Planning to buy a COE renewed car, can take full loan?

[Hkh0411]

Hi all,

I am planning to buy a COE renewed car (First registered on 2005). It was renewed for 10 years (until 2025) . Hence this COE car is left with 4 years.

The selling price of the car is 40K. My question is can I take full loan 40K with 48mths tenure?

Any legitimate advise for this?

[Colin03]

Firstly, congrats bro.

Must be a luxury car based on 40K for 4 years.

Ensure you have a good history of this car as no longer coe is allow after this 4 years.

The interest rate should be higher for full loan (est above 3% avg)

You can scout around the market for the best interest rate, cheers

 

[Jamesc]

You want to take legal or illegal loan?

[Beregond]

7 minutes ago, Hkh0411 said:

Hi all,

I am planning to buy a COE renewed car (First registered on 2005). It was renewed for 10 years (until 2025) . Hence this COE car is left with 4 years.

The selling price of the car is 40K. My question is can I take full loan 40K with 48mths tenure?

Any legitimate advise for this?

why cannot?? as long as u can secure the loan, and u can afford the monthly installment 

no reason cannot??

[Jamesc]

Why cannot renew coe?

[Soya]

6 minutes ago, Jamesc said:

You want to take legal or illegal loan?

Ahemmm....loan is a 4-letter word in MCF hor

 

[Count-Bracula]

COE renew for 5 years cannot extend but those renewed 10 years can keep renewing. 

[Hkh0411]

I have heard that for car that COE has renewed, the maximum loan tenure is 5 years.

Hence if the renewed COE car is left with 6 years for example, the loan can only be taken for one year (since max loan tenure for COE car is only 5 years).

 

if that true? 

[mersaylee]

And I thought Hosay liao...got saucy news again on kaChing kaChing...😁

[Daniu82]

1st time seeing the thread title so short, only 2 letters. 

[Hkh0411]

Nope I am not referring to extending COE. I am referring to buying a COE renewed car that is left with 4 years (so car is already 16years old). Can I still apply for full loan with 4 years tenure.

My friend mentioned COE renewed car can only borrow up to 5 years hence any COE car below 5 years will need to pay cash - no loan available.

Not sure how true hence question is posed.

[Sugimoto]

Are you buying those jdm icon cars or normal b&b cars?

[Goldenvodka]

COE cars loan max is 7 years or the remaining COE remaining on the vehicle.

 

it really depends on the finance company who is providing you with the loan

[Watwheels]

21 minutes ago, Goldenvodka said:

COE cars loan max is 7 years or the remaining COE remaining on the vehicle.

 

it really depends on the finance company who is providing you with the loan

Who says?

It's all depending on the rules and restrictions from MAS on the hire-purchase act. 

Dont think got full loan. 70% more like it.

Whatever friend says or who says, better Google "MAS on car loans" and call up the bank and ask. You dont set the rules on how much loan to take for hire-purchase and how long you want to service your loan. You have no say on any of these.

Edited March 10, 2021 by Watwheels

[Hkh0411]

What do you mean by “or the remaining COE remaining on the vehicle.”

 

kindly elaborate.

[macrosszero]

37 minutes ago, Sugimoto said:

Are you buying those jdm icon cars or normal b&b cars?

JDM icon car won't be 40k already. 

[Eyke]

max max is only loan 70%

[Didu]

1 hour ago, Daniu82 said:

1st time seeing the thread title so short, only 2 letters. 

Kena snookered. I thought this is about some famous CEO.