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Open For Discussion - Car Loan


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Recent MAS ruling has caused a stir to car buyer and car trader :angry: .

 

MAS claimed that it is to ensure people do not over loan, however their method will in fact make certain group of buyer who really need (not want) a car but do not have enough cash by getting caught in the situation.

 

Why not MAS set up a new credit assessment body - car buyer would need to have themselves assessed so to get Repayment Capability Report before buying a car if they intend to take a loan.

 

E.g. If a person RCR is $60k, if he wish to buy a $60k car, be it new or used, he would not have to pay any down-payment, that applys to any car that is below $60k. However, if he wants to buy a $80k car, then he would have to pay the difference, which is the down-payment. By doing so, it may effectively manage the over loan issue. And MAS could at anytime adjust the rule, such as one could only loan up to 80% of his RCR...... <_<

 

I think this is more straight forward than current scheme and also good to let everyone know what is their repayment capability, so that he would not go beyond what he could afford.

 

What do you all think? [rolleyes]

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i sense yellow card coming your way... like how i kana also

 

Bro, did they inform you why you kena ?

 

Mine no notification no nothing...

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i sense yellow card coming your way... like how i kana also

 

 

bookmarked...will read after you are banned <_<

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