Freshmaker Neutral Newbie December 20, 2006 Share December 20, 2006 Hi people, is it true when wanna buy car, your pay slip (income tax) must be 4 times or more than your monthly installment then the loan can be approved? ↡ Advertisement Link to post Share on other sites More sharing options...
Baka Neutral Newbie December 20, 2006 Share December 20, 2006 Think the bank follow some guidelines. Other than the pay there are other factors. Even if your pay is 10 times the loan instalment amt but you are heavily in debt (credit card outstanding, housing loan, other car loan, study loan, etc), u will still get rejected. Link to post Share on other sites More sharing options...
Andrefoo Neutral Newbie December 20, 2006 Share December 20, 2006 (edited) depends on where you work my friend, if you're working for the Civil Service, its easier. If you're working for a reputable firm also easier. Banks have their own ways of assessing whether you're able to pay back the loan, so the company you're working for also plays a part. Age too plays a part, not just the size of your pay package. ---------------------------------------- Edited December 20, 2006 by Andrefoo Link to post Share on other sites More sharing options...
Freshmaker Neutral Newbie December 20, 2006 Author Share December 20, 2006 what is i'm self-employed? i.e, own business? ic... i'm only 23 and just started working. i already have a car but it's under my brother's name. thinking of changing car and having it under my name instead. Link to post Share on other sites More sharing options...
Dermocyma Neutral Newbie December 20, 2006 Share December 20, 2006 then its liability under ur name. Link to post Share on other sites More sharing options...
Andrefoo Neutral Newbie December 20, 2006 Share December 20, 2006 then yes, in that case, your pay amount needs to be high in most instances. actually having it in your brother's name might not be such a bad idea as a lot of insurance companies charge really high prices for young drivers like us. I also put my car under my dad's name. Saved about 1.6k tat way... ------------------------------------------- Link to post Share on other sites More sharing options...
Freshmaker Neutral Newbie December 20, 2006 Author Share December 20, 2006 cos my brother is married with kids and he got his own high-end car to "feed". later they (u know who) dont believe how come he can afford 2 cars. anyway back to topic, ya insurance is another killer. im 23, aiming for a 2 door roadster. think insurance gonna be in the region of 3-4k. which leads me to another question, is it possible, if car under MY name, but insurance put my dad's name? but then again, put under my name also got its advantage. got the NCD. Link to post Share on other sites More sharing options...
Andrefoo Neutral Newbie December 20, 2006 Share December 20, 2006 nope. if i remember right, i tried to do that with my new car. Owner's name will be the one who needs to insure the car. If not, I would have done that too.... ----------------------------------- Link to post Share on other sites More sharing options...
Freshmaker Neutral Newbie December 20, 2006 Author Share December 20, 2006 ok thanks thats what i thought also. wrong info passed down from my friend. Link to post Share on other sites More sharing options...
Shuzhen04 Neutral Newbie December 20, 2006 Share December 20, 2006 hmmm..i am also 23, having a car as well..Thou of putting my dad name at first, but u know as what u say wait kana check how? As per SE, the person who own the car, insurance have to under that person name as well. So i decided to buy my own car, however mine is a OPC car, my insurance cost me ard 2.5k, if u getting a normal car 1.6L should be around 3.3k for your insurance.. but after u reach 25, your insurance will be cut by 1.5k so turn out still ard 1.6k like tat.. i think its still okie.. Link to post Share on other sites More sharing options...
Blu_g Neutral Newbie December 21, 2006 Share December 21, 2006 last time, 3 times only... now become 4 times?? Link to post Share on other sites More sharing options...
Zze121 3rd Gear December 21, 2006 Share December 21, 2006 They see the nos. of yrs you work in the company and whether you own a property/HDB also. Link to post Share on other sites More sharing options...
Ccssgm 1st Gear December 21, 2006 Share December 21, 2006 Banks Need Interest to Survival.......Borrow More to U...... Interest Earn more............ Link to post Share on other sites More sharing options...
Spikedoll Clutched December 21, 2006 Share December 21, 2006 i bought my car last year...it's 3.5 times more leh...now 4 times? like that must downpayment even more so can approve lor Maybank say I must sign up giro to pay car loan...maybe they worry i dun pay up in time or no $ pay Link to post Share on other sites More sharing options...
Route88 2nd Gear December 21, 2006 Share December 21, 2006 Tats individual credit worthiness,now apply hdb loan oso need approval. The best is loan less,approval faster Link to post Share on other sites More sharing options...
Route88 2nd Gear December 21, 2006 Share December 21, 2006 hmmm..i am also 23, having a car as well..Thou of putting my dad name at first, but u know as what u say wait kana check how? As per SE, the person who own the car, insurance have to under that person name as well. So i decided to buy my own car, however mine is a OPC car, my insurance cost me ard 2.5k, if u getting a normal car 1.6L should be around 3.3k for your insurance.. but after u reach 25, your insurance will be cut by 1.5k so turn out still ard 1.6k like tat.. i think its still okie.. My insurance only $600 +, 2.5K can buy 1 engine liao Link to post Share on other sites More sharing options...
Kilomatrix 1st Gear December 21, 2006 Share December 21, 2006 Think the bank follow some guidelines. Other than the pay there are other factors. Even if your pay is 10 times the loan instalment amt but you are heavily in debt (credit card outstanding, housing loan, other car loan, study loan, etc), u will still get rejected. Right. There is something called Credit Bureau which the bank can check on your financial status. Those who owe credit card companies money, u can forget about getting your loan approved. Link to post Share on other sites More sharing options...
Statix Neutral Newbie December 21, 2006 Share December 21, 2006 Insurance so cheap? How much NCB and which company? Confirm you took up comprehensive and your age? ↡ Advertisement Link to post Share on other sites More sharing options...
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