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Hi all need some advice and help with regards to my car loan.

I lost my job due to current situation and have about 35k balance to pay off my bank

For my car loan, called them to re finance only to tell me that's it's not over due and no other 

alternatives as they do not re finance. Any kind soul can help me think

Or direct me what I can do to keep my car.

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Rent out your car to tide over till you find a job - https://www.todayonline.com/singapore/airbnb-cars-private-owners-can-rent-out-cars-any-day-using-new-car-sharing-firm-drive-lah

Or find a friend who is willing to pay your monthly installment and take over your car for the moment (car still under your name).

 

Your focus should be to upgrade your skills and find  a new job and not drive for Grab as it's not worth the miserable pay and is an opportunity cost in your job search and skills upgrade.

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4 hours ago, Shahul_hamid said:

Hi all need some advice and help with regards to my car loan.

I lost my job due to current situation and have about 35k balance to pay off my bank

For my car loan, called them to re finance only to tell me that's it's not over due and no other 

alternatives as they do not re finance. Any kind soul can help me think

Or direct me what I can do to keep my car.

you should consider selling off your car if it  is a viable option. There is no need to have a car when you are not working. You can buy a car again when you have a stable income in future.

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3 hours ago, Vinceng said:

Rent out your car to tide over till you find a job - https://www.todayonline.com/singapore/airbnb-cars-private-owners-can-rent-out-cars-any-day-using-new-car-sharing-firm-drive-lah

Or find a friend who is willing to pay your monthly installment and take over your car for the moment (car still under your name).

 

Your focus should be to upgrade your skills and find  a new job and not drive for Grab as it's not worth the miserable pay and is an opportunity cost in your job search and skills upgrade.

Huge pitfalls here. Especially if car under HP with marginal owner. 

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TS bought 2 cars so have to start 2 threads?

Sell one car and use the money to pay instalment of the other car.

:grin:

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Quote

Or direct me what I can do to keep my car.

Keep paying the instalments.

If stop paying instalment

then respray the car a different colour

and hide the car in another car park

or in JB. And when you park car

put a different number licence plate

so the Repo guys cannot find it.

Cannot find means cannot take back.

[thumbsup]

 

 

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1 hour ago, Ct3833 said:

you should consider selling off your car if it  is a viable option. There is no need to have a car when you are not working. You can buy a car again when you have a stable income in future.

Herein lies the issue when the outstanding loan exceeds the resale value. Owner would need to top up cash to sell the car.

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7 minutes ago, Vinceng said:

Herein lies the issue when the outstanding loan exceeds the resale value. Owner would need to top up cash to sell the car.

oops, hope he has taken a loan that is in line with MAS's 30% or 40% down payment  guidelines.

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12 minutes ago, Ct3833 said:

oops, hope he has taken a loan that is in line with MAS's 30% or 40% down payment  guidelines.

Nobody goes by the rules.

Just as I overheard at the recent Motorshow, where someone asked if there's the $2K downpayment and 10 year loan scheme for the Mercedes C160 going at $150K+.

The C&C salesman replied "That can be arranged".

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6 hours ago, Vinceng said:

Nobody goes by the rules.

Just as I overheard at the recent Motorshow, where someone asked if there's the $2K downpayment and 10 year loan scheme for the Mercedes C160 going at $150K+.

The C&C salesman replied "That can be arranged".

This Leasing..Yes C&C got this Service.

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7 hours ago, Ct3833 said:

oops, hope he has taken a loan that is in line with MAS's 30% or 40% down payment  guidelines.

Yes they are designed to prevent such situation. Ppl think they clever to get around it but only expose themselves to more danger and greedy vulture finance happy to prey on them

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17 hours ago, Shahul_hamid said:

Hi all need some advice and help with regards to my car loan.

I lost my job due to current situation and have about 35k balance to pay off my bank

For my car loan, called them to re finance only to tell me that's it's not over due and no other 

alternatives as they do not re finance. Any kind soul can help me think

Or direct me what I can do to keep my car.

How long ago was the car bought? At what price? What car?

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use your car to make an income...really needs to think outside the box.

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this is always the situation when you by a car without taking into consideration if out of job, likewise is the same as buying a property.

never assume that you will stay employed all the time.

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Posted (edited)
On 3/12/2020 at 5:23 PM, Shahul_hamid said:

Hi all need some advice and help with regards to my car loan.

I lost my job due to current situation and have about 35k balance to pay off my bank

For my car loan, called them to re finance only to tell me that's it's not over due and no other 

alternatives as they do not re finance. Any kind soul can help me think

Or direct me what I can do to keep my car.

How much will u lose if u sell?  Know this figure first. 

Think of how u can earn money through yr car.

Drive Grab? R u prepared to do this?  Grab can be a stop gap measure for income while upgrading skills or looking for new job.  But be realistic to how much u can earn from Grab.

 

I talked a Grab driver last week.  At this time of Convid 19, he can earn $150 per day (net amount) using his own car.  He said in normal time (before Convid 19), he can earn $200+ per day net amount.  

So u do the sums and ask if u r ok with this kind of earnings as stop gap measure. 

To me, it's ok. Got $150 per day is better than $0 per day.

 

Many Grab drivers wish they have own car to drive. Better than pay rental to those rental companies. 

 

U can rent out but r u comfortable doing this?       

U can also offer to do small parcel delivery.  But I dont know how much u can earn.

Sell off is just one of the options u can have. 

 

Edited by Jusnel
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14 minutes ago, Jusnel said:

How much will u lose if u sell?  Know this figure first. 

Think of how u can earn money through yr car.

Drive Grab? R u prepared to do this?  Grab can be a stop gap measure for income while upgrading skills or looking for new job.  But be realistic to how much u can earn from Grab.

 

I talked a Grab driver last week.  At this time of Convid 19, he can earn $150 per day (net amount) using his own car.  He said in normal time (before Convid 19), he can earn $200+ per day net amount.  

So u do the sums and ask if u r ok with this kind of earnings as stop gap measure. 

To me, it's ok. Got $150 per day is better than $0 per day.

 

Many Grab drivers wish they have own car to drive. Better than pay rental to those rental companies. 

 

U can rent out but r u comfortable doing this?       

U can also offer to do small parcel delivery.  But I dont know how much u can earn.

Sell off is just one of the options u can have. 

 

Renting has its risk, people may use it to do illegal business, if get caught , the car may get impounded. If the hirer involve in an accident, the insurance, and the rest of inconvenience can be problematic. Other consideration are like people driving it into JB and get into all sort of trouble, local traffic fines etc etc.   Between Grab and renting it out, I think driving grab is saver.

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