Arixlim Clutched July 1, 2012 Share July 1, 2012 qns shld be..what is the minimum amount to refinance the car...and how long shld the refinance period be allowed to stretched...? if never pay will get bankrupt easily...? and how graceful is the late payment date from due date...? then if can...which insurance agency got tied up or not..? any other hidden f clauses...?more advice from repossessing car...where to pay....? company call toll? then if dun pay how...hahaha...yah..i all kanna before..except the first 2 lines one..i want to know .can help? then if no pay then the new interest rate or shark rate or like previously stuck there like a gentleman...banker is banker not gentleman...be warned...hahahaha...no pay also not gentleman...fair and round..2012 no more square.... ↡ Advertisement Link to post Share on other sites More sharing options...
JimmyMcG1978 Neutral Newbie September 28, 2012 Share September 28, 2012 Might not be worthwhile to refinance though. Must check if got any early repayment penalties, admin fees, legal costs etc. Then at the end, the 'savings' won't really be savings anymore after all the costs. I'm pretty happy with my dbs car loan of 1.88%. No need to refinance. Link to post Share on other sites More sharing options...
Little_prince Supersonic December 11, 2012 Share December 11, 2012 (edited) I essentially had to take a really high interest rate for my car loan (20% - yikes!) because I needed the car and my credit wasn't poor - but rather I had a short history and high utilization rate. -Allive 20%??? you serious bo? you borrow from ah long to buy car ah? Edited December 11, 2012 by Little_prince Link to post Share on other sites More sharing options...
Linlaopei December 11, 2012 Share December 11, 2012 what is refinancing? isnt that same as taking loan from bank to buy a car? Link to post Share on other sites More sharing options...
Timex1441 1st Gear December 11, 2012 Share December 11, 2012 what is refinancing? isnt that same as taking loan from bank to buy a car? refinancing = change fr existing loan to another loan with a different bank n different T&C, % rates etc. Link to post Share on other sites More sharing options...
Little_prince Supersonic December 11, 2012 Share December 11, 2012 refinance property makes more sense given the low interest rate now. Link to post Share on other sites More sharing options...
Chucky2007 Turbocharged July 7, 2018 Share July 7, 2018 Dig out an old discussion seeking some advice for a Friend.. My friend got a 2 year+ old car that has no loan. Scrap value 50+k market selling value around 90+-110k. If my Friend maybe wants to take the value out to do some investment, instead of selling the car to extract some cash, Would any bank be willing to take in the car and refinance it? Link to post Share on other sites More sharing options...
cmcex 4th Gear July 9, 2018 Share July 9, 2018 Dig out an old discussion seeking some advice for a Friend.. My friend got a 2 year+ old car that has no loan. Scrap value 50+k market selling value around 90+-110k. If my Friend maybe wants to take the value out to do some investment, instead of selling the car to extract some cash, Would any bank be willing to take in the car and refinance it? Same name transfer banks wont do. Change name yes can be done, unless do mortgage loan, meaning no transfer but car under tagging means mortgage the car for $. Link to post Share on other sites More sharing options...
JudeL 1st Gear October 4, 2018 Share October 4, 2018 refinance only applies to cars less than 3 yrs old right? Correct me if im wrong. Not really, I think any age can be refinanced except too young, I think some LTA restriction if less than 6 months old. OCBC also having some offer now for this, basically I think is to try to get lower interest, so if took loan long ago at higher rates than now, can consider. Link to post Share on other sites More sharing options...
JudeL 1st Gear October 4, 2018 Share October 4, 2018 Dig out an old discussion seeking some advice for a Friend.. My friend got a 2 year+ old car that has no loan. Scrap value 50+k market selling value around 90+-110k. If my Friend maybe wants to take the value out to do some investment, instead of selling the car to extract some cash, Would any bank be willing to take in the car and refinance it? I think maybe can do same name, like OCBC offering something like that for refinancing. Also I saw this website, maybe can find out more and ask. Link to post Share on other sites More sharing options...
sHy3r 4th Gear October 4, 2018 Share October 4, 2018 Correct me if im wrong. Is refinancing = reloan for total existing outstanding? If sign 10 yrs loan... interests 2.18%... u paid 3 yrs already... refinance the balance 7 yrs outstanding... isnt it principle + interest + interest (reloan)? Eg: loan 10yrs, interests 2.18%... loan plus interests = $100k. If repay 3 yrs alr... still have $80k outstanding... and this $80k outstanding is include interests .... then refinance with another bank... for $80k... isnt it bank 1 n bank 2 have interests? Why would people wanna refinance? I think monthly repayment will be higher than existing... Link to post Share on other sites More sharing options...
CYHew 3rd Gear October 4, 2018 Share October 4, 2018 Correct me if im wrong. Is refinancing = reloan for total existing outstanding? If sign 10 yrs loan... interests 2.18%... u paid 3 yrs already... refinance the balance 7 yrs outstanding... isnt it principle + interest + interest (reloan)? Eg: loan 10yrs, interests 2.18%... loan plus interests = $100k. If repay 3 yrs alr... still have $80k outstanding... and this $80k outstanding is include interests .... then refinance with another bank... for $80k... isnt it bank 1 n bank 2 have interests? Why would people wanna refinance? I think monthly repayment will be higher than existing... For hire purchase loans such as car, it is easy to segregate the principal sum and the interest, as both payments are calculated on a straight line method, ie. equally, over the loan tenure. Loan refinancing only involves the remaining principal balance excluding the interest. However, the original financing company or bank will likely not let you off so easily (as refinancing means original lender expects to lose the interest income by letting you take away the business to other lender). Thus, it is highly likely you will have to pay hefty penalty to terminate the loan prematurely. This is the only way for the original lender to mitigate the loss of income. Link to post Share on other sites More sharing options...
sHy3r 4th Gear October 4, 2018 Share October 4, 2018 For hire purchase loans such as car, it is easy to segregate the principal sum and the interest, as both payments are calculated on a straight line method, ie. equally, over the loan tenure. Loan refinancing only involves the remaining principal balance excluding the interest. However, the original financing company or bank will likely not let you off so easily (as refinancing means original lender expects to lose the interest income by letting you take away the business to other lender). Thus, it is highly likely you will have to pay hefty penalty to terminate the loan prematurely. This is the only way for the original lender to mitigate the loss of income. But i have a question... I full settle my car loan... but the bank only give 5-8% off the interests.... So for refinancing... only principle amount with interests to settle? Link to post Share on other sites More sharing options...
Spring Moderator November 15, 2019 Share November 15, 2019 I've nvr heard of anyone refinancing car loans. Quite simply the penalty and rule 78 to early redeem a car loan makes any potential savings from lower rate to be redundant. Although I read from the link that some guys do this to raise cash to tide over but you will end up paying more for sure but I suppose in dire situation this cant be helped. 6 Link to post Share on other sites More sharing options...
Angcheek Hypersonic November 15, 2019 Share November 15, 2019 7 hours ago, Spring said: I've nvr heard of anyone refinancing car loans. Quite simply the penalty and rule 78 to early redeem a car loan makes any potential savings from lower rate to be redundant. Although I read from the link that some guys do this to raise cash to tide over but you will end up paying more for sure but I suppose in dire situation this cant be helped. Have ... 10 yrs ago my colleagues did that . Just like home loan , some concept 4 Link to post Share on other sites More sharing options...
QQDreamer 4th Gear November 15, 2019 Share November 15, 2019 10 over years ago, car refinancing is quite popular. but it is applicable for cars less than 3 yrs if i remember correctly. Not too sure now any banks still providing this refinancing car loan. ↡ Advertisement Link to post Share on other sites More sharing options...
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