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43 replies to this topic | 223 praises

#1

Posted 13 December 2013 - 09:33 PM

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Sorry I'm new at this.

 

Let's say I want to buy a new car. The dealer offering a trade-in value for my current car at 60K

The new car itself cost 140k

Currently, MAS limitation is that car loan can only go for 60% (presuming that OMV is < 20K)

 

So with the above, is the loan amount I can take 60% of 140k? Or is the loan amount counted after the trade-in (60% of 140k-60k)

Can the trade-in value count as the up-front payment so I don't need to pay 40% (56k) of the car price up front?

 


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#2

Posted 13 December 2013 - 09:44 PM

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Sorry I'm new at this.

 

Let's say I want to buy a new car. The dealer offering a trade-in value for my current car at 60K

The new car itself cost 140k

Currently, MAS limitation is that car loan can only go for 60% (presuming that OMV is < 20K)

 

So with the above, is the loan amount I can take 60% of 140k? Or is the loan amount counted after the trade-in (60% of 140k-60k)

Can the trade-in value count as the up-front payment so I don't need to pay 40% (56k) of the car price up front?

 

 

Yes, you can take 60% of 140K for the loan. 

 

You have to fork out 40% for downpayment which is 56K, your trade in value is more than enuff to cover the downpayment.


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#3

Posted 13 December 2013 - 11:57 PM

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Yes, you can take 60% of 140K for the loan. 

 

You have to fork out 40% for downpayment which is 56K, your trade in value is more than enuff to cover the downpayment.

yes remaining can buy insurance


Dont get confused between my personality & my attitude...

My personality is who I am...

My attitude depends on who you are...






#4

Posted 13 December 2013 - 11:59 PM

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yes remaining can buy insurance

...and first month installment. [grin]



#5

Posted 14 December 2013 - 12:02 AM

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...and first month installment. [grin]

Please remind him about some money for car wash  [:p]  


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Worrying is like a rocking chair,  keeps moving you forward and backward forever wasting your time and gets you to nowhere.


#6

Posted 14 December 2013 - 12:14 AM

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Please remind him about some money for car wash  [:p]  

 

Car wash for new car is a big no-no bro... [sweatdrop]  [laugh]


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#7

Posted 14 December 2013 - 01:34 AM

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Yes, you can take 60% of 140K for the loan. 

 

You have to fork out 40% for downpayment which is 56K, your trade in value is more than enuff to cover the downpayment.

 

That's provided his existing car is fully paid up.

Not everyone is like Trottle2 leh ... [sweatdrop]


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You only live once - Enjoy it!

#8

Posted 14 December 2013 - 07:54 AM

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Thank you all for the comments.


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#9

Posted 14 December 2013 - 10:36 AM

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Sorry I'm new at this.
 
Let's say I want to buy a new car. The dealer offering a trade-in value for my current car at 60K
The new car itself cost 140k
Currently, MAS limitation is that car loan can only go for 60% (presuming that OMV is < 20K)
 
So with the above, is the loan amount I can take 60% of 140k? Or is the loan amount counted after the trade-in (60% of 140k-60k)
Can the trade-in value count as the up-front payment so I don't need to pay 40% (56k) of the car price up front?
 


Good luck.

#10

Posted 17 December 2013 - 05:01 PM

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I think if trade in 60k means they will price car higher at 200k n then loan 60% of that n down 40% which is $80k. You still need to fork out $20k assuming no more o/s loan.

#11

Posted 17 December 2013 - 05:03 PM

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Sorry I'm new at this.

 

Let's say I want to buy a new car. The dealer offering a trade-in value for my current car at 60K

The new car itself cost 140k

Currently, MAS limitation is that car loan can only go for 60% (presuming that OMV is < 20K)

 

So with the above, is the loan amount I can take 60% of 140k? Or is the loan amount counted after the trade-in (60% of 140k-60k)

Can the trade-in value count as the up-front payment so I don't need to pay 40% (56k) of the car price up front?

 

 

up your rep points, ...ask the dealer to work out for u



#12

Posted 18 December 2013 - 11:37 PM

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Sorry, side tracking.....

 

I own an Axio but it's too small for my family. Thinking of getting a 2nd hand SUV that seats 6 - 7 pax.

 

What would be a good choice? Budget ard 80k.

 

Would crossroad be a good pick?



#13

Posted 19 December 2013 - 09:53 AM

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Sorry, side tracking.....

 

I own an Axio but it's too small for my family. Thinking of getting a 2nd hand SUV that seats 6 - 7 pax.

 

What would be a good choice? Budget ard 80k.

 

Would crossroad be a good pick?

 

For ferrying passengers, an SUV is no match for an MPV … even when its a 7 seater, unless your passengers are small children …  [nod]


Its Not How You Pick Your Nose...Its Where You Flick The Booger...!!!

#14

Posted 19 December 2013 - 02:20 PM

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For existing car-

trade in value = 60k

outstanding loan = ??

Top up or get back money after full settlement = ?? (60K - O/S loan)

 

 

new car = 140k

Downpayment = 40% ~ 56K

Loan amount = 140K - (DP: 40% ~ 56K) - (funds from sale of car) = ??


Edited by Rayoflight, 19 December 2013 - 02:27 PM.


#15

Posted 22 December 2013 - 12:41 AM

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Sry TS to hijack yr thread cos I hv qtns rather similar to yrs...

 

If we scrap it ourselves, would we be able to get a better deal than trading current car in? Do we call in scrap operators or how? For those who have done it or have the knowledge, could you plse share cos I've read up LTA procedures but still want to find out other options. TIA for advice.


It is difficult to make a Man understand anything especially when his salary expect him not to understand anything.


#16

Posted 22 December 2013 - 01:11 AM

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For ferrying passengers, an SUV is no match for an MPV … even when its a 7 seater, unless your passengers are small children …  [nod]

 

SUV like sorento and Q7 cannot sit comfortable with 6-7 ppl meh?



#17

Posted 22 December 2013 - 04:08 AM

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Sorry, side tracking.....
 
I own an Axio but it's too small for my family. Thinking of getting a 2nd hand SUV that seats 6 - 7 pax.
 
What would be a good choice? Budget ard 80k.
 
Would crossroad be a good pick?



Daihatsu Terios 7 is another good alternative. Similar runnning cost as your Axio.

#18

Posted 22 December 2013 - 04:12 AM

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Sorry, side tracking.....
 
I own an Axio but it's too small for my family. Thinking of getting a 2nd hand SUV that seats 6 - 7 pax.
 
What would be a good choice? Budget ard 80k.
 
Would crossroad be a good pick?


I would say get sorento if die die want suv

If not go for mpv like wish, stream, picasso all these should be good enough
Dont get confused between my personality & my attitude...

My personality is who I am...

My attitude depends on who you are...






#19

Posted 22 December 2013 - 10:29 AM

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Sry TS to hijack yr thread cos I hv qtns rather similar to yrs...
 
If we scrap it ourselves, would we be able to get a better deal than trading current car in? Do we call in scrap operators or how? For those who have done it or have the knowledge, could you plse share cos I've read up LTA procedures but still want to find out other options. TIA for advice.


Depends.
PML offered me more than double my scrap value to entice me to buy its last 1-series.
Other dealers will take in at scrap value and do all the paperwork for me ie. if I were to buy from them.

If you find a one-stop scrap dealer without the hassle, pls share too k.
Mine's due in Feb. Tks!

#20

Posted 22 December 2013 - 11:51 AM

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Depends.
PML offered me more than double my scrap value to entice me to buy its last 1-series.
Other dealers will take in at scrap value and do all the paperwork for me ie. if I were to buy from them.

If you find a one-stop scrap dealer without the hassle, pls share too k.
Mine's due in Feb. Tks!

Dealers must also include the car body value in addition to the scrap value.




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