Car loan enquiries Options

[tiffanydunk]

Hi guys,

Need some answers to my doubts.

1) How do we get quotes from bank? (email, call etc?)

2) How much loan will banks loan up to? (e.g. up to 100%, 90% of car price?)

3) Would be nice if bros here can share some banks that i can get quotes from.

Thanks!

[Lamemonster]

[quote name='tiffanydunk' date='Mar 12 2010, 10:31 PM' post='3074159']
Hi guys,

Need some answers to my doubts.

1) How do we get quotes from bank? (email, call etc?)
give them the vehicle log card
2) How much loan will banks loan up to? (e.g. up to 100%, 90% of car price?)
depends on your earned salary and age of the car. ( new car = 100% 2ndhand = 90% )
3) Would be nice if bros here can share some banks that i can get quotes from.
Maybank/GE money/Inhouse


2cents

[tiffanydunk]

Logcard we can print from onemotoring rite? the one that enquire on the transfer fees site.

[Ladykillerz]

Logcard we can print from onemotoring rite? the one that enquire on the transfer fees site.

original logcard/logbook.
if you take loan, your car agent will surrender it to the bank.
only if you fully paid then everyday you can smell your logcard/logbook.~

[tiffanydunk]

original logcard/logbook.
if you take loan, your car agent will surrender it to the bank.
only if you fully paid then everyday you can smell your logcard/logbook.~

wad abt from direct seller? wouldnt it inconvient that owner to go down and surrender it to the bank with me?

[Lengendcf]

original logcard/logbook.
if you take loan, your car agent will surrender it to the bank.
only if you fully paid then everyday you can smell your logcard/logbook.~

I suppose you few years never change car liao..

Few years ago( but less than 10 years, cannot remember when), there is no more original log card already.

If you want you log card, just go online and print it out.

[Superfox]

original logcard/logbook.
if you take loan, your car agent will surrender it to the bank.
only if you fully paid then everyday you can smell your logcard/logbook.~

FYI you dun need to pay full to get your car log card if your loan is under HSBC , HSBC return it to me even I still got 9 years loan with them .

Btw it dun smell nice just a pic of paper

[Ladykillerz]

Ohhhh.. something new.
I think I am getting old.~

Really uncertain with no more logcard. Hmmmm...?
good to join MCF to learn new things. Haha.~

Cheers! :))

[Ladykillerz]

wad abt from direct seller? wouldnt it inconvient that owner to go down and surrender it to the bank with me?

I am not sure whether this is correct?
need bros here to confirm though.

-> seller to temporary loan the logcard from bank A.
-> buyer shows the T-loan logcard to bank B and get loan approval from bank B.
-> fully paid the car and get the logcard from bank A.
-> buyer surrender the logcard to bank B.

should be right. =P

[Siao35]

btw any idea whether the bank do a 100percent loan on the car amt ? or only those in-house loan can?

[Ladykillerz]

btw any idea whether the bank do a 100percent loan on the car amt ? or only those in-house loan can?

can. if you met the criteria and agreed with the hire purchase conditions, bank can loan you 100% on the car amount.
not only in-house loan can do that.

a word of advice, avoid high loan..~
happy car shopping!~

[Gs_1984]

I was asked by several car sales man to take up a 90% car loan for 10 yrs. They offered me ard 10k off the car.

I told the, my initial idea is to put a 40% deposit. But they say it is more worthwhile to take the promotion. Since, it is either u pay the money upfront or later when u sell the car. keeping the money at your side is always better.

Is he trying to persuade me into taking a high loan?

Do give me some views as i am a 1st time car buyer looking for a new car to start a new life with my spouse.

[Ladykillerz]

I was asked by several car sales man to take up a 90% car loan for 10 yrs. They offered me ard 10k off the car.

I told the, my initial idea is to put a 40% deposit. But they say it is more worthwhile to take the promotion. Since, it is either u pay the money upfront or later when u sell the car. keeping the money at your side is always better.

Is he trying to persuade me into taking a high loan?

Do give me some views as i am a 1st time car buyer looking for a new car to start a new life with my spouse.

Don't mind me leaking out their cons.
Which sales will not want to earn higher commission?
If you go for higher loan, I will get higher commission.
Got me?
All the freebies are eye candy to lure you to get higher loan amount.

Anyway, you have the last call.
Think hard and decide yourself. =p

[Acanthus]

I was asked by several car sales man to take up a 90% car loan for 10 yrs. They offered me ard 10k off the car.

I told the, my initial idea is to put a 40% deposit. But they say it is more worthwhile to take the promotion. Since, it is either u pay the money upfront or later when u sell the car. keeping the money at your side is always better.

Is he trying to persuade me into taking a high loan?

Do give me some views as i am a 1st time car buyer looking for a new car to start a new life with my spouse.

If you can get a return of more than 10% per annum from your 30% deposit, then i say go for the 90% loan.

Always good to have ready cash on hand.

[Superfox]

Higher loan more commission for the sale man

[Gs_1984]

Thanks for all the views. I did some calculation as below.

The car is quoted to me at $128800 for a BMW318 la.
So she asked me to put 10% DP. then got offer. Pay $303 per month for 1st year. 10yr loans at 2.28%

DP: $12 880
Loan taken: 115 920
interest: $26 430
installments per month: $1187
discount: (1187-303) x 12= -10608

Total i pay for the car is $12880+$115920+$26430-$10608= $144622

If i go my pattern pay arga 40k.

DP: $40 000
Loan taken: 88 800 take 7yr @ 2.28%
interest: $14 173
installments per month: $1226


Total i pay for the car is $40 000+ 88 800+ $14 173 = $142973

So the differnence between i put a 10%DP or a 40% DP is just a 2K difference in total price. Then what is the point. Tell me if the way i see is wrong. 1st time car buyer over her. Thanks for all the help.

This post has been edited by Gs_1984: Mar 13 2010, 01:15 PM

[Ben5266]

Thanks for all the views. I did some calculation as below.

The car is quoted to me at $128800 for a BMW318 la.
So she asked me to put 10% DP. then got offer. Pay $303 per month for 1st year. 10yr loans at 2.28%

DP: $12 880
Loan taken: 115 920
interest: $26 430
installments per month: $1187
discount: (1187-303) x 12= -10608

Total i pay for the car is $12880+$115920+$26430-$10608= $144622

If i go my pattern pay arga 40k.

DP: $40 000
Loan taken: 88 800 take 7yr @ 2.28%
interest: $14 173
installments per month: $1226


Total i pay for the car is $40 000+ 88 800+ $14 173 = $142973

So the differnence between i put a 10%DP or a 40% DP is just a 2K difference in total price. Then what is the point. Tell me if the way i see is wrong. 1st time car buyer over her. Thanks for all the help.

Your calculation looks correct. But bare in mind, you need to drive the BMW for 10 years. Anything less, you need to pay penalty for premature termination of the loan. If add that component in, then the diff will be more than 2k.
Another word, in 2 years, if you decide to change to 520, you need to pay that $10k discount (maybe prorated) back plus 20% of the total outstanding Interest. So, do consider this. As for the SE, they are getting 5% off your total interest. That's their motivation to get you to apply for bigger loan. Of course, your credit record must be very good.
As the other bro suggest, if you know how to invest your $30k to give you 10% return annually, by all means, take the max loan.

[Desmondtwb]

If you take the 10 yrs loan you will break even at a later date.

For me I will take up the 10yrs 10% DP deal as it's only 2k difference.
I will hold onto the difference of the 30% DP and use it only if I want to sell my car off earlier to repay the bank.

That's provided you will have the discipline not to spend off the 30% DP.
I always like having more cash on hand in case of any emergency.

[Diesel]

From your calculations, i won't pay $27,120 cash upfront to save $1,649 on the total cost of the car.

If u take the discounts in scenario 1 & deduct it from the total interest, the interest for the 2 scenarios not much diff.

My $0.02

[Gs_1984]

Your calculation looks correct. But bare in mind, you need to drive the BMW for 10 years. Anything less, you need to pay penalty for premature termination of the loan. If add that component in, then the diff will be more than 2k.
Another word, in 2 years, if you decide to change to 520, you need to pay that $10k discount (maybe prorated) back plus 20% of the total outstanding Interest. So, do consider this. As for the SE, they are getting 5% off your total interest. That's their motivation to get you to apply for bigger loan. Of course, your credit record must be very good.
As the other bro suggest, if you know how to invest your $30k to give you 10% return annually, by all means, take the max loan.

So that mean i cannot use the warranty finish then sell off huh? i think by then i shld have paid up all the interest by 3 years. But if i upgrade still need to return the 10k to them. Then like that i bo hua liao lor. I think i will ask the SE tomorrow when i see her.

Btw, how i know how much loan i can take huh. I nv take up loans before sia. Can take 100k loan like that 1 huh. I earn a above average wages la.