Jokerd 2nd Gear December 13, 2013 Share December 13, 2013 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? ↡ Advertisement 2 Link to post Share on other sites More sharing options...
Fcw75 Hypersonic December 13, 2013 Share December 13, 2013 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. 2 Link to post Share on other sites More sharing options...
Thaiyotakamli Supersonic December 13, 2013 Share December 13, 2013 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 Link to post Share on other sites More sharing options...
Fcw75 Hypersonic December 13, 2013 Share December 13, 2013 yes remaining can buy insurance ...and first month installment. Link to post Share on other sites More sharing options...
2BDriver Hypersonic December 13, 2013 Share December 13, 2013 ...and first month installment. Please remind him about some money for car wash 2 Link to post Share on other sites More sharing options...
Fcw75 Hypersonic December 13, 2013 Share December 13, 2013 Please remind him about some money for car wash Car wash for new car is a big no-no bro... 2 Link to post Share on other sites More sharing options...
Will_I_Am 2nd Gear December 13, 2013 Share December 13, 2013 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 ... 1 Link to post Share on other sites More sharing options...
Jokerd 2nd Gear December 13, 2013 Author Share December 13, 2013 Thank you all for the comments. 1 Link to post Share on other sites More sharing options...
Throttle2 Supersonic December 14, 2013 Share December 14, 2013 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. 1 Link to post Share on other sites More sharing options...
Check13 3rd Gear December 17, 2013 Share December 17, 2013 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. Link to post Share on other sites More sharing options...
Furrynadz 5th Gear December 17, 2013 Share December 17, 2013 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 Link to post Share on other sites More sharing options...
Newcarbuyer Neutral Newbie December 18, 2013 Share December 18, 2013 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? Link to post Share on other sites More sharing options...
Chowyunfatt Turbocharged December 19, 2013 Share December 19, 2013 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 … Link to post Share on other sites More sharing options...
Rayoflight 5th Gear December 19, 2013 Share December 19, 2013 (edited) 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 December 19, 2013 by Rayoflight Link to post Share on other sites More sharing options...
Qpik Supercharged December 21, 2013 Share December 21, 2013 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. Link to post Share on other sites More sharing options...
GLZT 6th Gear December 21, 2013 Share December 21, 2013 For ferrying passengers, an SUV is no match for an MPV … even when its a 7 seater, unless your passengers are small children … SUV like sorento and Q7 cannot sit comfortable with 6-7 ppl meh? Link to post Share on other sites More sharing options...
Vinceng Turbocharged December 21, 2013 Share December 21, 2013 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. Link to post Share on other sites More sharing options...
Thaiyotakamli Supersonic December 21, 2013 Share December 21, 2013 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 ↡ Advertisement Link to post Share on other sites More sharing options...
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