Lenders bypassing car loan curbs

[Sdxx]

buying HDB is also very expensive...why dun govt say 50% loan and 50% downpayment? many also struggled to pay off HDB loans as well...and worst...young couples may not even afford

 

These people own car too? Obvious no right? Housing is need and car mostly a want. Please don't stir. Later government says buy private house must down 50% then you know. Be careful what you ask for.

[PorkChong]

i dun see why the govt is so worried abt all this...

 

at the rate that HDB is appreciating now, even if run into debts, they can all clear it off by selling the flat and downgrading right? No worries that ppl will end up bankrupt what..

 

we are asset rich, thanks to KBW and friends

 

to correct your statements,it's thanks to BAPOK tan.

ah khaw only comes in later to clear the bapok's sh*t.

[Mllcg]

the banks should have never been allowed to offer 100% 10 year loan. These days even if you earn below the required salary range, u can still get a credit card. Gold and Platinum cards are VERY easy to get liao...

 

credit cards here are like USA.

 

if u get one, and u spend alot(of coz u clear them)

 

they will "upgrade" you..

 

how u pay is irrelavant.

-roll over from another CC

-pay cash

[Wyfitms]

to correct your statements,it's thanks to BAPOK tan.

ah khaw only comes in later to clear the bapok's sh*t.

 

still clearing... too messy and smelly already..

[Nzy]

buying HDB is also very expensive...why dun govt say 50% loan and 50% downpayment? many also struggled to pay off HDB loans as well...and worst...young couples may not even afford

 

Those struggling to pay are those who don't spend within their means. Probably got a flat that is too expensive for them. Some of them still take 100% loan to buy car.

 

There is a difference between HDB and cars. A house is a need. A car is a luxury...

[Nzy]

buying HDB is also very expensive...why dun govt say 50% loan and 50% downpayment? many also struggled to pay off HDB loans as well...and worst...young couples may not even afford

 

Those struggling to pay are those who don't spend within their means. Probably got a flat that is too expensive for them. Some of them still take 100% loan to buy car.

 

There is a difference between HDB and cars. A house is a need. A car is a luxury...

[Wind30]

I think the government is getting more and more careless.

 

Such a big loophole also never see. Now then try to close the loophole but dunno take how long.

 

They should have foresee this and close the loophole when the announce the new measure. This just show they never think about their policy thouroughly...

[Atonchia]

100% 10 year loan has made alot in the lower income bracket get into car ownership and to take this away from them with the new measure is like taking a toy away from a child...... resulting in lots of cries and unhappiness. This is what is happening now as people are priced out of the mkt.

 

I know a young couple working in finance industry, middle income bracket, combine income more than $20+K per mth.

Also take 8yrs, Full loan for his preowned BMW335i.

 

Also don't feel happy. so not just lower income bracket. The most unhappy ones are the middle income group with high financial commitment.

[Naimed]

MVP01_2_MVP_by_COE.pdfRoad_Length_km_2011.pdfWe get the "knee jerk" reaction from them all the time, so what's new? I liken their policies to mending pot holes on the road. Mend today, same pot hole appears tomorrow and repair until the nth time. Some more its done to 80% satisfactory level (maybe hit their KPI level is good enough!). Cant expect so much as we are only paying ministars in the millions and not billions. You screw up, wait for 5 years to exit and then get ready for a cushy job in a "sister company".

 

Where is the foresight and planning? 37% increase in total vehicular population from 2002 to 2012. Road lengths increased by only 9% over the same period.

 

 

I think the government is getting more and more careless.

 

Such a big loophole also never see. Now then try to close the loophole but dunno take how long.

 

They should have foresee this and close the loophole when the announce the new measure. This just show they never think about their policy thouroughly...

 

[Duckduck]

double post

Edited March 6, 2013 by Duckduck

[Duckduck]

You screw up, wait for 5 years to exit and then get ready for a cushy job in a "sister company".

 

its part of da famil-e-e planning mah lol

[Jayy25]

Might as well just remove COE if you think this way. Then we'll have traffic jams like those in thailand or india.

 

The purpose of COE is to control the number of cars on the road right? Singapore is so small. Cars should be considered a luxury. Cannot afford just take public transport lo. Its not like there are many places where you can't go without a car in Sg.

 

 

I find that those for the new law in purchasing cars are usually Car owners while those against are yet to own a car and hopes to do so in future (minus those dealer or banks ppl )

 

don't you think it is very selfish for those who keep stating "Good Good! this will ceratinly make the road less populated with cars and less jams and blah blah...."

Sometimes we need to think objectively.

just becos you own a car already, does that mean you can deprive others from doing so???? and claiming that this group of ppl will add on the woes.... Damm shallow thinking....

 

once i have a friend who chided me when i wanted to get a car. he drove a a Rav 4 at the time and he made a comment to me "Why you want to buy car... dun buy lah... road so jam liao... you buy only add on to the jam only... then make my driving so difficult"

 

I looked at him and said "hey... is my money smelly? then why i cannot buy a car?? it is my money and my wish.. if you hate the jam.. then you sell off your bloody car lah and don't drive on the road so as not to deprive those who can take it"

 

 

Anyway, if you want to curb the jams or whatsoever traffc woes.... maintain the populations of this country first to a moderate level....

come 2030, with the expected 7mil population with mostly are incoming foreigners whom are executive or management level, Even having a law of paying in full cash terms for a car will still have roads swamp with cars!!!

Edited March 6, 2013 by Jayy25

[Kangadrool]

I find that those for the new law in purchasing cars are usually Car owners while those against are yet to own a car and hopes to do so in future (minus those dealer or banks ppl )

 

don't you think it is very selfish for those who keep stating "Good Good! this will ceratinly make the road less populated with cars and less jams and blah blah...."

Sometimes we need to think objectively.

just becos you own a car already, does that mean you can deprive others from doing so???? and claiming that this group of ppl will add on the woes.... Damm shallow thinking....

 

once i have a friend who chided me when i wanted to get a car. he drove a a Rav 4 at the time and he made a comment to me "Why you want to buy car... dun buy lah... road so jam liao... you buy only add on to the jam only... then make my driving so difficult"

 

I looked at him and said "hey... is my money smelly? then why i cannot buy a car?? it is my money and my wish.. if you hate the jam.. then you sell off your bloody car lah and don't drive on the road so as not to deprive those who can take it"

 

 

Anyway, if you want to curb the jams or whatsoever traffc woes.... reduce the populations of this country first....

come 2030, with the expected 7mil even having a law of paying in full cash terms for a car will still have roads swamp with cars!!!

 

 

Ban (or rather impose hefty surcharge) Rav4 and SUV lor since this type of vehicle never goes off from tarmac in Singapore. This is used mostly by road bullies. Before you buy your car, he already bully (by insulting words) you verbally liao. What more?

Edited March 6, 2013 by Kangadrool

[A5SB]

I am thinking... maybe there's future in long term car leasing. Motor traders, parallel imports can form a co-operation, and lease out stocks of cars which they hold but unable to sell due to the new restrictions.

 

So people could lease brand new car (if they choose) just pay higher rental monthly, or not so new ones at lower rental. When new models are desired, they could easily change cars. When they need to be overseas, they could opt to suspend the lease till they come back.

[Nzy]

I find that those for the new law in purchasing cars are usually Car owners while those against are yet to own a car and hopes to do so in future (minus those dealer or banks ppl )

 

don't you think it is very selfish for those who keep stating "Good Good! this will ceratinly make the road less populated with cars and less jams and blah blah...."

Sometimes we need to think objectively.

just becos you own a car already, does that mean you can deprive others from doing so???? and claiming that this group of ppl will add on the woes.... Damm shallow thinking....

 

once i have a friend who chided me when i wanted to get a car. he drove a a Rav 4 at the time and he made a comment to me "Why you want to buy car... dun buy lah... road so jam liao... you buy only add on to the jam only... then make my driving so difficult"

 

I looked at him and said "hey... is my money smelly? then why i cannot buy a car?? it is my money and my wish.. if you hate the jam.. then you sell off your bloody car lah and don't drive on the road so as not to deprive those who can take it"

 

 

Anyway, if you want to curb the jams or whatsoever traffc woes.... maintain the populations of this country first to a moderate level....

come 2030, with the expected 7mil population with mostly are incoming foreigners whom are executive or management level, Even having a law of paying in full cash terms for a car will still have roads swamp with cars!!!

 

You forgot that this affects everyone since your car can only last 10years before you have to renew COE or buy another car. Isn't it true that if you can afford it then drive or else just take public transport. You mean to say everyone in SG is entitled to a car?

 

[Nzy]

I am thinking... maybe there's future in long term car leasing. Motor traders, parallel imports can form a co-operation, and lease out stocks of cars which they hold but unable to sell due to the new restrictions.

 

So people could lease brand new car (if they choose) just pay higher rental monthly, or not so new ones at lower rental. When new models are desired, they could easily change cars. When they need to be overseas, they could opt to suspend the lease till they come back.

 

I think this will come back. One of my uncles was doing this sort of business before they decided to allow 100% loan. Those that cannot afford the DP will lease cars lo. Sort of like a 100% loan since some choose to lease the car long term from new. They pay more monthly but no need any DP.

[Mllcg]

I know a young couple working in finance industry, middle income bracket, combine income more than $20+K per mth.

Also take 8yrs, Full loan for his preowned BMW335i.

 

Also don't feel happy. so not just lower income bracket. The most unhappy ones are the middle income group with high financial commitment.

 

combined income 20/mth.

 

assuming he takes 8 year loan,

 

2000 x 8 x 12 = 192k.

 

hardly a dent..

 

seriously, this new rule will piss many people off..

 

people like him have no problems upkeeping the car on full loan..

 

if really want to weed all these out, set minimum income to buy car

Edited March 6, 2013 by Mllcg

[Nzy]

combined income 20/mth.

 

assuming he takes 8 year loan,

 

2000 x 8 x 12 = 192k.

 

hardly a dent..

 

seriously, this new rule will piss many people off..

 

people like him have no problems upkeeping the car on full loan..

 

if really want to weed all these out, set minimum income to buy car

 

But how many of the people who take full loan will choose a car within their means? This is because they chose a car they can afford. I know a few people who earn close to that amount but take full loan to get cars much more expensive than a 335i.