Soya Supersonic June 25, 2012 Share June 25, 2012 Anyone done it yet and have FR? Thot last time some banks said cannot be done..... http://www.ocbc.com.sg/personal-banking/Lo...Autoloan_180612 ↡ Advertisement Link to post Share on other sites More sharing options...
Sphwee 1st Gear June 25, 2012 Share June 25, 2012 I did it once before long time back think 7-8 yrs ago with citibk. Link to post Share on other sites More sharing options...
Darkseed73 Clutched June 26, 2012 Share June 26, 2012 Currently most car loan are 1.88% fix all the way. Why would one need to refinance? Plus OCBC put "Depending on your loan tenor, OCBC Car Loan Refinancing Promotion EIR ranges from 3.08% to 3.25%." What is the point? Link to post Share on other sites More sharing options...
Shanhz 3rd Gear June 26, 2012 Share June 26, 2012 Currently most car loan are 1.88% fix all the way. Why would one need to refinance? Plus OCBC put "Depending on your loan tenor, OCBC Car Loan Refinancing Promotion EIR ranges from 3.08% to 3.25%." What is the point? this offer is at 1.6% bro.. see carefully... based on 1.6%, the EIR is about 3.2% for 1.88%, the EIR is actually about 3.7%. furthermore those who bot cars earlier would be at >2% so worth it to re-finance in the long run Link to post Share on other sites More sharing options...
Kia0042 2nd Gear June 26, 2012 Share June 26, 2012 Currently most car loan are 1.88% fix all the way. Why would one need to refinance? Plus OCBC put "Depending on your loan tenor, OCBC Car Loan Refinancing Promotion EIR ranges from 3.08% to 3.25%." What is the point? People who need cash can consider refinancing car, anytime better than applying a personal loan. "Bo tai bo chi" (for no reason) who will want to refinance their car? Itchy backside ? 1 Link to post Share on other sites More sharing options...
QQDreamer 4th Gear June 26, 2012 Share June 26, 2012 refinance only applies to cars less than 3 yrs old right? Correct me if im wrong. Link to post Share on other sites More sharing options...
Ericongy 3rd Gear June 26, 2012 Share June 26, 2012 this offer is at 1.6% bro.. see carefully... based on 1.6%, the EIR is about 3.2% for 1.88%, the EIR is actually about 3.7%. furthermore those who bot cars earlier would be at >2% so worth it to re-finance in the long run i tot of refinancing my car loan to take advantage of the low interest rate now.... but i have to double chk my current interest rate, also need to take into consideration the early repayment penalty how much.... if its the same or few 2-3 hundreds diff, den no point lar... Link to post Share on other sites More sharing options...
Ericongy 3rd Gear June 26, 2012 Share June 26, 2012 (edited) refinance only applies to cars less than 3 yrs old right? Correct me if im wrong. i think 3 years refer to the minimum loan period Edited June 26, 2012 by Ericongy Link to post Share on other sites More sharing options...
Jerrcik 1st Gear June 26, 2012 Share June 26, 2012 can someone explain by the term of refinancing? Take me for example, i own a Chery t11 July 2010.......10yr loan with Maybank....each mth 320 installment Now if i do refinance, what does it helps? Link to post Share on other sites More sharing options...
QQDreamer 4th Gear June 26, 2012 Share June 26, 2012 can someone explain by the term of refinancing? Take me for example, i own a Chery t11 July 2010.......10yr loan with Maybank....each mth 320 installment Now if i do refinance, what does it helps? ur monthly repayment amount will be lesser.but u need to check your full settlement amount first and then enquire from the new finance company on how to go about it. personally i have not done refinance before. So i would also like to hear from some of the bros who have experience in it for further advise. Link to post Share on other sites More sharing options...
Shanhz 3rd Gear June 27, 2012 Share June 27, 2012 can someone explain by the term of refinancing? Take me for example, i own a Chery t11 July 2010.......10yr loan with Maybank....each mth 320 installment Now if i do refinance, what does it helps? what is your current interest rate? and what is the penalty if you early settlement your current loan? Link to post Share on other sites More sharing options...
Weewee1976 3rd Gear June 27, 2012 Share June 27, 2012 From my experience with refinancing my car loan back in 2003/4 with Citibank, Citibank will help to request full settlement amount for you and work out whether it is worth it to do a refinance or not. If may choose to opt out if it's not worth it. Not sure about the current OCBC though. Link to post Share on other sites More sharing options...
Iisterry 3rd Gear June 27, 2012 Share June 27, 2012 It is useless due to the nature of car loans. You are effectively penalized when you redeem a car loan early (regardless of the nice sounding rebate term used). So let's say if you take up a 10 year loan and decide to "re-finance" it 3 years in, you effectively paying at a much higher rate for the "3 years" that you were with them (calculate it yourself via total amount paid versus initial loan over the 3 years). And you sign on for another 7 years with another bank. The first bank will be thanking you and the second bank will laugh at you again when you redeem it again a few years later. If you have to take a loan, regardless of amount, the idea is to take if just for the period that you will be driving for. Be it 2, 3 or 5 years. Link to post Share on other sites More sharing options...
QQDreamer 4th Gear June 27, 2012 Share June 27, 2012 just a question, can refinance be done with cars more than 3 yrs old and above? Link to post Share on other sites More sharing options...
Audi655 Clutched June 27, 2012 Share June 27, 2012 Bank may not want to finance your cherry T11 or if they refinance 70% of car price only or less. Link to post Share on other sites More sharing options...
Arixlim Clutched June 27, 2012 Share June 27, 2012 i have signed 3.5% with sales price slashed 3 yrs ago in hope i get a refinance, but haha...they like to refinance loan outstanding more than 100k, so my loan is minimum sum, so confirm no refinance... well..will pay in full next time i buy a car...haha siao har!...ya..pay every month..cannot sleep...u forget then got penalty...haha..no 5-10k at 1.68 or 1.88%..so dun dream okie...i realised already... if you buy 400k car...they will be glad to refinance your car..same like a house....make it 100k up...u know la... Link to post Share on other sites More sharing options...
Ezz11 Neutral Newbie July 1, 2012 Share July 1, 2012 How much is to refinance a car loan? Is it the same as normal car loan? Link to post Share on other sites More sharing options...
Ezz11 Neutral Newbie July 1, 2012 Share July 1, 2012 (edited) How much is to refinance a car loan? Is it the same as normal car loan? http://www.loans-portal.com/how-to-finance-a-car/ Edited July 1, 2012 by Ezz11 ↡ Advertisement Link to post Share on other sites More sharing options...
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