C1R384 1st Gear August 26, 2017 Share August 26, 2017 Would like to seek the opinion and advise from knowledgeable expert here. Planning to get new car from a AD. The SE offered me a good deal but on the condition that I will have to take up a private car loan from Hitachi at interest of 2.78% rather than the in house loan of 2.5% interest from UOB. The SE promise that he will compensate the 0.28% of extra interest that I have to pay in term of cheque. With that it seems like I'm not losing out from anything since the extra interest from Hitachi will be compensated back to me. Am I missing out on anything? Is there something I have to look out for? Are there any risk in doing so? Would appreciate is people can provide some feedbacks and advice. Thanks! ↡ Advertisement 1 Link to post Share on other sites More sharing options...
Aventador 6th Gear August 26, 2017 Share August 26, 2017 With the info in your post i interpret it as the SE is doing something under the table. You can ask him the cheque with the interest returned is issued by who. The AD or himself? If it is not from AD, it likely means you are not taking a loan from the AD Usually for AD if you do not take loan, you will lose out on freebies like service credits etc. 2 Link to post Share on other sites More sharing options...
Mercury1 Turbocharged August 26, 2017 Share August 26, 2017 (edited) Nothing shady I imagine with the firm itself, that's Hitachi credit who is giving the loan. They been around for awhile but the arrangement seems out of norm Edited August 26, 2017 by Mercury1 1 Link to post Share on other sites More sharing options...
Thaiyotakamli Supersonic August 26, 2017 Share August 26, 2017 Would like to seek the opinion and advise from knowledgeable expert here. Planning to get new car from a AD. The SE offered me a good deal but on the condition that I will have to take up a private car loan from Hitachi at interest of 2.78% rather than the in house loan of 2.5% interest from UOB. The SE promise that he will compensate the 0.28% of extra interest that I have to pay in term of cheque. With that it seems like I'm not losing out from anything since the extra interest from Hitachi will be compensated back to me. Am I missing out on anything? Is there something I have to look out for? Are there any risk in doing so? Would appreciate is people can provide some feedbacks and advice. Thanks!Can ask ur SE for maybank loan? Now they offer 2.08 Link to post Share on other sites More sharing options...
Frogman 1st Gear August 26, 2017 Share August 26, 2017 The cheque will cover the interest for the whole duration of the loan?..btw both interest seems hight 1 Link to post Share on other sites More sharing options...
Akula Turbocharged August 26, 2017 Share August 26, 2017 Not much details. So shall guess that the extra 0.28% multiply by the loan amt & number of years shall be "offset" by the cheque. Look out for the terms n conditions, i.e. Early settlement, the catch might be there. 1 Link to post Share on other sites More sharing options...
D3badge 6th Gear August 26, 2017 Share August 26, 2017 (edited) Would like to seek the opinion and advise from knowledgeable expert here. Planning to get new car from a AD. The SE offered me a good deal but on the condition that I will have to take up a private car loan from Hitachi at interest of 2.78% rather than the in house loan of 2.5% interest from UOB. The SE promise that he will compensate the 0.28% of extra interest that I have to pay in term of cheque. With that it seems like I'm not losing out from anything since the extra interest from Hitachi will be compensated back to me. Am I missing out on anything? Is there something I have to look out for? Are there any risk in doing so? Would appreciate is people can provide some feedbacks and advice. Thanks! Private bank car loan Hee hee I was thought you refer to real private bank that give car loan. I only know private bank do private jet and yacht loan Edited August 26, 2017 by D3badge Link to post Share on other sites More sharing options...
C1R384 1st Gear August 26, 2017 Author Share August 26, 2017 With the info in your post i interpret it as the SE is doing something under the table. You can ask him the cheque with the interest returned is issued by who. The AD or himself? If it is not from AD, it likely means you are not taking a loan from the AD Usually for AD if you do not take loan, you will lose out on freebies like service credits etc. Was told by the SE that the offset will come from him personally, guess that's because taking into the commission that Hitachi gave him, he still benefit after offsetting the 0.28 interest to me. Not much details. So shall guess that the extra 0.28% multiply by the loan amt & number of years shall be "offset" by the cheque. Look out for the terms n conditions, i.e. Early settlement, the catch might be there. Yes that I will ensure that the offset paid to me is for the entire 7 years loan of 0.28 interest. Link to post Share on other sites More sharing options...
Soya Supersonic August 27, 2017 Share August 27, 2017 Would like to seek the opinion and advise from knowledgeable expert here. Planning to get new car from a AD. The SE offered me a good deal but on the condition that I will have to take up a private car loan from Hitachi at interest of 2.78% rather than the in house loan of 2.5% interest from UOB. The SE promise that he will compensate the 0.28% of extra interest that I have to pay in term of cheque. With that it seems like I'm not losing out from anything since the extra interest from Hitachi will be compensated back to me. Am I missing out on anything? Is there something I have to look out for? Are there any risk in doing so? Would appreciate is people can provide some feedbacks and advice. Thanks!Something fishy. Why would any SE compensate u for additional interest? Link to post Share on other sites More sharing options...
Perspectivism 3rd Gear August 27, 2017 Share August 27, 2017 you should report this to MAS we should not allow illegal practices to fester to the detriment of all genuine car owners here 1 Link to post Share on other sites More sharing options...
currypuff 5th Gear August 27, 2017 Share August 27, 2017 Clinch the deal, get the cheque then report him. May get bigger discounts from se and hitachi 1 Link to post Share on other sites More sharing options...
C1R384 1st Gear August 27, 2017 Author Share August 27, 2017 Something fishy. Why would any SE compensate u for additional interest?Cos minus off the compensated interest, the SE still can earn commissions from Hitachi.Clinch the deal, get the cheque then report him. May get bigger discounts from se and hitachiWow, that's ruthless! Link to post Share on other sites More sharing options...
Soya Supersonic August 27, 2017 Share August 27, 2017 Cos minus off the compensated interest, the SE still can earn commissions from Hitachi. Wow, that's ruthless! Don't think it's so simple. Better read the T&C carefully. Most of the time if do early settlement, that's where the sharp knifes come out Link to post Share on other sites More sharing options...
C1R384 1st Gear August 27, 2017 Author Share August 27, 2017 Don't think it's so simple. Better read the T&C carefully. Most of the time if do early settlement, that's where the sharp knifes come outHmm okay, thanks for the advice! Link to post Share on other sites More sharing options...
aprilfool22 2nd Gear January 10, 2019 Share January 10, 2019 do banks offer car loan directly without going tru car dealers ?? Link to post Share on other sites More sharing options...
gccp23 1st Gear January 17, 2019 Share January 17, 2019 do banks offer car loan directly without going tru car dealers ??Most banks offer loans independently. They like it coz no need to pay comms to dealer. Link to post Share on other sites More sharing options...
Kusje Supersonic January 17, 2019 Share January 17, 2019 Something fishy. Why would any SE compensate u for additional interest? Bank loan officer offered the SE some quid pro quo lor. Link to post Share on other sites More sharing options...
Inlinefour Twincharged March 12, 2019 Share March 12, 2019 Which bank gives the best interest rates for car loans? Brudder...you ask at the wrong forum liao...almost all MCFers did full cash settlement here Even those who signed up also because of the freebies Shhh...please dont let the pussy out of the panty ↡ Advertisement 1 Link to post Share on other sites More sharing options...
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