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The loans thread!


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Supercharged

i wld suggest even those cash rich to consider taking loan n putting that sum which could be used to pay full in some dividend stocks. the idea is that someone taking a loan from say hongleong finance is himself using the money from hlfinance dividends to pay off the loan. at end of day, car will be gone after 10yrs, but shares still there n the process cld be repeated.

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i got from DBS in Jan 2013, 1.68% fixed for 5 years.

 

At that time, Citibank offers 1.38% fixed for 3 years. I think both DBS and Citibank package stillavailable. I didnt consider variable SIBOR pegged package even when i can save 0.4% per yeardue to personal view that interest rate hikes next year will be steep... also no more legal subsidies from banks, everytime refinance with different banks will incur legal fees around $3k and valuation fee another $300-1000.. no pointmove qaround too much.

when i was looking at the loan, a year ago, DBS has a mechanic in place that cap the interest amount from breaching a fixed cap. I "think" it was 2.6% .. but then vs now, we know that Botak Ben is still providing low interest rate so there is no real worry till 2015 when rates was been suggested to be review again.

 

I know that china bank and ANZ as well as SCB and May bank was the usual suspect that provide really good rates. The only "unknown" then is the spread and when they will revised. Some banks are more aggressive then others. Some provide umbrella during sunny days and ask for the umbralla back during rainy days.

 

So a borrower need to be careful.

 

As in all things finanacial, caveat empt. You may need to ask around for the usual bank behaviour during the critical period such as finanacial crisis when banks ask for top up and which bank was more "friendly".

 

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It took 10 years for fisher to understand he don't need to take loan for bigger boat?

If I'm him, I would had plan to repay the load faster after 2 years.

For example, taking another loan for another boat & rent the first out.

Income from rental can covers the loan installment + profits.

Profits adjusted to cover interest & maybe some portion of loan amount for 2nd boat.

 

Of course, this logic doesn't apply to all which can be debatable until the cow comes home.

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Tats the problem with most sales person , no attention to details and try to beat around the bush. So sorry for the harsh words. No offense. Just citing examples. Dude , i already mention fishing is his hobby and he was so good that he is doing it for a living. Meaning he loves what he is doing and can do it almost everyday. By the way this is a real life example , he is one of my uncles. Though he is not a full time fisherman but he doesn't really need money , end up with a kelong which is a simple waste of time for him when what he likes is to fish.

 

Issue is when a person already has enough in life , why bother to "sell" him things that he doesn't need?

 

Many a times, we are sold things that we want, not necessarily things that we need.

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(edited)

I look through my credit bureau report. Surprised that my old car (which I get a loan from Tokyo Century) loan record was not in the bureau report.

 

But DBS, Hong Leong, Stan Chart car loans are reflected.

 

Why was Tokyo Century omitted?

Edited by song77
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bank and finance co. is  different?

 

may i know if the credit bureau report includes assets like properties we possess?

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Turbocharged

I look through my credit bureau report. Surprised that my old car (which I get a loan from Tokyo Century) loan record was not in the bureau report.

 

But DBS, Hong Leong, Stan Chart car loans are reflected.

 

Why was Tokyo Century omitted?

Tokyo Century is not a member of CBS, hence the omission:

 

https://www.creditbureau.com.sg/about_cbs_members.html

bank and finance co. is different?

 

may i know if the credit bureau report includes assets like properties we possess?

https://www.creditbureau.com.sg/about_cbs_members.html

 

It only includes properties which you still have private loans on, such as real estate and cars.

 

It also lists the number of credit cards and overdraft facilities, the granted credit amounts, whether one has been paying on time, and if there are any bankruptcy or debt management programs.

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Tokyo Century is not a member of CBS, hence the omission:

 

https://www.creditbureau.com.sg/about_cbs_members.html

https://www.creditbureau.com.sg/about_cbs_members.html

 

It only includes properties which you still have private loans on, such as real estate and cars.

 

It also lists the number of credit cards and overdraft facilities, the granted credit amounts, whether one has been paying on time, and if there are any bankruptcy or debt management programs.

 

Thank you. Informative

What's your risk grade? HH or AA?

 

Nowadays retrieving the report can be obtained freely.

 

Yes. Just give Citibank your info. You can get your report free. But since I am already a Citi customer, I dont mind giving it to them again. I think I'm still ok. :)

 

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Just wanna check if any of the bros and sisters here who are employees of local or overseas banks in Sg. Have you tried to apply for the Staff Car Loan ?

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