Loan for renewal of 5yr COE

[Little_prince]

Some car owners need just a b&b car to ferry old folks to and fro hospital or need the car for sales job. Not for haolian.

 

not saying that it's for hao lian

 

drive a renew coe car, what's there to hao lian.

 

but if money is so tight that you can't even take out 20k, then you'd be better off saving money without the car. take uber or something. 

[Little_prince]

no

 

once renew no more parf.

 

 

sorry TS, OT a bit ....

 

If I am buying a near 10-yr car with intent to renew COE, is there a way that (a) previous owner get back PARF and (b) I just renew COE, without absorbing PARF depreciation?

 

TIA ...

 

[Lava]

some forumers mentioned that if one can't be able to afford 20k coe than better not to drive, their point is if one at such a tight budget than is necessary to save up the money for rainy days rather than looking high and low for loan to finance coe payment.

 

zero liability is the best way of life.

 

[flashbang]

How about looking for a car dealer that is willing to buy your car and renew the COE, then sell it back to you? For the right amount of fees, I'm sure there will be a dealer willing....

[Galantspeedz]

 

hi,

 

my car due in 3 mths time and I want to keep my spare cash for other usage at the moment instead of 1 short pay up for 5 yrs renewal

called up maybank and they said the 5yr loan for >10yrs car is only for new hire purchase, not for 5yr coe renewal

 

any bros knew which company/bank can provide 5 yr coe renewal loan and are reliable ?

 

Cheers ^^

 

 

 

ABwin though not really a FI are also quite big in market... can consider

 

http://www.abwin.com.sg/services/financing/

 

or just take personal loan

How about looking for a car dealer that is willing to buy your car and renew the COE, then sell it back to you? For the right amount of fees, I'm sure there will be a dealer willing....

 

be careful not to get screwed unless is a very good friend... even then also got possibility

[Barasuishou]

How about this?

Edited March 29, 2016 by Barasuishou

[No_worries]

 

hi,

 

my car due in 3 mths time and I want to keep my spare cash for other usage at the moment instead of 1 short pay up for 5 yrs renewal

called up maybank and they said the 5yr loan for >10yrs car is only for new hire purchase, not for 5yr coe renewal

 

any bros knew which company/bank can provide 5 yr coe renewal loan and are reliable ?

 

Cheers ^^

 

 

Do take note if you renew 5 year COE, you won't be able to renew it again once the COE expires. No amount of tearing hair, begging etc to LTA would be able to change this.

 

As some forumers say, you may wish to evaluate if you still need the car. I know it is hard, but if you need to take a loan for 20 odd k, you may wish to reconsider your financial situation before you commit.

[sam138]

as mentioned in my post, i can pay 1 short but i got much better return% investing part of my spare cash elsewhere than to pay off for 5 yrs coe renewal even after taking into consideration of the interest incurred.

 

as for why i don't want to buy less than 10yrs coe car in the mkt now is because the mthly depreciation is higher than new car and my car mileage is very low and had no major problem at all.

so i decided to renew coe and had already factor in the extra road tax and yrly inspection cost and maintenance etc etc

 

BTW  my car is a WANT not a NEED but i dont mind keep the cost low la since its mainly for leisure and occasionally ferrying my folks for meals n errands.

 

if i renew 5 yrs coe + lost omv value + int% incurred, my next 5 yr yrly depreciation will be just approx 6.5k annually compare to buying 2nd hand car that easily cost 10k a yr. so thats 3.5k saving per yr on a low mileage car that i knew inside out.

 

anyway thanks to all bros advice on don't drive and take taxi, uber etc 

 

its always good to be prudent especially when times are bad now haha

 

 

[Googoo]

as mentioned in my post, i can pay 1 short but i got much better return% investing part of my spare cash elsewhere than to pay off for 5 yrs coe renewal even after taking into consideration of the interest incurred.

 

as for why i don't want to buy less than 10yrs coe car in the mkt now is because the mthly depreciation is higher than new car and my car mileage is very low and had no major problem at all.

so i decided to renew coe and had already factor in the extra road tax and yrly inspection cost and maintenance etc etc

 

BTW  my car is a WANT not a NEED but i dont mind keep the cost low la since its mainly for leisure and occasionally ferrying my folks for meals n errands.

 

if i renew 5 yrs coe + lost omv value + int% incurred, my next 5 yr yrly depreciation will be just approx 6.5k annually compare to buying 2nd hand car that easily cost 10k a yr. so thats 3.5k saving per yr on a low mileage car that i knew inside out.

 

anyway thanks to all bros advice on don't drive and take taxi, uber etc 

 

its always good to be prudent especially when times are bad now haha

 

if $$ is not a concern, just that u want to invest in that money,  then u should just renew for 10 years..so that u can drive for more than 5 years if u wish rather than force to scrap at year 15...

[Dfx16]

I'm curious what investment offer better return when COE loan interest is at 3.88%

Fix deposit of 50k with bank for 5 years the return is only 0.75%

Please share so I can also take advantage of it in future

[Mockngbrd]

3.88% not bad

[GLZT]

I'm curious what investment offer better return when COE loan interest is at 3.88%

Fix deposit of 50k with bank for 5 years the return is only 0.75%

Please share so I can also take advantage of it in future

 

Now fix deposit can get about 2-2.1% leh. No need 5years.

 

Quite alot of investments available higher than 3.88% P.A la, just that investment comes with risk. Like most reits paying out more than 5% P.A

 

[sam138]

think extend 5 yrs good enough liao, as worried after 5 yrs cant find spare parts when in need 

 

by then i should be changing to bigger cc car i guess when family kicks in n car become a NEED

 

in fact lately few of my frens extended 5 yrs too as their car also low mileage n they don't want to commit the 40% on new car that comes with max 5yr loan only

 

* as a 110k new car set u up with. min 48k cash upfront n mthly 1.3k payment for next 5 yrs, add in road tax and petrol, insurance parking, that's approx. 2k commitment per mth  for next 5 yrs.

 

so renewal looks very economical as long car condition is gd n mileage is low

 

 

[flashbang]

think extend 5 yrs good enough liao, as worried after 5 yrs cant find spare parts when in need 

 

by then i should be changing to bigger cc car i guess when family kicks in n car become a NEED

 

in fact lately few of my frens extended 5 yrs too as their car also low mileage n they don't want to commit the 40% on new car that comes with max 5yr loan only

 

* as a 110k new car set u up with. min 48k cash upfront n mthly 1.3k payment for next 5 yrs, add in road tax and petrol, insurance parking, that's approx. 2k commitment per mth  for next 5 yrs.

 

so renewal looks very economical as long car condition is gd n mileage is low

 

Definitely go check out some car dealers, they should have some "special" packages for COE loan. Be prepared to pay 3+%.

[Jman888]

Now fix deposit can get about 2-2.1% leh. No need 5years.

 

Quite alot of investments available higher than 3.88% P.A la, just that investment comes with risk. Like most reits paying out more than 5% P.A

 

But the effective rate is more than 3.88% right?

[Acapulco]

How about this?

Interest rate may be SUBJECTIVE...

[Kia7200]

Expected the no money don't buy reply

 

 

But seriously, taking loan for a 20k++ end up every month u have to pay don't know how much interest u will be paying.

[Apple-Tree]

Wah ...... you are not trying to screw him ah ........ Did you see that big star and no word of p.a. ?

 

 

No income proof ? Sound like 3.88% every week.

 

 

How about this?