest rate). Don't be a fool and let those banks rip you off. Credit card late charge or overdue you pay at least 8%. Their rate are not much different from loan shark. For me I never borrow unless it is to my advantage. In fact I lend the bank money by buying their bonds : DBS 4.7%, UOB and OCBC 5%. Don't use your CPF to pay for your property, loan from banks at 1% while CPF pay you 2.5%. Silly analogy, I got cash and I still take loan. In fact, any loan with effective interest rate below 6% is a steal due to inflation. You are the type of green eyed monster who looks at others and complains why others do better than you. Learn how to invest wisely, you should easily outstrip 6% interest the banks charge you, you use the banks money to grow more money and you keep your cash for rainy days and miscalculated investments. Overall should still do well if you are savvy and prudent enough. But judging by your condescending post, you will probably never understand. Link to post Share on other sites More sharing options...
Ooosh 1st Gear February 28, 2013 Share February 28, 2013 That is why all the full licence banks here earn record profits. Interbank 0.2 % and they lend you 6% (effective interest rate). Don't be a fool and let those banks rip you off. Credit card late charge or overdue you pay at least 8%. Their rate are not much different from loan shark. For me I never borrow unless it is to my advantage. In fact I lend the bank money by buying their bonds : DBS 4.7%, UOB and OCBC 5%. Don't use your CPF to pay for your property, loan from banks at 1% while CPF pay you 2.5%. Another one who pays his car in full. Link to post Share on other sites More sharing options...
Kar_lover Supercharged February 28, 2013 Share February 28, 2013 You are correct. The interest rate in the banks's website has always been like this, very high. It is only when you go through a car dealer then the interest rate is lower. so effectively, there has been NO change in car interest rate yet Ah, thanks for confirming. So i wasn't seeing things :) Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged February 28, 2013 Share February 28, 2013 i still think i am correct not wrong.. because it is a tie up between 2 companies so preferential rate Link to post Share on other sites More sharing options...
A_korusawa 5th Gear February 28, 2013 Share February 28, 2013 (edited) Hi, All Car Buyers (new or 2nd hand cars), Yes, car prices will drop! Guess the next million dollars questions: - How far can the car prices drop in the next 3 mths, 6 mths & a year? - Izit worth cancelling your order now (be it new or 2nd) & wait for better price? Please . . . this discussion is not about affordability & loan, strictly on evaluating the market prices cars, what & when to buy? Much has said about new cars, lets look at the 2nd Car Market: My Views: COE Car Dealers may say that COE price will still be high as government continues to regulate cars on the road . . . . NO! COE Supply has been road-mapped for the next 1-2 years at least. Government will NOT change this number just bcos of Budget 2013. Therefore, its simple Edited February 28, 2013 by A_korusawa Link to post Share on other sites More sharing options...
WTF 4th Gear February 28, 2013 Share February 28, 2013 cancel order will forfeit the deposit, right??? Link to post Share on other sites More sharing options...
Ooosh 1st Gear February 28, 2013 Share February 28, 2013 if can cancel as one wishes then why the need to put deposit? ↡ Advertisement Link to post Share on other sites More sharing options...
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