MAS Imposes Financing Restrictions on Motor Vehicle Loans

[Jonjees]

Agree. Not all old cars are lemons. The issue us exactly what you said - change of mindset.

 

Not money to buy new car, and due die must buy car, then buy older cars lor.

 

In other countries, 20 year old cars are aplenty,

 

Ya but in other countries don't have Coe and parf value.

That is why we do not have a rich car history.

[Throttle2]

When the govt up property DP to 50% i dont hear anyone in here KPKB.

Well i didnt KPKB either. radx didnt KPKB, viceroy didnt KPKB, i dont recall anyone KPKB.

At most a bit of buzz and open discussion.

 

Now they up car downpayment to 50% some people suddenly cannot buy, then KPKB.

What does this prove?

 

That the people who KPKB about this car loan issue are doing it becos it affects them directly not becos they really feel the policy is good or bad for the nation as a whole.

 

So dont come in here and act saint , talk as though it is for the good of the nation.

 

On the contrary, those who cant buy but who approve of this 50% dp for cars , they are real mcCoy, i salute.

Becos they have the right attitude and financial prudence regarding car ownership

 

Go figure.

 

 

Ps . Take note that, we are not talking about fullcash settle at all.

That is just my own value and formula for affording a car.

A Stupid car at the end of the day.

 

 

Edited February 27, 2013 by Throttle2

[CH_CO]

In the first place, with all those money they got from Coe, they should have made multi layers roads.

So not having the infrastructure to support car growth, they cut the Coe supply which then raises prices.

 

This rule for down payments benefits no one but the banks and the rich.

 

I believe this rule was made over coffee, my speculation is this:

Bank to gov, I need more money and faster profit.

Gov to bank, no problem, we just make people save more money.

Bank to gov, how?

Gov to bank, we make them put 50% down payments for cars and can only loan 5yrs, then you raise interest rates. You use their savings for this down payment to loan to others for 5 yrs and make the same profit as you would for 10 yrs.

Bank to gov, steady lah, onz. Thank you bro, coffee on me.

 

Actually it's not far from your idea.

[Jonjees]

Lose la , secondary markets . How many u think can past the 50% criteria , last time a normal 3k earning fellow with no savings can buy a car. Now a 5k fellow without savings also cannot buy one , see how much biz banks will potentially lose. But it is a good thing in the event that market crashes , most of these debt can be recovered and the defaulters won't cause as much damage to the bank as compare to now.

 

Expectation of the ones signing for new/used cars loan would probably dropped by 25~40% , even the jacked rates won't increase much revenue as compared to having loose credit.

 

Secondary markets? The banks aren't interested in that market clearly, because high default rates. Some more 10 yrs to get money back.

Now they get it back in 5 yrs the same amount of profit.

If you are the banks, which would you prefer?

 

I rather take the 5 yrs, they put 50% down already, any winter melon or tofu, they default, I tow ride.

I sell at rigged prices to car dealers, I make more.

 

If this ruling is going to stay for a long time, I would have more money to loan out, since folks got to save to buy rides now.

[CH_CO]

When the govt up property DP to 50% i dont hear anyone in here KPKB.

Well i didnt KPKB either. radx didnt KPKB, viceroy didnt KPKB, i dont recall anyone KPKB.

At most a bit of buzz and open discussion.

 

Now they up car downpayment to 50% some people suddenly cannot buy, then KPKB.

What does this prove?

 

That the people who KPKB about this car loan issue are doing it becos it affects them directly not becos they really feel the policy is good or bad for the nation as a whole.

 

So dont come in here and act saint , talk as though it is for the good of the nation.

 

On the contrary, those who cant buy but who approve of this 50% dp for cars , they are real mcCoy, i salute.

Becos they have the right attitude and financial prudence regarding car ownership

 

Go figure.

 

 

Ps . Take note that, we are not talking about fullcash settle at all.

That is just my own value and formula for affording a car.

A Stupid car at the end of the day.

 

I cannot afford ur stupid cars leh but i approve this 50% coz i jealous , i cannot have i see people cannot i also happy.

[Throttle2]

If he is not borrowing money , then it is his money. If he is taking credit , that is not his money in the first place. Banks had very loose credit for way too long , it is spoiling the current batch of youths , many don't even have savings of 25k even after 3 years of work. I still remembered saving up 30k for my first two years. Took public transport and stuff. Didn't even think about buying a car , was more interested in buying a property back in 2000s.

 

 

 

Right on , buddy

[Tarenn]

Got lei... one car I'm bio-ing had its price increased by $1k the morning of Budget 2013. Today, the price dropped by $4k.

 

Spotted another one, from 92k a day ago to 85k. Could be the beginning of a stampede.

[Xpose]

What's twisted is this, to accept life in Singapore and its inflated prices.

So expensive housing and cars when just across the sea in JB, the prices are 1/4 of ours....

 

Then what is everyone waiting for? Cross the border and denounce Singapore citizenship then! Be a citizen across and get work permit to work back in Singapore, live in JB, spend sing dollar. You don't even need to wait till you are 65 to collect your CPF. No more ICT or IPPT, no more NS for your kids too. Isn't this wonderful? But why aren't anyone doing it?

[CH_CO]

Secondary markets? The banks aren't interested in that market clearly, because high default rates. Some more 10 yrs to get money back.

Now they get it back in 5 yrs the same amount of profit.

If you are the banks, which would you prefer?

 

I rather take the 5 yrs, they put 50% down already, any winter melon or tofu, they default, I tow ride.

I sell at rigged prices to car dealers, I make more.

 

If this ruling is going to stay for a long time, I would have more money to loan out, since folks got to save to buy rides now.

 

Thats why i say it is a lower risk for the banks but you won't get much biz . As for default rates , dude you are so wrong , you do not know how much can they make , tow plus lump the remaining plus interest. Irregardless whether if they default or not , can make money one with loose credit. As long as the car prices don't drop even so , they still make money because most Singaporeans want face , die die also try to pay.

Edited February 27, 2013 by CH_CO

[Throttle2]

I cannot afford ur stupid cars leh but i approve this 50% coz i jealous , i cannot have i see people cannot i also happy.

 

 

Muayhahahah, but i support you , whatever it is.

Cos you are one of those in here who shares the majority of my values and concepts in car ownership

[WTF]

Then what is everyone waiting for? Cross the border and denounce Singapore citizenship then! Be a citizen across and get work permit to work back in Singapore, live in JB, spend sing dollar. You don't even need to wait till you are 65 to collect your CPF. No more ICT or IPPT, no more NS for your kids too. Isn't this wonderful? But why aren't anyone doing it?

you better study the CPF policy, rules and regulations before making such moves.......

[Throttle2]

Spotted another one, from 92k a day ago to 85k. Could be the beginning of a stampede.

 

Woohoo, now doesnt that make every happier?

 

If people would kPKB less and save up more, things will be perfect.

 

Back to the same point.

Cannot buy new car, can buy older car, especially for young punks, need to be more down to earth.

[Latio2005A]

When the govt up property DP to 50% i dont hear anyone in here KPKB.

Well i didnt KPKB either. radx didnt KPKB, viceroy didnt KPKB, i dont recall anyone KPKB.

At most a bit of buzz and open discussion.

 

Now they up car downpayment to 50% some people suddenly cannot buy, then KPKB.

What does this prove?

 

That the people who KPKB about this car loan issue are doing it becos it affects them directly not becos they really feel the policy is good or bad for the nation as a whole.

 

So dont come in here and act saint , talk as though it is for the good of the nation.

 

On the contrary, those who cant buy but who approve of this 50% dp for cars , they are real mcCoy, i salute.

Becos they have the right attitude and financial prudence regarding car ownership

 

Go figure.

 

 

Ps . Take note that, we are not talking about fullcash settle at all.

That is just my own value and formula for affording a car.

A Stupid car at the end of the day.

 

haha. Well said.

 

Now you know why i managed two fully paid up properties and two cars (jap bb cars) and yet to have nany years to collect my cpf.

 

But i know, i still lose to you,

 

and i dun have a rich father.

Edited February 27, 2013 by Latio2005A

[Eyke]

a dirge for marginal aspirants' dream of a car:

 

http://www.mrbrownshow.com/2013/02/27/the-...reamed-a-dream/

[Jonjees]

When the govt up property DP to 50% i dont hear anyone in here KPKB.

Well i didnt KPKB either. radx didnt KPKB, viceroy didnt KPKB, i dont recall anyone KPKB.

At most a bit of buzz and open discussion.

 

Now they up car downpayment to 50% some people suddenly cannot buy, then KPKB.

What does this prove?

 

That the people who KPKB about this car loan issue are doing it becos it affects them directly not becos they really feel the policy is good or bad for the nation as a whole.

 

So dont come in here and act saint , talk as though it is for the good of the nation.

 

On the contrary, those who cant buy but who approve of this 50% dp for cars , they are real mcCoy, i salute.

Becos they have the right attitude and financial prudence regarding car ownership

 

Go figure.

 

 

Ps . Take note that, we are not talking about fullcash settle at all.

That is just my own value and formula for affording a car.

A Stupid car at the end of the day.

 

Property dp 50% is fine, this money will surely make back.

Plus not everyone will go out and buy a condo every day.

 

Cars applies to all levels.

Cars surely lose money and still dump a huge amount of actual cash on it, just doesn't make financial sense at all.

 

If your car gets stolen or total lost, I am sure the commoners will have instant black eye.

Financial prudence? Lets start from the credit cards then.

Else it sounds more like a fancy excuse.

 

 

 

[Jonjees]

Then what is everyone waiting for? Cross the border and denounce Singapore citizenship then! Be a citizen across and get work permit to work back in Singapore, live in JB, spend sing dollar. You don't even need to wait till you are 65 to collect your CPF. No more ICT or IPPT, no more NS for your kids too. Isn't this wonderful? But why aren't anyone doing it?

 

Hmm actually property prices in JB are going up.

Guess who's buying? Lol

[CH_CO]

Property dp 50% is fine, this money will surely make back.

Plus not everyone will go out and buy a condo every day.

 

Cars applies to all levels.

Cars surely lose money and still dump a huge amount of actual cash on it, just doesn't make financial sense at all.

 

If your car gets stolen or total lost, I am sure the commoners will have instant black eye.

Financial prudence? Lets start from the credit cards then.

Else it sounds more like a fancy excuse.

 

Credit cards and loose credit is next in line , just a matter of time dude. Just wait for it.

[Yeshe]

Personally, every year I also itch to change cars....

Driving a car for 5 yrs, really how many can do that?

 

me me me!! [laugh]