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Let's cut to the chase: COE is a tax. So is the customs duty, etc. Stamp duty for property is also tax. So is ABSD. But COE & customs duty can take loan over 5 yrs to pay. But property-related taxes cannot be included in loan. Income tax oso cannot take loan to pay. Property loan subjected to TDSR. But car loan close one eye (sometimes even 2 eyes as some dealer ads shout "no need payslip"). Buy new 'gahmen-issued & controlled' HDB BTO, property agent cannot "package" a price for you or force u to take a loan & insurance from a certain bank in order to buy a BTO flat. But ADs selling u 'gahmen-issued & controlled' COE can "package" any price they want under your name as they like + without you knowing how much they are paying to derive at the selling price? Uniquely S'pore or simply double, triple standards being practiced by the respective authorities?

Have been servicing my 6 years car loan diligently for 5 year 4 months now. Except for two hiccups with nothing major due to traveling and work, I think can qualify myself as an average customer. Recently inquire about full settlement and Maybank actually wanted to penalize for early settlement even I am left with 8 months into the loan period. Have anyone had this experience with other banks or at least I can remember that some bank provide good will discount after number of years. Maybe wrong. For people whom want to write about "YOU SHOULD KNOW WHAT YOU SIGN FOR!!!!" crap, don't bother......... Feels that Maybank is just turning customers off. Is no problem to complete the 8 months, just felt that could further simplified my life style without having to remember to pay and pay.

aside to the rule78's 20%, is there such practice impost by the loan company in the market? banks? in house? private institutions? TIA

Like to check.... the One Motoring website show the citi bank loan at better interest.... but the thing is,we need to take loan from most if not all AD and PI own finane company.... so it's like let us see for fun only????

Not old news leh but seems like MAS going to do something finally? Will this reduce the demand???

hi guys, we all heard in news that some pple buy used car and later found that previpus loan not settled and later car kenna repossessed by finance company. is there a way to find out if a car got no outstanding loan and that the seller or dealer has paid in full for it? otherwise the buyer may get a double whammy, pay downpayment and later car kenna towed away because previpus loan not settled. is there a websitr or source to check and confirm since dealers can say what they like?

Just checked my hdb loan statement. Loan amount=103 5000 Loan tenure=25 yrs montly payment=478 IP payment=90 Is the montly payment inclusive of hdb interest? Total payment after 25 yrs is 144000 estimated. Why am i still being charged IP of 90 over dollars a month which was initially 100 over dollars a month? My loan is 103 000 but will pay total ~144000 dollars and still need to pay IP monthly. Is this interest upon interest? I am really dumbfounded. Any gurus can explain!

Just a thought? Is it possible. Assuming one has no bad records, stable income and high pay.

Hi, need some opinion from experts here as I have no experience buying a used car. Right now, I got my eye on a 2009 Honda Civic and have some doubts about the finance and reputation of the deal. I intend to pay full cash without any loan. Understanding that such arrangement would means that the price be mark up in a way. What is the norm market mark up for this case. They mark up my price around $2k. They propose a loan of half of purchase and mentioned for 4 yrs but I make full settlement after the 6th month without any penalty from the bank. But a repayment of unused interest of 70% to 80%. Is it so? I saw this particular car twice on the internet on SGcarmart. The first is sold and now the ad is opened again. Is there any reason for me to be careful of. Heard a lot of scams outside by second dealers a lot.

Hi Guys, Can assist in providing the list of car dealers that offers balloon / special loan scheme ? Car dealers in the forum that offers such scheme please pm as i intend to trade in my car for next purchase. Thanks.

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Anyone know how do I buy a car from direct owner? My car is scrapping in 2 months time means that I have to scrap my car before buying car from another owner? If I scrap my car, I will get back a paper instead of cold hard cash right? Any kind soul can advise? How do I get a loan in this case?

Hi Just to get a rough sensing, how much do I need to save for my kid studies in future. For local university, not overseas. My daughter is almost 3yrs old. So, I should have about 15yrs to save. How much do I need to save monthly to hit the minimum (prudent) sum for her?

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I guess it's a matter of time. How much higher do you think it will go? I do not recall it being higher than 3% though but I am referring to AD rates.

This may well become an ultimate apps for the loanshark .. https://sg.finance.yahoo.com/news/app-app-lets-borrow-lend-063352031.html When it comes to borrowing or lending money to friends, a common and loudly resounding advice is this: “Don’t do it!” The fastest way to lose a friend is to lend him money. Asking your friend to pay you back too soon makes you a cheapskate (and loanshark) and asking too late risks your friend forgetting about the loan entirely. There is also the possibility that your so-called-friend never intended to pay you back. Either way, it won’t end well. There is even an idiom to summarize this occurrence, “Lend your money and lose your friend”. ulcan Post talked to David Sin, founder of DVG Web Sdn. Bhd. and the brains behind Frenloan, an app that will help you not lose your friend-in-need, even though the thing your friend needs is money. According to its FAQ section, Frenloan is a mobile app created to certify a loan to both lender and borrower. Lend Your Money, Lose Your Friend? “Growing up, I have asked and been asked to either lend or borrow small loans from buddies. Some helped, some didn’t. This social borrowing affects almost all of us,” David answered to the question of what prompted him to develop Frenloan. “When the sum gets bigger we stop lending for the fear we won’t get our money back. Even today I keep hearing of stories of friends ending relationships because one party didn’t want to lend money. This sort of spark off an idea. If we can remove this barrier, people will be more willing to help out. David continued, “Right now, a handshake is all that is given by the borrower. In the event, he decides not to return the money, there is very little recourse to get the money back. Usually it’s the relationship that is the only guarantor to friendly loans.” “So what if we could help generate a digital pdf that has all the details of the friendly loan for both parties to have? This would certainly help friends in real need of money get help from their friends. Friends would be less reluctant to lend since there will be some sort of written understanding between him and his friend.” “For now, I’m working with VLT labs to experiment on this idea. On development, I’m outsourcing the development work to a close associate. Hopefully with traction, I can bring in more talents,” he shared. So far it seems that the Frenloan app has gotten a good start, being awarded a grant by MaGIC and built by the ALPS programme which is run by VLT labs. There are only three people directly involved in Frenloan as of the time of this article. David has high expectations about the app, though he admitted that they are still trying to sort out any teething problems with it. “Right now, we’re starting with basic features like tracking, reminding and generating a digital PDF on the loan. Down the road, we’re hoping to have printable PDF copies.” He hopes that the app can enable people with financial problems to get help from their close friends and family without getting themselves with serious debt issues and losing the loved ones in the process. How You Get Your Money Back The process of getting a loan is simple with the app. All you need to do is enter your phone number, your friend’s email and the amount you’d like to borrow. The pay-back-by date is also a must-enter in order to ensure that you don’t go back on your word and pay your friend the money (or vice versa). The request comes with a Loan Certification, using Frenloan to certify the loan so both parties will have a digital version with the borrower and lender, total amount due and date to be paid in full by. When the date arrives, the tracking feature will alert the borrower so that they honor their word and cough up the cash. Frenloan is currently a free app. We would like to remind our readers that there is no way for Frenloan to help with disputes between parties since it’s a computer generated service. As is with everything that has to do with money, thread carefully. Personally, I think this is a great idea for small cash amounts. In Malaysia it is a common scene for large groups to split the bill while dining together. This app could play a large role in keeping track of who owes who how much. However, when it comes to numbers with a few more zeroes at the back, it’s best to not go down that route.

Will bank give out loan of let's say 80k to be fully return in 9yrs time. Roughly hw much will the interest b? Thanks in advance

http://www.sgcarmart.com/news/article.php?AID=11391 Citibank has allowed pre-qualification of customers for car loans and this could possibly cause a shake-up in the local motor vehicle financing model. The Business Times reported that Citibank is upending the traditional vehicle financing model here by pre-qualifying customers for car loans - thus bypassing the motor industry, which could lose millions of dollars in finance commissions if this practice is eventually adopted by other banks. To make its loan scheme more attractive, Citibank is offering flat interest rates of between 1.48 and 1.88 percent per annum - much less than the prevailing market rate of about 2.28 to 2.68 percent Under the Citi Direct Car Loan model, customers apply online for vehicle financing and those who are successful receive in-principle approval. With this conditional approval for a loan of a specified amount, a prospective car buyer can shop for a car knowing he or she has already qualified for financing. This is different from the current model where a new car buyer submits a loan application through the car company for the bank's approval. If the application is approved, the car company receives a finance commission from the bank, which can range from 1 to 2.5 percent of the loan amount, depending on the quantum and tenure. If the Citi model catches on with other financial institutions, it could spell the end of a longstanding relationship with motor distributors as well as finance income. But some car companies doubt that will happen. "Most distributors have a panel of banks they work with and there are advantages to such tie-ups, the most important of which is customer convenience," said the managing director of a luxury dealership. He explained that car salesmen take care of the nitty-gritty for the buyer - something the latter won't get if a bank wants to be independent and go direct to the customer. Another factor working against the direct model is in-house financing, provided by the financial services arm of the manufacturer - something which all the German brands here have access to. It is believed that Citibank is rolling out this scheme because it wants to increase market share. The American bank is currently a small player in the vehicle financing market here, with DBS, OCBC and Hong Leong among the heavyweights. The latter three have tie-ups with most of the best-selling brands.

Hi all, planning to make a first purchase of a car with ~1 year coe left before I go overseas. Was wondering about car loan, say the car I plan to purchase has low depreciation due to high omv. But i'm unable to afford the installment since the selling price is high and loan term is short. Is it possible to get a loan for the selling car price minus 55% omv value? Or would that be considered balloon scheme?

Not the 1st time to see this... but this 1 really over the top Previous price was 153k... then suddenly become 275k... (shld be apply for 50% loan using "new" list price) http://www.sgcarmart.com/used_cars/info.php?ID=340976&DL=1389

There were a lot of argument car is so expensive due to high COE and profit margin by AD/PI. It will be interesting to see how many people who purchase car in recent time paying for their own car OR someone else pay for it. You may stay anonymous without owning up..

One of many adverts blatantly disregarding MAS's loan restriction. Is MAS enforcing it rules at all?

Buying a car in Singapore is both exciting and nerve-racking, for the joy of having your own set of wheels is accompanied by the toil of paying for it by instalments. Before you sign on the dotted line, think carefully about these: THE RIGHT MACHINE Buy the vehicle you need and not the one you want, because the latter usually ends up costing you more than it’s worth. It doesn’t matter if you’re a petrolhead – if you have two toddlers, for instance, it’s more practical to get a saloon instead of that sporty coupe you’ve been eyeing. BUDGET CONSTRAINTS According to a financial consultant who spoke to Torque, you should allocate no more than 35 per cent of your monthly income to servicing loans. Assuming that 20 per cent of your salary goes towards your home mortgage, you’re left with just 15 per cent for your car loan. So if you draw $3,000 a month, your monthly car instalment shouldn’t exceed $450. ‘HIDDEN’ COSTS These motoring-related expenses aren’t obvious upfront, but definitely make a big impact on your wallet. Parking, petrol, road tax and motor insurance can be a drain on your finances. For example, year-long season parking in an HDB multi-storey carpark would cost $1,080 ($90 x 12 months). That sum alone is more than the annual road tax for a 1.6-litre petrol car. TEN-YEAR TEMPTATION Although it appears more affordable, choosing a 10-year, 100 per cent car loan is actually a decision you can ill afford. Zero downpayment means a larger loan quantum that takes longer to repay, and the total interest in the long run will be higher. Car buyers should also be aware that longer loan tenures mean that their ride will be in negative equity for a longer period. This article was written by Jeremy Chua, writer for Torque.

Hi Guys, Recently came across a sad and disturbing scenario encountered by my wife colleague She agreed to become the guarantor for her cousin who claimed that he needed a car for his work. Young chap who probably lured by the privilege of owning a car. So he defaulted on the loan instalment payment. Finance Company try to repossess the car but could not find it. Letters were probably sent to his house and conveniently ignore. Now the finance company is going after the guarantor, issuing lawyer letter demanding the car. They are not interested in the outstanding instalment payment anymore. They wanted to repossess the car and auction it off. She was given until a certain deadline to respond(< 1week) The guy know will avoid her phone call now. Refusing to answer, acknowledge and disclose the location of the car. Even his mum could not get any information from him. He can only say he will pay off the outstanding instalment before the deadline. Under the brief description above, what is the rectification recommended for the guarantor? Seriously speaking, she know nuts. Dunno what car, what model etc etc. Signed blindly on the loan agreement, trusting her cousin etc etc. I would recommended her to speak with the finance company lawyer and meet up with a senior office from the finance company to explain that she is actually the victim of such circumstances. Hopefully, on sympathy ground, they will extend the deadline or propose another solution. Anyone of your guys have better suggestion?