aprilfool22 2nd Gear December 24, 2018 Share December 24, 2018 if take loan for COE renewal need to pay admin fee boh ?? ↡ Advertisement Link to post Share on other sites More sharing options...
Pss2 2nd Gear February 22, 2019 Share February 22, 2019 I am about to buy a 80k COE car. As advertised, down payment 30% and 70% can loan from bank Which was my intention. When the bank replied, I am shock to know that one bank approve to loan only 55% of the car price while another 30% of the car price meaning down payment is 56k for a coe car. I never had problems in loans when I buy PARF cars and my current car I pay 1.1k monthly installment. Link to post Share on other sites More sharing options...
awhtc 6th Gear February 22, 2019 Share February 22, 2019 $80k should be able to get a new Cat A car and loan easily. Link to post Share on other sites More sharing options...
Ahbengdriver 6th Gear February 22, 2019 Share February 22, 2019 This one I say one. I would seriously advise those taking COE loan to think carefully n be careful. One of my hiadee got into real trouble. Often, this will fall into the group of people who can barely own a car, thus stretching beyond their means to loan COE. His business went bad, cant find a job and now he has to support his family n manage the loan payback. He is stuck with the COE loan and cant get out. Normally, expenses for car should only take up around 10 to 20% of one's take home income, less CPF. Link to post Share on other sites More sharing options...
Dafansu Turbocharged February 22, 2019 Share February 22, 2019 I am about to buy a 80k COE car. As advertised, down payment 30% and 70% can loan from bank Which was my intention. When the bank replied, I am shock to know that one bank approve to loan only 55% of the car price while another 30% of the car price meaning down payment is 56k for a coe car. I never had problems in loans when I buy PARF cars and my current car I pay 1.1k monthly installment. need to follow MAS regulation like TDSR 60%, maybe u have other debts? Link to post Share on other sites More sharing options...
Ct3833 Supersonic February 23, 2019 Share February 23, 2019 (edited) need to follow MAS regulation like TDSR 60%, maybe u have other debts?it is because the price of COE cars are jacked up by dealers. The parf is consider written off after COE renewal. So as far as a bank is concerned, the real recoverable value of a COE car is slightly higher than PQP only. Banks will ensure that they could recover their principle sum when a loaner default.I am about to buy a 80k COE car. As advertised, down payment 30% and 70% can loan from bank Which was my intention. When the bank replied, I am shock to know that one bank approve to loan only 55% of the car price while another 30% of the car price meaning down payment is 56k for a coe car. I never had problems in loans when I buy PARF cars and my current car I pay 1.1k monthly installment.I think the bank assess the car using a lower value than your purchase prices. The parf once renewed, it is consider written off and has no more market value for bank to recover, what is left is the COE, so they wont co sider the full car price. I am going to renew my e200 around year end, including parf+body+pqp I will lose about 65k to max 70k, your 80k Coe car seems quite a lot. Why not you get a new car ? Edited February 23, 2019 by Ct3833 Link to post Share on other sites More sharing options...
Ct3833 Supersonic February 23, 2019 Share February 23, 2019 This one I say one. I would seriously advise those taking COE loan to think carefully n be careful. One of my hiadee got into real trouble. Often, this will fall into the group of people who can barely own a car, thus stretching beyond their means to loan COE. His business went bad, cant find a job and now he has to support his family n manage the loan payback. He is stuck with the COE loan and cant get out. Normally, expenses for car should only take up around 10 to 20% of one's take home income, less CPF. Your advice is good. This is not confining to just COE car, the same situation will happen to those who stretch their financial to the limit to buy new car. Fortunately these are exceptions. Link to post Share on other sites More sharing options...
Pss2 2nd Gear February 23, 2019 Share February 23, 2019 it is because the price of COE cars are jacked up by dealers. The parf is consider written off after COE renewal. So as far as a bank is concerned, the real recoverable value of a COE car is slightly higher than PQP only. Banks will ensure that they could recover their principle sum when a loaner default. I think the bank assess the car using a lower value than your purchase prices. The parf once renewed, it is consider written off and has no more market value for bank to recover, what is left is the COE, so they wont co sider the full car price. I am going to renew my e200 around year end, including parf+body+pqp I will lose about 65k to max 70k, your 80k Coe car seems quite a lot. Why not you get a new car ? I am also considering a 4 yr old car 90k and the downpayment also same as 80k coe car. Link to post Share on other sites More sharing options...
Dafansu Turbocharged February 23, 2019 Share February 23, 2019 This one I say one. I would seriously advise those taking COE loan to think carefully n be careful. One of my hiadee got into real trouble. Often, this will fall into the group of people who can barely own a car, thus stretching beyond their means to loan COE. His business went bad, cant find a job and now he has to support his family n manage the loan payback. He is stuck with the COE loan and cant get out. Normally, expenses for car should only take up around 10 to 20% of one's take home income, less CPF. actually quite common and a lot. Some of those i know already having such issues. ↡ Advertisement Link to post Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In NowRelated Discussions
Related Discussions
[Official] 2024 Lexus LBX
[Official] 2024 Lexus LBX
This is why u dont lend car or money to ur friends
This is why u dont lend car or money to ur friends
Toyota Corolla Cross
Toyota Corolla Cross
2014 Corolla Altis - Technical, Features & Use
2014 Corolla Altis - Technical, Features & Use
Toyota Safety Sense 3.0 and Driving Assists - Technical, Features & Use
Toyota Safety Sense 3.0 and Driving Assists - Technical, Features & Use
2022 Toyota Land Cruiser Revealed With New Platform, Twin-Turbo V6
2022 Toyota Land Cruiser Revealed With New Platform, Twin-Turbo V6
2019 12th Gen Toyota Corolla Sedan
2019 12th Gen Toyota Corolla Sedan
2022 4th Generation Toyota Noah & Voxy
2022 4th Generation Toyota Noah & Voxy