In-house car loans & TDSR

[MarkerPen]

Hi all, my car is currently financed under OCBC bank and the monthly installments are reflected on my CBS report and consequently I think it would also appear on my TDSR. The reason I ask this is because I'm considering buying a new home and don't want my car loan to affect my home loan application. Are in-house loans from credit companies like Motorway Credit reflected in the CBS Report of affect the TDSR?

Thanks!

[kobayashiGT]

Hi @MarkerPen Usually for in-house loan, it will most probably not reflecting into the TDSR from CBS report. Same goes to leasing a car.

But I don't think you can halfway refinance a car to an in-house loan. Most prob you gotta sell the car and buy another car to take the in-house loan.

https://blog.seedly.sg/singapore-credit-bureau-report-credit-score

Hope this helps! 🙂

[Ody_2004]

15 hours ago, MarkerPen said:

 don't want my car loan to affect my home loan application. 

 

Errr... how come will neh? 

More of a concern is your total exposure..

[kobayashiGT]

46 minutes ago, Ody_2004 said:

Errr... how come will neh? 

More of a concern is your total exposure..

Yah. actually credit card also play a big part. If can try to limit the no. of credit cards

 

[Enye]

wah...more than 60% of your monthly income going to loans?

😬

[Atlantis80]

in-house loans won't appear on your CBS. 

however for TDSR purpose, the bank will require you to make a declaration of all your loans (be it with banks or not with banks). the risk is up to you whether you want to declare your in-house loans or not. 

[Apple-Tree]

Aiya, the purpose of TDSR is to help aspirating individual so that they won't end up in Financial Stress ma....

Trying to circumvent these rules are NOT RECOMMENDED lor.

As this is a Car Forum, I say keep the car and forget about the home first lor.

Here also difficult to get advise as most users pay CASH or have a ODD/EVEN day scheme like example Odd day drive red car and Even day drive blue and even better, Odd/Even months set lor

 

[MarkerPen]

Thanks for all the inputs! I'm definitely not living above my means and my loan commitments surely less than 60% haha. My car installment is about 1/10th of my salary. Just heard from my real estate friend its best to have no outstanding loans on my record before buying a new home. Just toying with the idea 😁 but ultimately I know it's not worth it

Cheers!

Edited May 4, 2020 by MarkerPen

[kobayashiGT]

15 minutes ago, MarkerPen said:

Thanks for all the inputs! I'm definitely not living above my means and my loan commitments surely less than 60% haha. My car installment is about 1/10th of my salary. Just heard from my real estate friend its best to have no outstanding loans on my record before buying a new home. Just toying with the idea 😁 but ultimately I know it's not worth it

Cheers!

2nd property during this time? high risk wor.

[Apple-Tree]

1 minute ago, kobayashiGT said:

2nd property during this time? high risk wor.

Plus that ABSD 15% ??  My friend tio, Pay First Talk Later ...... got 6 months to sell home.  Not sure how, I no money one, nowhere near this dilemma lor...

[kobayashiGT]

5 minutes ago, Apple-Tree said:

Plus that ABSD 15% ??  My friend tio, Pay First Talk Later ...... got 6 months to sell home.  Not sure how, I no money one, nowhere near this dilemma lor...

yah. the absd can makes you orh ba ka. 

[MarkerPen]

17 minutes ago, kobayashiGT said:

2nd property during this time? high risk wor.

No lah, definitely not in this climate but looking to move to a new place 😀

[Ct3833]

19 minutes ago, kobayashiGT said:

2nd property during this time? high risk wor.

Maybe third or fourth ? But anyone who dares to touch properties  at this juncture should be financially steady pun pee pee . 

[MarkerPen]

32 minutes ago, Ct3833 said:

Maybe third or fourth ? But anyone who dares to touch properties  at this juncture should be financially steady pun pee pee . 

My job is steady but am not rich 😂

[Apple-Tree]

9 hours ago, kobayashiGT said:

Yah. actually credit card also play a big part. If can try to limit the no. of credit cards

 

Actually hor, come to think about, having CC is quite important lor.  Because CB relied heavily on CC issue bank to report your repayment behaviour lor.  Are you always running late/on time on your repayment lor. ??  Every month the bank ask you to pay up lor.

Like CB said I have 0.0378% chance of defaulting according to my latest credit assessment wor...... How they know ?  CC lor....

[kobayashiGT]

11 hours ago, MarkerPen said:

No lah, definitely not in this climate but looking to move to a new place 😀

oh. haha. maybe can get some bargain due this period! I think own stay still okay! haha. For investment-wise, I think better not. Those have a roof alrd have a roof. And there are no new ppl coming to our city to stay anyway. So the rental market is gonna be very very bad.

[Sdf4786k]

On 5/4/2020 at 1:29 PM, kobayashiGT said:

Yah. actually credit card also play a big part. If can try to limit the no. of credit cards

 

there is a credit rating agency like dun and Bradstreet that the individual is tie to. 

So if someone has slip payment in credit card before, it also kanna red flag.