Stratovarius Turbocharged March 10, 2021 Share March 10, 2021 i dont think you will get any constructive answers here since ppl here buy new car w/o loan. j/k. It might be better to check with the dealer or banks for the actual loan period and interest rate they are offering. Good luck. ↡ Advertisement 1 1 Link to post Share on other sites More sharing options...
Adrianli Hypersonic March 10, 2021 Share March 10, 2021 3 hours ago, Hkh0411 said: I have heard that for car that COE has renewed, the maximum loan tenure is 5 years. Hence if the renewed COE car is left with 6 years for example, the loan can only be taken for one year (since max loan tenure for COE car is only 5 years). if that true? I do not think its true. When I bought my previous car which was a COE car, left 4.5 years, the dealer wanted me to take a loan. I did not take the loan. Link to post Share on other sites More sharing options...
Spurman Supercharged March 10, 2021 Share March 10, 2021 40k loan for a 16yr old car doesnt sound financially right 2 1 Link to post Share on other sites More sharing options...
D3badge 6th Gear March 10, 2021 Share March 10, 2021 (edited) https://www.sgcarmart.com/used_cars/info.php?ID=952039&DL=3338 https://www.sgcarmart.com/used_cars/info.php?ID=974286&DL=2171 less than 40k can get you this car for about 4 years usage too and get some cash back on the last day. 100% loan and less than 10 years old car Edited March 10, 2021 by D3badge 2 Link to post Share on other sites More sharing options...
Kopites Supersonic March 10, 2021 Share March 10, 2021 9 minutes ago, D3badge said: https://www.sgcarmart.com/used_cars/info.php?ID=952039&DL=3338 https://www.sgcarmart.com/used_cars/info.php?ID=974286&DL=2171 less than 40k can get you this car for about 4 years usage too and get some cash back on the last day. 100% loan and less than 10 years old car I heard it use toyota engine. Anyway to TS, since you will be servicing the monthly instalment do consider leasing? Newest car and free from maintenance headache. Might be a better option for you. ------------------------------- Link to post Share on other sites More sharing options...
D3badge 6th Gear March 10, 2021 Share March 10, 2021 I guess we are used to 10 years cars cycle due to COE, see older than 10 years old cars we scare lol 1 Link to post Share on other sites More sharing options...
Confusedboi Supercharged March 10, 2021 Share March 10, 2021 Even for COE cars, officially still need to downpay 30% and the rest can be loaned. Interest rates are 3 plus percent minimum from banks. If you take Dealer in house financing Usually from financing companies like xxx credit might be able to downpay less but your loan will be higher with even higher interest rates. 16 year old car should only try to consider Japanese/ Korean cars to minimize potential maintainence issues. 2 Link to post Share on other sites More sharing options...
UncleAtas Turbocharged March 11, 2021 Share March 11, 2021 what car? Link to post Share on other sites More sharing options...
Sunset73 5th Gear March 11, 2021 Share March 11, 2021 17 hours ago, Hkh0411 said: Hi all, I am planning to buy a COE renewed car (First registered on 2005). It was renewed for 10 years (until 2025) . Hence this COE car is left with 4 years. The selling price of the car is 40K. My question is can I take full loan 40K with 48mths tenure? Any legitimate advise for this? Yes you may do so. Been there, done that. If you are cash strapped, you can even take "over loan" if you know where to find. Car dealers are your best friend for these. When you take a full loan, be prepared to pay these fees on top of your standard first instalment, transfer fee, road tax (if expired), insurance: 1. Football money aka admin fee (some claim to waive this) 2. GST on your car loan amount These amount can add up to 5k or more. Some people are cash strapped to the max such that taking out $1000 can have a major impact in their lives. The car dealers can add these miscellaneous fees into your car loan by inflating the car price, so that the 70% becomes (40K + miscellaneous fees). However, be prepared that the loan interest will be anything between 3.18% - 5.98%. Effectively, it becomes $0 driveaway if your loan gets approved. 1 Link to post Share on other sites More sharing options...
Sunset73 5th Gear March 11, 2021 Share March 11, 2021 13 hours ago, Spurman said: 40k loan for a 16yr old car doesnt sound financially right We all know it, but we do not know the circumstances of TS. He might need a car for his job, yet cash strapped. In MCF, 99% are full-cash-buy-cars. There is still the remaining 1% peasants. Link to post Share on other sites More sharing options...
Adrianli Hypersonic March 11, 2021 Share March 11, 2021 2 minutes ago, Sunset73 said: Yes you may do so. Been there, done that. If you are cash strapped, you can even take "over loan" if you know where to find. Car dealers are your best friend for these. When you take a full loan, be prepared to pay these fees on top of your standard first instalment, transfer fee, road tax (if expired), insurance: 1. Football money aka admin fee (some claim to waive this) 2. GST on your car loan amount These amount can add up to 5k or more. Some people are cash strapped to the max such that taking out $1000 can have a major impact in their lives. The car dealers can add these miscellaneous fees into your car loan by inflating the car price, so that the 70% becomes (40K + miscellaneous fees). However, be prepared that the loan interest will be anything between 3.18% - 5.98%. Effectively, it becomes $0 driveaway if your loan gets approved. The interest rate is sibei scary!!!! Link to post Share on other sites More sharing options...
Sunset73 5th Gear March 11, 2021 Share March 11, 2021 3 minutes ago, Adrianli said: The interest rate is sibei scary!!!! when you don't have a choice but need a car.... You can only turn to legal sharks Link to post Share on other sites More sharing options...
Zxcvb Turbocharged March 11, 2021 Share March 11, 2021 20 hours ago, Hkh0411 said: Hi all, I am planning to buy a COE renewed car (First registered on 2005). It was renewed for 10 years (until 2025) . Hence this COE car is left with 4 years. The selling price of the car is 40K. My question is can I take full loan 40K with 48mths tenure? Any legitimate advise for this? https://www.mas.gov.sg/regulation/explainers/motor-vehicle-loans If it's a bread & butter car, legally you can loan up 70% of the $40K with 4years tenure. Means still have to put $12K downpayment. But seriously, $40K left 4 years for a COE car is NOT a good buy, plus all the old parts wear tear replacements etc. My friend renewed his Vios for 10 years at just $30K. I'd recommend get a 6 year old 2nd car car instead. My 5 cents. Link to post Share on other sites More sharing options...
Zxcvb Turbocharged March 11, 2021 Share March 11, 2021 2 hours ago, Adrianli said: The interest rate is sibei scary!!!! Link to post Share on other sites More sharing options...
Goldenvodka 2nd Gear March 12, 2021 Share March 12, 2021 Buy a car that has less than a year remaining COE left. Pay full cash for it. when it is due for renewal. You can take a loan of up to 7 years to renew the COE. Many finance company offer full COE renewal loan. Just google for it. Interest for these loan are not high. Max about 3%. a sample below https://www.speedcredit.com.sg/coe-renewal-loan/?gclid=Cj0KCQiAv6yCBhCLARIsABqJTjZWYM6f3gfWcQsKBqAxbR7lqswbdUNXOrQEcyfpf869ewgne3jen9oaAjpvEALw_wcB 2 Link to post Share on other sites More sharing options...
Beehive3783 Turbocharged December 6, 2023 Share December 6, 2023 On 3/10/2021 at 3:21 PM, Colin03 said: Firstly, congrats bro. Must be a luxury car based on 40K for 4 years. Ensure you have a good history of this car as no longer coe is allow after this 4 years. The interest rate should be higher for full loan (est above 3% avg) You can scout around the market for the best interest rate, cheers Well... this didn't age well Link to post Share on other sites More sharing options...
Jamesc Hypersonic December 6, 2023 Share December 6, 2023 Yes you can! If you need a 100% loan or a 1000% loan I keep getting sms at 5am in the morning! I can forward the idiots that keep waking me up offering to give lots of money to me to you! Link to post Share on other sites More sharing options...
ER-3682 Twincharged December 6, 2023 Share December 6, 2023 Many MyCarForum Members buy Cash & New Car.. ↡ Advertisement Link to post Share on other sites More sharing options...
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