Advise Needed.

[Iceklsy]

from what i heard from him is coz he got two HDB flat under his name and acting as a guarantor for sister s car..

 

But juz wondering.. HDB allows one person to purchase two flat meh ?

 

eh.. arh...

 

weird...

 

tings are funny..

 

and getting funnier..

 

haahaa

[Tjkbeluga]

Heh, but it's true... I got myself an OPC only already felt a lot of money sucked into maintaining the car.

 

Sorry for being blunt but seriously, put your feelings aside and think, you'll never know what will happen in relationship in future. Don't commit into it... If he is unable to understand this, I think he's not worthy to be a lifelong partner. Coz, there are lots more hardship you will face when you guys get married, have kids, in-laws, etc....

Edited March 26, 2008 by Tjkbeluga

[Chickenfarm]

This is a situation where you have to be firm.

 

If your answer is "No"...then dun entertain any "buts" in your mind cos tt amounts to finding reasons to say a "Yes".

 

Conversely if your answer is "yes", enough is said...

 

Best luck

[Othello]

i worked in a bank before and saw how the credit control dept works ..... scary ..... saw how so many people kenna bankrupted becos they were guarantors ......

personal example was a fren of mine who agreed to be guarantor for FATHER for car loan. Next thing you know, the father disappeared with the car and my friend was suddenly saddled with a 30K+ debt. And when baks or finance companies asked for money, they ask for full sum hor .... even though my friend managed to pay off the debt by instalments, it affected her credit history and was rejected by several banks when she applied for credit cards .........

so, pls try to avoid being anyone's guarantor, including your own family ... I know it sounds heartless, but I ask you : " Have you ever seen a bank's demand letter to a debtor's father and brother asking for S$1.3 million to be repaid in 1 month's time ? " Well I have, and it aint pretty !!!

 

Enuff said !

[Megaweb]

Sorrie to hijack this thread.

 

Need some advice..

 

Bf ask to borrow my name to apply for car loan for purchase of new car..

 

Should i agree ? i wanna help him.. but whats the consequences and implications ?

 

 

This thread should focus on Familymanz's issue and not yours. You should start a thread on your issue. Let's dun OT this thread.

[Iceklsy]

I am sorry but i can't start new thread..

 

Apparantely this forum does not allow newbies to start a new thread.

[Osiris]

No need to say so much, HDB don't allow 1 person to have 2 flat under his name.

Confirm and chop

Edited March 26, 2008 by Osiris

[Xtrider82]

Do NOT take up the loan under your name for him.

 

Like fellow MCFers have already mentioned, you want to end up paying the massive loan for him if he defaults on his payment? He is only your bf, not your husband, and even if he is, you still have to consider very carefully!

 

When I bought my car, I didn't tell my gf to take up a loan under her name!

 

The banks denies a loan to your bf for a very simple reason -- his finances are unable to cope with the car loan. Giving him a loan is more of a liability and a risk.

[Tjkbeluga]

Yes, despite the fact that the bank should be eager to make business still reject his application is clear enough.

[Iceklsy]

k. tKS folks.

[Theobserver]

If take up loan under your name means you are the owner or in bank terms "hirer" of the car. Next you will pay the insurance and later road tax, etc etc. And from the what has been read here, your bf will have a problem servicing his other loans, let alone the monthly instalment for the car and you might end up paying for it as well. You might as well keep the car to yourself then let your bf use it !

 

Also I am sincerely asking you to re-look at this relationship. Sorry for being too direct but this is not how a normal bf should behave.

[Maersk1]

yes sis Iceklsy....takes all the words from fellow MCFs, never sign on the dot lines....trust me !

 

I personally encounter before and kena numerous lawyer's letters asking for paying up, cos i act as a guarantor for my fren when he bought a 2nd hand car...at first, thought that he is runnning a biz and should not be any problem for the monthly installment...but then end his biz went broke..and he gone disappeared from us ! ....till we still can't get hold of him !

[Iceklsy]

lol..

 

i haven't sign .. but juz feel weird..

 

how come he cannot apply using his own name..

 

but instead use my name, and his name as guarantor then can?

 

funni..

 

thats what the broker tell me..

 

guys anyone knows y ?

[Tkseah]

Just say NO

 

If he can't take NO for an answer, time to change BF

[Iceklsy]

lol.. ya lor..

good suggestion siah..

maybe i should pick one guy here hor?

 

haahaa

 

sorrie ya.. too stress le..

 

[Gadgetzzzzzzzzz]

never take loan for others unless its your family memebers. and there are many unstable relationship in Sg. i feel taking a loan for bf is putting yourself at very high risk. and you are a girl the more you shld not. I just state what i think, the choice still lies with you. no one know better than you do.

[Chucky2007]

Sorrie to hijack this thread.

 

Need some advice..

 

Bf ask to borrow my name to apply for car loan for purchase of new car..

 

Should i agree ? i wanna help him.. but whats the consequences and implications ?

 

 

Why does yr boyfriend need to use yr name to apply for car loan?

 

1. does he has alot of outstanding debts?

2. is his monthly income not able to get a car loan?

3. He already got quite heavy monthly loan commitment therefore anyn further loan is not approved?

 

If its any above, especially point 1 or 2, then you might be looking at the possiblity of having to pay for the car yourself if he can't afford the car anymore.

 

next question is, are both of you getting married very very soon? if not, u might be better off not helping him with any bank loans in yr name, and he also not have any bank loan in his name for you.

 

i quote u one very good example...

 

3 years ago my wife wants to get a car for her work (her compnay got good car allowance although she's not in sales and office is like 30km away).

 

she chooses the car, but because she is unable get match the timing to do paperwork, i bought the car in my name (although she is using)..

 

after 3 months she quit the job.. and she says she do not enjoy driving and dont wanna drive! then wat to do, rather than let the car accumulate spiderweb, i took over the driving and became her chauffeur eversince..

 

and every month became i pay $$ for the car... all is ok, i do not have complains but seriously if i know i am gonna takeover the car, i would not select the current car, and somemore its an automatic gear.. personally i prefer manual transmission..

 

so these are the details that u have to consider..

[Iceklsy]

Hiz Chucky..

 

Ans to point no. 2. I tink 3.5 is enough to get car loan. else he can always find himself a guarantor instead.

 

Ans to point no. 1. Outstanding debts are the monthly installments for two units only lor..

 

guess our situation falls into 3.

 

Coz what i understand from him is he is liable for two house de monthly installment,

plus acting as guarantor for sis s car.

 

Thats why further loan is not approved.

 

haizk..

 

spoilt my day le..

 

headache