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Singapore Motorshow 9 - 12 Jan 2020


alfakidz85
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9 hours ago, Enye said:

wah say other people until like that...

i presume you full cash your passat right?

😬😅

Though MCF might have many full cash people, it is still not many in the car buying community i think , but to pay $2k down payment and take a huge loan to buy a car is also quite an extreme. Seriously, if one has only 2k for down payment, why buy  car ? 

Edited by Ct3833
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14 hours ago, Vinceng said:

Overheard at Motor Show. Customer keen in Mercedes C160 " Do you have package with $2K downpayment and 10 year loan."

Salesman " We can work out something for you". 

Interest payable would be $42,000 over 10 years.

I think such buyers are better off in a Mitsubishi Attrage or Perodua Bezza.

Now still have 10 year loan and low downpayment? I remember 10 year loan only happened back in the year around 2007 period. I have a friend who bought a car using the 10 year loan and maybe zero payment, ended up after driving a while no money to pay for car insurance and later think sold off the car. [rolleyes]

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29 minutes ago, Ct3833 said:

Though MCF might have many full cash people, it is still not many in the car buying community i think , but to pay $2k down payment and take a huge loan to buy a car is also quite an extreme. Seriously, if one has only 2k for down payment, why buy  car ? 

Will any bank approve such a big loan?

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34 minutes ago, Ct3833 said:

Though MCF might have many full cash people, it is still not many in the car buying community i think , but to pay $2k down payment and take a huge loan to buy a car is also quite an extreme. Seriously, if one has only 2k for down payment, why buy  car ? 

Buy car and own a car for face value?

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14 hours ago, Vinceng said:

Overheard at Motor Show. Customer keen in Mercedes C160 " Do you have package with $2K downpayment and 10 year loan."

Salesman " We can work out something for you". 

Interest payable would be $42,000 over 10 years.

I think such buyers are better off in a Mitsubishi Attrage or Perodua Bezza.

2k? downpay 2k for a 180k item. thats insane. 2k downpay they are better off just taking bus mrt or walk. some bicycles/pmds already cost 2k or more

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16 minutes ago, RogerNg_185295 said:

Will any bank approve such a big loan?

Bank business is about making money from borrowers, they will welcome anyone who wants to borrow big sum from them as long as they could assess that one could afford to pay up the loan, what is stopping them from doing so is the MAS regulations.  But there are ways to get around  the regulations, like using leasing scheme etc.

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1 minute ago, Ct3833 said:

Bank business is about making money from borrowers, they will welcome anyone who wants to borrow big sum from them as long as they could assess that one could afford to pay up the loan, what is stopping them from doing so is the MAS regulations.  But there are ways to get around  the regulations, like using leasing scheme etc.

In the end, if borrower defaults,  then it will be bad debts.  Sell car also not enough to recover thr sum. Then how? More problems for banks. 

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16 minutes ago, 13177 said:

Buy car and own a car for face value?

One more point is whether he is aware, housing loan interest in easily half of car loan interest, dollar for dollar comparison. 

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Please don't stop people buying Mercedes with only 2k down. 

I don't want to squeeze with them buying Attrage or Bezza. 

Then I can get a better price. 

:D

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You all never heard about the man celebrating his 40th birthday getting a 10k rolex huh? 

$200 down and 48 months $200 and the shop give first month instalment free. 

:D

He has arrived. 

Edited by Jamesc
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1 hour ago, Ct3833 said:

One more point is whether he is aware, housing loan interest in easily half of car loan interest, dollar for dollar comparison. 

Buy house better than car la.

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2 hours ago, Ody_2004 said:

same for me.. I asked the SE to down $1k and take 10 years loan.. He decided to top up the $1k balance for me instead! Whahahahahahaha..

He can obviously do that cos he will make more from your long tenor(10yrs) and almost full sum loan vs the conventional max of 7yrs 70% loan.

I'm sure you would know what you are doing so not for me to preach the dos and dont's of getting such a loan so to each his own.

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1 hour ago, Ct3833 said:

One more point is whether he is aware, housing loan interest in easily half of car loan interest, dollar for dollar comparison. 

U have made a very valid point. Housing loans are calculated at monthly rest vs flat per annum interest calculated for car loans.

I'm sure many here know the difference but to the less knowledgeable, car loan rates must multiply by approx 1.92 to get the effective interest rate so the 2% rate quoted is effectively 3.84% approx

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If people can get loans they should take it. 

Some of us want also cannot get. 

All the banks and ah longs told me I am a bad credit risk and won't even lend me one cent. 

:D

Why should I pay back? 

They are day light robbers. 

They are a bunch of sharks. 

Why give them more money? 

Edited by Jamesc
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