Apply own car loan

[Bluepica]

Can I apply my own car loan for a new car instead of using those banks recommend by the SE?

Cos I see POSB offering a low interest rate for online application compare to those apply thru SE.

[Leo72]

Can I apply my own car loan for a new car instead of using those banks recommend by the SE?

Cos I see POSB offering a low interest rate for online application compare to those apply thru SE.

You need to check as some of the AD / PI will remove the discount / rebate from the Car Price if you get your own car loan instead of using the car loan package that they offer.

[Aaronlkl]

Full cash best! Need not pay interest.

[Spring]

Can I apply my own car loan for a new car instead of using those banks recommend by the SE?

Cos I see POSB offering a low interest rate for online application compare to those apply thru SE.

From what I know, Honda n Hyundai doesn't insist on u taking loan through them n hence u can apply for this POSB loan directly yourself. For most other makes, if u don't take loan n insurance from them, car price will be higher as they won't give u the loan n insurance discounts. Hope this helps.

[ianonline]

Hi, this is the first post i'm making here in the forum. I'm planning to buy a used car with 2+ years left. To test the water, i tried applying online for car loan. After submission of all income documents,  I received an in principle approval from DBS. The interest rate they gave me is 1.99%.

If ever i take this loan, what happens next? 

 

 

=========

To activate this loan, email to [email protected] the following:

 

• Vehicle Sales Agreement (VSA)
• A copy of the Seller’s Logcard
• Declaration Form

=========

 

Assuming i have all of these documents sent out and received/approved by DBS, what happens next? Will DBS issue a check with the full amount payable to the car dealer?  or it will be DBS who will deal directly with the vendor?

 

one of the car dealer was not happy to hear that i applied on my own, one even said that LOANS/Insurance should be under them. and instead offered me to pay in CASH instead. if my point above is correct then it's just like giving them CASH, since it will be between me and dbs after that.

 

Please advise.

[Ahbengdriver]

the car dealer wants to make from your insurance and loan bcos they get referral fees.  All are like that one.  buy direct from owner is better n u dont get into such tussle.

 

of cos pay cash is best.  All the rich people say one.

Edited October 7, 2017 by Ahbengdriver

[Wolfverine]

Anything also possible to discuss with SE as long as you have not inked on the dotted line. Once done, you are now at the mercy of the SE

 

 

Can I apply my own car loan for a new car instead of using those banks recommend by the SE?

Cos I see POSB offering a low interest rate for online application compare to those apply thru SE.

 

[Nitesky]

Just want to enquire if anyone here having bad credit bureau report and able to get car loan from bank?

[Nitesky]

Just want to enquire if anyone here having bad credit bureau report and able to get car loan from bank?

Anyone can answer the enquiry?

[Aaronlkl]

Just want to enquire if anyone here having bad credit bureau report and able to get car loan from bank?

Buy full cash. Problem solve.

[Nitesky]

Buy full cash. Problem solve.

Not helpful at all..

[DACH]

Just want to enquire if anyone here having bad credit bureau report and able to get car loan from bank?

Can forget about banks if you have bad credit.

Try finance companies.

[BobbyTan_74287]

Just want to enquire if anyone here having bad credit bureau report and able to get car loan from bank?

 

Will be very hard to get loan unless you able to explain why bad credit bureau report and currently you are paying back in good term.

[LimChinLengWillie]

Hi, I like to enquire some things about car loan for buying new car. I make a booking at Kah Motor for a new car sometimes during mid of July. I was told by my SE that the car loan rate is standard throughout all banks at 2.18%. In the end, I just choose Maybank and was given approval for the loan. My car will only be delivered during Oct as such I had not penned anything down for the car loan yet.

 

I heard that DBS is providing a better rate at 1.99% now. Is it still possible for me to change to another bank? I asked my SE and he said that since I made booking during July, even if I change to DBS now, the rate will remain at 2.18%. Hope anyone here can enlighten me, thanks.

[BobbyTan_74287]

Just want to enquire if anyone here having bad credit bureau report and able to get car loan from bank?

Bank will review the amount you intend to load and your monthly income and may provide loan maybe not the full amount. Bad credit bureau does not mean you unable to pay the loan.

Hi, I like to enquire some things about car loan for buying new car. I make a booking at Kah Motor for a new car sometimes during mid of July. I was told by my SE that the car loan rate is standard throughout all banks at 2.18%. In the end, I just choose Maybank and was given approval for the loan. My car will only be delivered during Oct as such I had not penned anything down for the car loan yet.

 

I heard that DBS is providing a better rate at 1.99% now. Is it still possible for me to change to another bank? I asked my SE and he said that since I made booking during July, even if I change to DBS now, the rate will remain at 2.18%. Hope anyone here can enlighten me, thanks.

I cannot really advise but just think that car loan rate is fixed when you sign the agreement and once penned down will not be able to change. Unless the car agreement did not mention the interest rate .