Car down payment Rules

[Little_prince]

Pay cash la

[Zenda]

In my recent experience, AD allows payment of deposit of 10K with CC or cheque with no extra charge. But they suggested I clear the CC bill the next day so as not to impact the credit assessment. But come to paying the remaining balance for down payment, they say there will be a surcharge so better to pay by cheque. Bo Bian.

 

Actually, I am wondering if we can appeal to thebCC company on this surcharge thingy if being asked to pay them. Will the CC company instruct the AD to waive the surcharge?

[War3craft2003]

Thanks all bro for their advise

 

I have managed to do the cashier order for >$40k

at dbs bank. Takes few minutes and $5 admin fee. Settled my downpayment with AD and now wait for COE bidding and collect car.

[Forte3737]

Try dbs

[Chrispie]

I know this thread is old, but couldn't resist asking. What are the best rates for Nissan available in the market right now? I'm planning to buy the new Nissan Murano. I did search online but saw different rates available at different places. Anyone here having previous experience dealing with Aspire FCU ( New Jersey )? Their auto loan service rates seem affordable, but would be great to know it from other sources.

I thought the new murano only in USA?

[Heman75]

I thought the new murano only in USA?

is coming... akang datang

[Showster]

Current interest rates plucked from their websites:

 

DBS 2.28

OCBC 1.88

Citibank claims 1.58

Speed Credit 1.68

 

 

[Runforyourlife]

COE has fallen in recent times and has attracted a fresh pool of potential buyers. In addition, more buyers are looking to scrap/trade in their existing rides by ridin on the low COE.

 

Much lamented on the fact they cannot afford the upfront 40% or 50% downpayment. Some buyers resorted to 20% down-payment by some distributors by paying more interest during the loan period. Is this a healthy situation?

 

Should the upfront payment be scrapped or modified?

 

[Kanchelsk]

if scrap then more ppl will be carry 90% loan to value debt again.. it'll worsen i felt...

[Civic6228]

Don't bluff lah, loan is 50 and 60 percent ... Where can get 80% loan ?

 

MAS Imposes Financing Restrictions on Motor Vehicle Loans

 

 

Singapore, 25 February 2013 … The Monetary Authority of Singapore (MAS) will re-introduce¹ financing restrictions on motor vehicle loans granted by financial institutions.

2   The maximum motor vehicle loan amount will depend on the open market value (OMV) of the motor vehicle purchased:

(i) For a motor vehicle with OMV that does not exceed $20,000, the maximum loan-to-value (LTV) is 60% of the purchase price, including relevant taxes and the price of the Certificate of Entitlement, where applicable; and

(ii) For a motor vehicle with OMV of more than $20,000, the maximum LTV is 50%. 

In addition, the tenure of a motor vehicle loan will be capped at 5 years.²

3   The financing restrictions are necessary to encourage financial prudence among buyers of motor vehicles.  In this prolonged environment of very low interest rates, there is greater risk of buyers over-extending themselves on motor vehicles.  

4   The financing restrictions will not apply to loans for the purchase of commercial vehicles³.  They will also not apply to loans for the purchase of motorcycles.

5   The rules will take effect from 26 February 2013.⁴

[RadX]

COE has fallen in recent times and has attracted a fresh pool of potential buyers. In addition, more buyers are looking to scrap/trade in their existing rides by ridin on the low COE.

 

Much lamented on the fact they cannot afford the upfront 40% or 50% downpayment. Some buyers resorted to 20% down-payment by some distributors by paying more interest during the loan period. Is this a healthy situation?

 

Should the upfront payment be scrapped or modified?

 

 

 

eh you dun anyhow open thread like SBF hor....i give verbal warning first

 

SEARCH

 

in future i will give infraction to any thread that repeats any discussion alreayd here

[Little_prince]

Don't bluff lah, loan is 50 and 60 percent ... Where can get 80% loan ?

MAS Imposes Financing Restrictions on Motor Vehicle Loans

 

 

 

Singapore, 25 February 2013 ⦠The Monetary Authority of Singapore (MAS) will re-introduce¹ financing restrictions on motor vehicle loans granted by financial institutions.

2 The maximum motor vehicle loan amount will depend on the open market value (OMV) of the motor vehicle purchased:

(i) For a motor vehicle with OMV that does not exceed $20,000, the maximum loan-to-value (LTV) is 60% of the purchase price, including relevant taxes and the price of the Certificate of Entitlement, where applicable; and

(ii) For a motor vehicle with OMV of more than $20,000, the maximum LTV is 50%.

In addition, the tenure of a motor vehicle loan will be capped at 5 years.²

3 The financing restrictions are necessary to encourage financial prudence among buyers of motor vehicles. In this prolonged environment of very low interest rates, there is greater risk of buyers over-extending themselves on motor vehicles.

4 The financing restrictions will not apply to loans for the purchase of commercial vehicles³. They will also not apply to loans for the purchase of motorcycles.

5 The rules will take effect from 26 February 2013.⁴

A lot of PI and second hand dealer do in house loan for 80% or even more

 

道高一尺魔高一丈

[Wt_know]

80% loan ... advertise big big in newspaper

 

treat MAS & LTA die one ar? lol

Edited April 2, 2016 by Wt_know

[Glyuen]

The scheme initially appears to flout Monetary Authority of Singapore (MAS) regulations, but Uber, which is no stranger to controversy the world over, said the deal does not break any law in Singapore. It stated that cars must be registered under a company name, and under a scheme that allows them to be used for offering paid rides - even if not with Uber.

 

MAS concurred, saying, "MAS' motor vehicle financing restrictions do not apply to loans for the purchase of private-hire cars. Drivers should be aware that they will incur additional costs, including higher insurance premiums, should they enter into such arrangements."

 

 

I cut and paste from sgcarmart article.

Edited April 2, 2016 by Glyuen

[flashbang]

The scheme initially appears to flout Monetary Authority of Singapore (MAS) regulations, but Uber, which is no stranger to controversy the world over, said the deal does not break any law in Singapore. It stated that cars must be registered under a company name, and under a scheme that allows them to be used for offering paid rides - even if not with Uber.

 

MAS concurred, saying, "MAS' motor vehicle financing restrictions do not apply to loans for the purchase of private-hire cars. Drivers should be aware that they will incur additional costs, including higher insurance premiums, should they enter into such arrangements."

 

 

I cut and paste from sgcarmart article.

 

This has been around for a long time. Those that flout the rules are those dealers who can offer 70% or 80% for private usage cars. Vehicles purchased under company name can take 100% loan.

[Ivan_06]

COE has fallen in recent times and has attracted a fresh pool of potential buyers. In addition, more buyers are looking to scrap/trade in their existing rides by ridin on the low COE.

 

Much lamented on the fact they cannot afford the upfront 40% or 50% downpayment. Some buyers resorted to 20% down-payment by some distributors by paying more interest during the loan period. Is this a healthy situation?

 

Should the upfront payment be scrapped or modified?

 

Upfront payment should be 100% down-payment. Edited April 2, 2016 by Ivan_06

[Runforyourlife]

Upfront payment should be 100% down-payment.

Yup and apply for existing vehicles like yours. Can you afford the rest in cash now?

[Ivan_06]

Yup and apply for existing vehicles like yours. Can you afford the rest in cash now?

Still can. Why not? For me, when I bought the car, I bought it as a mode of transport from point a to b. And bought the car well below my level of comfort..

 

In fact, the 100% down payment should apply to all BnB cars below 120k in the market today.

 

If back then last year, it should be 150k and below.

Edited April 3, 2016 by Ivan_06