80% Loan Eligible

[Idaddy88]

Tried to search but couldn't find any match so don't bomb me if it was asked somewhere..

 

Found the adverts stating '80% Loan Eligible'. Why is this still possible despite the MAS regulations?

 

http://www.sgcarmart.com/used_cars/info.ph...904&DL=2010

[Cook123]

Tot MAS ruling in force liao. Can still 80% loan meh?

[Mockngbrd]

why not u call and ask them instead of asking on forum?

Edited June 18, 2013 by Mockngbrd

[Sci10213]

Tot MAS ruling in force liao. Can still 80% loan meh?

 

 

Maybe it is either typo error (see the criteria below which says max 60% loan) OR that the finance company is not bank (loophole)

[GNDAFO]

80% loan? Not 60% alr meh?

[Ixus75]

80% loan? Not 60% alr meh?

 

I though dealers can report that they sell at higher price so you can get a bigger loan. I could be wrong.

[Bicolor]

I though dealers can report that they sell at higher price so you can get a bigger loan. I could be wrong.

 

Yup, that's what they do. In fact, if you monitor ads on SGCarMart, you'll notice that the price of a certain car can suddenly be marked up drastically, following which the car is sold after 2 or 3 days.

[Hshs]

MAS ruling 100% loan they will give 120%(high trade in)

MAS ruling 60% loan they will give 80%

This was very common.Why are your still surprise

 

[Poohbor]

Dealers trying creative ways to circumvent the rules lor

[Wt_know]

price must goes up

ie: last time car is priced at $100K

now car is priced at $120K

give you $20K overtrade

 

ie: $120K car price, 50% downpayment = $60K

 

you trade in your old car $40K (actual worth) + overtrade $20K (magic) = aka eat your old car at $60K (inflated price) = $0 downpayment

 

huat ah !!!

 

Yup, that's what they do. In fact, if you monitor ads on SGCarMart, you'll notice that the price of a certain car can suddenly be marked up drastically, following which the car is sold after 2 or 3 days.

Edited June 18, 2013 by Wt_know

[Kansatish]

Tried to search but couldn't find any match so don't bomb me if it was asked somewhere..

 

Found the adverts stating '80% Loan Eligible'. Why is this still possible despite the MAS regulations?

 

http://www.sgcarmart.com/used_cars/info.ph...904&DL=2010

 

Could be dealer's in-house loan?

[Willrunning]

Please be careful of this company:

 

Ultra Speed in woodlands industrial Blk 180.

 

They are dishonest and overcharge customers. They also lie about their intentions. Luckily I did nit take their quote for insurance. I did my homework and only paid 1.2k for my insurance. They wanted to charge me $2.7k!!

 

Dishonest dealers must be blacklisted.

 

I was cheated almost $10k. When I called him and ask him why, he was still rude.

[Crovinus]

how come dealer's in house loan still can be lower than bank?

http://www.sgcarmart.com/used_cars/info.ph...101&DL=1353

 

[Blackyv]

how come dealer's in house loan still can be lower than bank?

http://www.sgcarmart.com/used_cars/info.ph...101&DL=1353

 

Why not?... My hawker mee pok mai hum selling price doesn't have to match kopitiam selling price you know..

[Yrvsport]

nowadays people are not ez to get con..unless you are really desperado for cars...may be small amount of monkeys out there try their luck putting branded peanuts in their own trap wakakaka....