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Hey guys, can I check which car financing won't reflect your motor loans inside Credit Bureau?

OCBC turns the car loan approval process on its head so you can purchase your next car with confidence! Shopping for a new car but not entirely certain about what you can afford or whether your loan will be approved? Now there's a new, smarter way to purchase a car thanks to OCBC's simple, fast, and secure car loan application process! Buying a new car can be daunting. Not only will you have to shop for a vehicle that will be suitable for you and your family's needs, but you will also be making a significant financial commitment. And with that comes the added uncertainty of securing a car loan from your bank. Thankfully, OCBC takes the uncertainty out of the latter with its redefined car loan application process. OCBC's new redefined process now allows you to get approval for your car loan, even before you decide on a car, so you can concentrate on getting the right car when you're strolling through the showrooms! And as if shopping with the utmost confidence isn't appealing enough, OCBC's car loan application process is mighty easy as well. All you will need to do is apply online with MyInfo using your SingPass, and you can expect approval to be returned to you within 60 seconds, so long as all bank checks and application details are in order. How is that for speedy! The loan is only effective when you have finalised the car you wish to purchase and accepted the Hire Purchase Agreement so fret not that any penalty or fees will be incurred with your application. All personal information sent through this process goes directly to OCBC as well, so you can rest assured that the entire process is safe and secure. A hassle-free process And once you have decided on your perfect car, the rest of the process is as easy as pie. Simply inform your dealer that you already have an approved OCBC Car Loan, and the dealer will submit all the necessary car details over to OCBC. All you will need to do now is verify the information and you're good to go. OCBC will then send you the Hire Purchase Agreement immediately via SMS, further speeding up the process. Once you have reviewed and accepted the agreement digitally, you can start to look forward to receiving your car! OCBC is offering shoppers the options to borrow at loan tenures of up to seven years and at up to 70% of the total car price, at market competitive interest rates. And after you get behind the wheel of your car, you can still take heart in knowing that there a plethora of options available for you to repay your loan. OCBC deposit account holders will be able to opt to pay their monthly installments via a variety of options including a Direct Debit Account instruction, via an OCBC ATM or through mobile or internet banking. Additionally, you can also choose to use Interbank GIRO or drop off a cheque, which are available for non-OCBC deposit account holders as well. Tired of the slow, tedious, and uncertain approvals involved with purchasing a car? Turn those frowns upside down yourself with OCBC's redefined car loan application process. Apply here, get an approved OCBC Car Loan and you could be driving away with a car immediately!

Hi guys I have a question on whether is it the same if we let the AD settle our existing car loan for the car we are trading in or is it better to settle the car loan ourself. Am new so not sure if the AD is going 'eat' away the interest rebate if we were to settle our loan early.

Can I apply my own car loan for a new car instead of using those banks recommend by the SE? Cos I see POSB offering a low interest rate for online application compare to those apply thru SE.

I thought it would be good to compile a list of to do before purchase Sort of a sharing and paying back to the forum Those that have additional infor, feel free to add 1. Check out how much you can loan. Yes, there are times when you "feel" you can meet the monthly payment, but then , the bank thinks otherwise. Lets not debate in dubious ways like overstating sales agreement and "football" payment. Yu may also want to check out the citiloan assist and there are good rates to be gotten for new cars. just be aware there will be some work on your part to be done so a good sales person is required. You are ideally cutting out the sales person comm of 800 to 1000 dollars on average. If like most, you have a condo loan or a condo is on the horizon, BUY condo FIRST as that will also hit your loan for the Condo. 2. check out which credit card is having a promotion for that month. a 10000 to 20000 down payment by card can gain you a lot of rebate / cashback. 3. Forecasting COE is as good as buying 2 coconut to point to the sky to contact your MP for tips on COE increase or not. Be aware that the 6 bids and top up only helps to lock you in on the down payment . Your choice of cars that you could have gotten IF it rise can be quite disappointing. imagine you book a 1.5L car and because of the top up, you would have being buying a 1.6L car as compare to the car at that point in time where you put ink to paper. 4. New car launches as they say early bird gets the worm. Can be as good at 6 K off. Cars that are in stock in that configuration would get you better discount. BUT note that lime green and orange coulors will be sticking with you way long after many CNY is over. So have to take the color that you like. But that's me. 5. Event cars maybe cheap, but its also DUMB specs. The savings may negate the fact that when selling, you are also getting lower resale. WHY ? 2nd hand car dealers has a list of specs that they note down. so things like a normal car sold with all the bells and whistle vs a dump down version will very quickly be identified by the second hand car dealers. Bi xenon head lights and LED are one example and IF its a second owner car, its even worst. So be careful not to be happy to have a 4K discount and getting short change in the end. As the saying goes, the devil is in the details. 6. Getting a pre own may not be so bad. Do note that the 6 - 9 months old car is normally 30 - 45 K different . You not buying a car from NTUC. So bargain away. Do check the TnC. 7. Check out the various insurance as that is also a big unknown. It varies and if you can ask on your own, the savings are as large as 300 to 400. Do note that the Sales will not be happy, so you have to check with the sales on what is the final price without loan and insurance. As the loan interest rate can varies do not be mistaken that its 1% different only. Car loan interest is very different from how other loans are calculated. ITS a lot of MONEY. Those that think otherwise can try out the apps on the SGCARMART to have a taste of the delta of 1% for 50K loan for 5 years. If its easy peasy lemon queezy, then good for you. 8. Do check when the YOM is. we are in 2015. If you still getting 2014 or earlier, there are insurance implication when it comes to fair market value. Do also check when you will be registering the car. If you register in dec 31 vs 2 Jan, your resale value can be as different as 4k to 6 K when its time to sell. ************ This is not exhaustive and as money is involved, those that buy do note of the risk that you take base on my insights

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Check out for this month's latest deals & discounts. One of the best deals, promotions and discounts specially for our members that could never be miss out. Hurry and Grab your favourite deals today! Quote SGCARMART PROMOTION to the retailer. Citi Direct Car Loan from 1.48% p.a Take control of your car loan with Citi & save on your interest. Get your pre-approved car loan now! Contact us at: 6657 3868 $38 Drive Home Service ChauffeurME-Singapore renders drive home service to party-goers who care for their love ones. Drink.Drank.Drunk? What ever it is, why put yourself at risk? Drink driving is a serious offence not only in Singapore but throughout the Globe. Worried getting stopped at Police road blocks or getting into accidents causing injuries or fatality? Well, we won't know what is exactly going on around us when we start getting tipsy. Put all these worries aside. We are just a call away! Our experience drivers will pick you from your location and drive you home to your loved ones safe and sound! Nothing else matters more isn't it? Advanced bookings are welcome. Our friendly operator will allocate you a driver to send you home SAFE! Only @$38. Contact us at: 8777 7087 Cool n Lite Titan Series The Titan series offers optimum protection featuring both excellent UV rejection coupled with an extremely high level of solar energy rejection. These range of solar films are manufactured with the industry’s latest technologies, using only the finest materials to guarantee a long lasting performance for your investment. The metallisation of the Titan series uses ground breaking Sputtering process, applying Titanium as its main element together with a combination of other exotic metals such as copper, gold, silver, inconel, chromium and aluminum to achieve its amazing heat rejection properties.The Titan series exudes a cool neutral grey tone, exclusively available for Titan users. The application of Titan films on your vehicle will further enhance the luxurious contrast of your interior. Definitely a must on any luxury automobile! Contact us at: 6100 6262 Get an Instant Quote Choose Car Insurance That Suits You! Car Insurance - Instant coverage online for Comprehensive or Third Party insurance plans. SOS Car Insurance - Aimed at drivers who are considered 'high risk' by other insurers. Low Mileage Car Insurance - 'Drive Less = Pay Less' if you drive under 8,000km a year. Ideal for OPC - first time in SG! Best price guarantee up to 25%! No middle man. No agency comm. 0% interest monthly instalments. Contact us : 6665 5555 Mcwell Online Store Singapore's best car parts and accessories online store, discount up to 40% off! Visit us now! Contact us at: 9838 7743 Instant Cash For Your Scrap Car! We want your scrap car with parf eligibility! Instant cash on the spot! No need to wait for LTA refund. Contact us at: 9787 6217

I was browsing through some of the ads in sgcarmart and realised that there are some cars that required zero downpayment. How does that works? How abt the flexible loan package that they offer? Meaning they can loan 100% as well? Does that violate any MAS rules?

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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.

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 - PHOTO: AFP 18 Oct5:50 AM Singapore 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. 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 1-2.5 per cent of the loan amount, depending on the quantum and tenure. Say, the average commission is 1.5 per cent and the average loan amount is S$100,000. For a top dealership selling 5,000 cars a year, with perhaps half of those purchases involving financing, the total commission could come to nearly S$4 million. To make its loan scheme more attractive, Citibank is offering flat interest rates of between 1.48 and 1.88 per cent per annum - much less than the prevailing market rate of about 2.28-2.68 per cent. Citi says its Direct Car Loan is a "no-frills service with no involvement of intermediaries, which in turn gives you the advantage of enjoying lower rates". At the same time, it is understood that the bank believes it is a more efficient and productive way of applying for vehicle financing. 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," says the managing director of a luxury dealership. "There are advantages to such tie-ups, the most important of which is customer convenience." He explains 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. "The salesman provides one-stop shopping," he adds. "If he doesn't do it, someone else will have to. So whatever is saved in commission may have to be paid out elsewhere." The sales director of another luxury dealership agrees: "It is part and parcel of buying a car. Of course, the salesman gets a commission but the emphasis is on customer service. Certain processes are involved; it's not as straightforward as it looks." 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. "The dealer can easily take advantage of this alternative to keep financing in-house," the sales director says. He speculates 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. "It's a good idea but, ultimately, it will be difficult to dictate terms to motor dealers." http://www.businesstimes.com.sg/transport/shake-up-ahead-for-car-loans

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?

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..

Just cuious to know how much loan do most mercedes and bmw drivers take for their ride.

dont know much about this "Balloon Scheme" loan thing, saw a few 2nd hand dealer offer this loan. anyone care to explain wth is "Balloon Scheme"? how the thing goes? calculation? anything that consumer mus know about this "Balloon Scheme" loan... good side, bad side... cheers now down pouring on tampines... drive safe

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