Loan for COE Renewal?

[Happyrider]

People like to buy new car let them...

People like to renew coe let them...

 

Why get so upset when its not even your own money?

Its their life and priorities and their money let them decide...

What are the bystanders to say or judge how people spend their money??

 

Show off they no need to take loan or self righteous? I say both...

[Andy83]

People like to buy new car let them...

People like to renew coe let them...

 

Why get so upset when its not even your own money?

Its their life and priorities and their money let them decide...

What are the bystanders to say or judge how people spend their money??

 

Show off they no need to take loan or self righteous? I say both...

 

Of course, it is difficult for one to teach another person how to lead his life. And probably there isn't any need to do so most of the time. 

 

I hope you can see that I have been trying to make an objective assessment of the situation and dissect the matter from the lens of personal finance management. There is no big deal in doing so, and it is definitely not an intrusive rocket science experiment. 

 

I take cognizance of the fact that this is a difficult topic to most people. The line is fine and sometimes it is convenient for people to label such discussion as being "self-righteous". 

 

Yet again, before throwing the word around, perhaps you could share with us how you would define being "self-righteous" ?

 

For if the definition is loose and nebulous, your foregoing post does have an unpalatable taste of self-righteousness too. 

[Happyrider]

Of course, it is difficult for one to teach another person how to lead his life. And probably there isn't any need to do so most of the time. 

 

I hope you can see that I have been trying to make an objective assessment of the situation and dissect the matter from the lens of personal finance management. There is no big deal in doing so, and it is definitely not an intrusive rocket science experiment. 

 

I take cognizance of the fact that this is a difficult topic to most people. The line is fine and sometimes it is convenient for people to label such discussion as being "self-righteous". 

 

Yet again, before throwing the word around, perhaps you could share with us how you would define being "self-righteous" ?

 

For if the definition is loose and nebulous, your foregoing post does have an unpalatable taste of self-righteousness too. 

My English very simple, no need to use big words that need to check dictionary to understand the meaning...I think my posts primary 5 children also can understand

 

My own definition of 'self-righteous' is that you think you are right, and tries to impose your views and judgement on other people, when you are only standing on your very narrow perspectives, and your perspectives alone. 

 

There are people who may put a greater value things like personal convenience, for work, or more valuable family time with loved ones, than the EIR of 10-11% of COE loans. Doesn't matter too much to them if the money that goes to paying these interests is more than the risk-free returns that certain investments can make. It is not at all surprising that a significant percentage of the sandwiched middle class car owners needs to take on vehicle loans as an option to manage their household finances.

 

So, no need to say things like 'better take public transport', or 'should not own a car kind of statements'. The owner decides on the merits of his own situation. No one should have the right to impose this sort of negative judgement on others.

[Andy83]

My English very simple, no need to use big words that need to check dictionary to understand the meaning...I think my posts primary 5 children also can understand

 

My own definition of 'self-righteous' is that you think you are right, and tries to impose your views and judgement on other people, when you are only standing on your very narrow perspectives, and your perspectives alone. 

 

There are people who may put a greater value things like personal convenience, for work, or more valuable family time with loved ones, than the EIR of 10-11% of COE loans. Doesn't matter too much to them if the money that goes to paying these interests is more than the risk-free returns that certain investments can make. It is not at all surprising that a significant percentage of the sandwiched middle class car owners needs to take on vehicle loans as an option to manage their household finances.

 

So, no need to say things like 'better take public transport', or 'should not own a car kind of statements'. The owner decides on the merits of his own situation. No one should have the right to impose this sort of negative judgement on others.

 

"There are people who may put a greater value things like personal convenience, for work, or more valuable family time with loved ones, than the EIR of 10-11% of COE loans. Doesn't matter too much to them if the money that goes to paying these interests is more than the risk-free returns that certain investments can make. It is not at all surprising that a significant percentage of the sandwiched middle class car owners needs to take on vehicle loans as an option to manage their household finances."

 

Yes, car buyers no doubt have the liberty to make their own financial judgement and decision. I don't think this basic, immutable fact is being disputed at all in this thread. But, I do note that there are some forumers who were excessively (and inexplicably) sensitive and defensive amidst the discussions on this matter. 

 

Indubitably, a car buyer has all the freedom to take out a loan with an EIR 10 % or even 15 %. But I plea for us to be honest to ourselves, and not stretch the definition of "affordability" by too many miles. It takes character to call a spade a spade. 

 

 

"So, no need to say things like 'better take public transport', or 'should not own a car kind of statements'. The owner decides on the merits of his own situation. No one should have the right to impose this sort of negative judgement on others."

 

Once again, I would like to refer to the point that I already made in my first post of this thread (post #22). I am baffled by how you find opinions like "better take public transport" or " should not own a car" as being so offensive and derogatory. Are our egos and self-worth that weak and fragile? If you care to simmer down and read these posts with rationality and context, there is very little evidence that the authors of these posts are being condescending. 

 

If we are not open-minded and are averse to disparate opinions from other people, then let's not participate in open discussions in a public forum. I happen to note that that you had previously started a thread on a similar topic, crowdsourcing for views on your car purchase/coe renewal decision. I hope that you are taking in the opinions with an open mind. 

 

Cheers. 

[wpy]

Let’s see; conservative rough estimates of owning a car for ten years

Cost of car 100k

Interest 10k

Petrol 36k

Road tax 7k

Servicing and maintenance/repairs: 7k

Parking/erp (assume hdb rates) 15k

Total for 10yrs : $175,000

Assuming we replace our car every 10yrs, and that we own a car for at least 30yrs during our lifetime that’s $525,000. If you ask me we’re all better off taking public transport( train delays and all) Maybe we’d be able to retire ten years earlier, be less stressed and much happier. Hmm...

[Mockngbrd]

blah blah blah...

 

i also loan for COE. cannot meh?

Edited October 23, 2017 by Mockngbrd

[Raihunt]

Why argue... if they want renew COE let them be la.. if they want buy new car let them be. Its their money mah... end of the day as long as can reach Point A to Point B with rooftop is already a blessing :)

[Heman75]

People like to buy new car let them...

People like to renew coe let them...

 

Why get so upset when its not even your own money?

Its their life and priorities and their money let them decide...

What are the bystanders to say or judge how people spend their money??

 

Show off they no need to take loan or self righteous? I say both...

let them fight and let them continue. the one truly happy is we the bystanders. amusing us and making our day lively. they instead got so agitated and bad for health.

 

i do agree what one man like may not be other like. all these voice down to EGO. 

 

leave it to fate. what is yours is yours. maybe renew coe if his fate...  maybe buying new car is his fate. do what make make you happy, life is short. never know when u will die. 

[Mockngbrd]

take loan take loan lo. COE mah, what's the worst that can happen? No $$$, scrap or sell lo, get back remaining COE value + some body. Pay back a lump sum, at most remaining few K debt. Very different from loan on brand new car. New car u take big loan, no $$$ payback, backside tear bigger hole. 

Edited October 23, 2017 by Mockngbrd

[masonyong]

Aiya i suggest you don’t take up any loan. U will be tied down with interest bro. Gahmen finding ways to eat all our money. If no money buy car then save first ba

[MotoristMel]

It’s actually quite common to take loan for COE renewal coz upfront cost will burn a hole in ur pocket. But from what i know, u cant go to a bank directly to get car loan to renew your COE, coz loan can only be approved when there is a sale and purchase.

U need to go through a company that will represent u to get a COE renewal loan from ur preferred bank. The 3.2% for 7 years repayment that u found sounds good. But it’s advisable to get a consultant to source for loan quotes from multiple banks as interest rates will fluctuate.

[MyCarMykar]

wow alright guys,

 

first off I would like to thank each and everyone of you for commenting and helping me in this forum. newbie here that can garner this much response, I am appreciative.   

 

from the get go till post #65, I read all of your posts, views, opinions on cars coe renweal, to even arguments on judging a person's financial situation. 

 

I knew this post is somewhat gonna have    , and that is why since my post #1, I type this sentence myself that  I knew someone is gonna have this thought of  "if you need to loan for COE renewal, you might be better off taking public transport"  but still, i saw some arguments in between again. glad you guys are chilled already. 

 

My family and i have decided. We will extend COE, I guess I missed out typing why I wanted to keep the car; even if the reasons are really just very simple.

1. low mileage, basically 50K+ only till date, due to my father basically parking the car in the MSCP and letting it "rot" away for the middle life of this car years ago. (Referring to one of the bro typing in helping me understand that under utilize also means higher potential of forking out $$$$ to service parts of the car that might potentially break down in future, this I am fully aware and prepared  )                                                                                                                                                             
2. I have a baby, having a car really brings alot of convenience to us, fully utilizing it so far, and at least this is what my wife thought too. We are planning for our number 2 too, so ya.                                                                                                                                                     
3. and many other small thoughts, but basically keyword convenience

 

Having said that we have decided to renew. actually we have decided that we can definitely fork out more instead of the initially $10K, loan abit only and repay in shorter years. 

[kdash]

wow alright guys,

 

first off I would like to thank each and everyone of you for commenting and helping me in this forum. newbie here that can garner this much response, I am appreciative.   

 

from the get go till post #65, I read all of your posts, views, opinions on cars coe renweal, to even arguments on judging a person's financial situation. 

 

I knew this post is somewhat gonna have    , and that is why since my post #1, I type this sentence myself that  I knew someone is gonna have this thought of  "if you need to loan for COE renewal, you might be better off taking public transport"  but still, i saw some arguments in between again. glad you guys are chilled already. 

 

My family and i have decided. We will extend COE, I guess I missed out typing why I wanted to keep the car; even if the reasons are really just very simple.

1. low mileage, basically 50K+ only till date, due to my father basically parking the car in the MSCP and letting it "rot" away for the middle life of this car years ago. (Referring to one of the bro typing in helping me understand that under utilize also means higher potential of forking out $$$$ to service parts of the car that might potentially break down in future, this I am fully aware and prepared  )                                                                                                                                                             
2. I have a baby, having a car really brings alot of convenience to us, fully utilizing it so far, and at least this is what my wife thought too. We are planning for our number 2 too, so ya.                                                                                                                                                     
3. and many other small thoughts, but basically keyword convenience

 

Having said that we have decided to renew. actually we have decided that we can definitely fork out more instead of the initially $10K, loan abit only and repay in shorter years. 

 

great that you have made your decision. do note that it will be tough to fit 2 baby carseats into a sedan 2nd row, hopefully you have taken this into consideration. 

 

i am currently driving a 7-seater in consideration of the 2 carseats. 

[Mockngbrd]

NO FULL CASH DON'T BUY CAR!!!!!!






















btw where you take COE loan from? 

[Galantspeedz]

wow alright guys,

 

first off I would like to thank each and everyone of you for commenting and helping me in this forum. newbie here that can garner this much response, I am appreciative.   

 

from the get go till post #65, I read all of your posts, views, opinions on cars coe renweal, to even arguments on judging a person's financial situation. 

 

I knew this post is somewhat gonna have    , and that is why since my post #1, I type this sentence myself that  I knew someone is gonna have this thought of  "if you need to loan for COE renewal, you might be better off taking public transport"  but still, i saw some arguments in between again. glad you guys are chilled already. 

 

My family and i have decided. We will extend COE, I guess I missed out typing why I wanted to keep the car; even if the reasons are really just very simple.

1. low mileage, basically 50K+ only till date, due to my father basically parking the car in the MSCP and letting it "rot" away for the middle life of this car years ago. (Referring to one of the bro typing in helping me understand that under utilize also means higher potential of forking out $$$$ to service parts of the car that might potentially break down in future, this I am fully aware and prepared  )                                                                                                                                                             
2. I have a baby, having a car really brings alot of convenience to us, fully utilizing it so far, and at least this is what my wife thought too. We are planning for our number 2 too, so ya.                                                                                                                                                     
3. and many other small thoughts, but basically keyword convenience

 

Having said that we have decided to renew. actually we have decided that we can definitely fork out more instead of the initially $10K, loan abit only and repay in shorter years. 

 

good on you to not get affected by the comments....

[Ahbengdriver]

NO FULL CASH DON'T BUY CAR!!!!!!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

btw where you take COE loan from? 

Don't ask here la

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pls PM me also where the loan from

[DACH]

wow alright guys,

 

first off I would like to thank each and everyone of you for commenting and helping me in this forum. newbie here that can garner this much response, I am appreciative.

 

from the get go till post #65, I read all of your posts, views, opinions on cars coe renweal, to even arguments on judging a person's financial situation.

 

I knew this post is somewhat gonna have , and that is why since my post #1, I type this sentence myself that I knew someone is gonna have this thought of "if you need to loan for COE renewal, you might be better off taking public transport" but still, i saw some arguments in between again. glad you guys are chilled already.

 

My family and i have decided. We will extend COE, I guess I missed out typing why I wanted to keep the car; even if the reasons are really just very simple.

• low mileage, basically 50K+ only till date, due to my father basically parking the car in the MSCP and letting it "rot" away for the middle life of this car years ago. (Referring to one of the bro typing in helping me understand that under utilize also means higher potential of forking out $$$$ to service parts of the car that might potentially break down in future, this I am fully aware and prepared )
• I have a baby, having a car really brings alot of convenience to us, fully utilizing it so far, and at least this is what my wife thought too. We are planning for our number 2 too, so ya.
• and many other small thoughts, but basically keyword convenience

Having said that we have decided to renew. actually we have decided that we can definitely fork out more instead of the initially $10K, loan abit only and repay in shorter years.

Good that you made up the decision.

I would too encourage you to renew the COE for another 10 years if the condition of the car is still very good. Just remember to bring it for servicing for every 10,000km and it should not be giving you a lot of big problems.

Decide on your loan properly. Renew COE loans typically have higher interest rates than loans for new cars. Get a loan from a reputable company and try to get those of the lower interest rates.

My advice is, put a lump sum of down-payment, the more, the better. Reduce the amount you loan as much as possible. And try to pay off the loan in less than 5 years. Evaluate your monthly finances for the next five years too.

Lastly, enjoy your car. A family like yours certainly needs this car for bonding your family and giving them the convenience. It's better than squeezing your life in the train everyday.

[xianglinn]

 

Hi guys,

 

just a quick question and discussion.

 

Is it common to take up loan for COE renewal ? 

 

Well i understand that some may say words like

"if you need to loan for COE renewal, you might be better off taking public transport" 

 

but well, just trying to find out here, afterall this is my father's car and he has retired and doesn't need the car anymore, thus everything is on me now.

 

I googled for some financial institute that does loan for COE, cheapest i saw is 3.2% for 7 years repayment.

 

Just wondering if you guys have other suggestions or recommendations. 

 

Feel free to comment bros.  Sorry if this post is not suppose to be here, as you can see, newbie here 

 

If really need the car for family, work & lifestyle, should renew it. If no need these reason, can take Public Transport.

Buy new one or renew for Old, it depends on old car condition and user preference.

3.2% consider Low leh...