Loan for renewal of 5yr COE

[archcherub]

once you think the comfort not allowing a car, consider Ubering it to continue driving

 

 

think don't uber or grab for the sake of driving a car...

 

reverse the thinking... when u need the car, call for uber /grab.

[archcherub]

so should renew COE for 5 years or not?

think 10 years is forget it ba... i doubt i can drive a car till 20 yo. i am pretty harsh on my car.

 

i read this should i renew my coe on my car

like seems quite reasonable to renew leh. my father car is COE finish soon thinking of renew for him to drive.

if not, maybe i ask him buy a vezel also. haha

[Stratovarius]

so should renew COE for 5 years or not?

think 10 years is forget it ba... i doubt i can drive a car till 20 yo. i am pretty harsh on my car.

 

i read this should i renew my coe on my car

like seems quite reasonable to renew leh. my father car is COE finish soon thinking of renew for him to drive.

if not, maybe i ask him buy a vezel also. haha

Low omv and good condition can consider to renew. Personally i prefer to renew for 10 yrs. More market value should u decide to sell in the future rather than scrap. Reserve around 5 to 10k to change wear and tear parts.

[Wildfaye29]

What about I want to buy an already renewed coe car from direct seller?

 

Left 8 years. How to get loan for the full sum? Can loan full? Interest rate?

[Evillusion]

Low omv and good condition can consider to renew. Personally i prefer to renew for 10 yrs. More market value should u decide to sell in the future rather than scrap. Reserve around 5 to 10k to change wear and tear parts.

wah.....$10k is rm 30k up north.....can do many things to the car with that kind of money!

[Stratovarius]

wah.....$10k is rm 30k up north.....can do many things to the car with that kind of money!

That's normal. Last year, I spent around 4K to change suspension components. Was thinking of overhauling the ac and coolant system which will take around another 2k. The engine was still okay. All these can easily reach 8 to 10k region. If you like to mod your ride like me, will cost even more.

[Metalslug2]

Hi anyone has any lobang for in house loan? am selling to direct buyer but all the banks only can loan for coe renewal, not the full price of the car

[Ahbengdriver]

I see a worrying trend in SG of more people taking 5 year COE loan.  Basically garmen has made car prices so expensive driving people to renew coe for 5 years when a 10 year coe renewal makes better money sense in the long run.  making car ownership a financial burden for some, whether it is a need or a want.  pay and pay.

[Jamesc]

Some one called Armani sms me offering quick loan.

 

If anyone want I can forward you the number.

 

[Kusje]

Hi anyone has any lobang for in house loan? am selling to direct buyer but all the banks only can loan for coe renewal, not the full price of the car

 

Isn't this the buyer's problem?

 

Just look for another buyer la.

[Mahjong74]

I see a worrying trend in SG of more people taking 5 year COE loan.  Basically garmen has made car prices so expensive driving people to renew coe for 5 years when a 10 year coe renewal makes better money sense in the long run.  making car ownership a financial burden for some, whether it is a need or a want.  pay and pay.

[Doppel]

I see a worrying trend in SG of more people taking 5 year COE loan. Basically garmen has made car prices so expensive driving people to renew coe for 5 years when a 10 year coe renewal makes better money sense in the long run. making car ownership a financial burden for some, whether it is a need or a want. pay and pay.

I sold my car three months ago, during a transitional period of employment (nice way of saying looking for a job while not holding down one).

 

I have regained employment, but I have not resumed car ownership.

 

Most MCF forummers are car lovers, but the cost of car ownership is exorbitant in Singapore.

 

I figured it's cheaper that I go overseas once a year on a driving holiday, to scratch my driving itch.

 

Driving in Singapore roads is stressful, and everything else associated with car ownership is expensive.

 

There is no shame in not owning a car, many people don't.

 

The worst thing you can do to yourself is to overcommit on car ownership, and in turn saddle yourself with a burdensome car loan.

 

I now wake up early to catch the early free MRT office to work; I calculated my monthly MRT transport cost to work is around $30, less than half a tank of petrol.

 

My monthly cash flow improved tremendously, because I don't have to pay all these costs associated with car ownership.

 

The feeling is liberating, and I can't imagine the kind of life that I have been going through previously, living from car payments to car payments.

 

Do I crave for a nice car? Of course! Can I afford it? Yes maybe.

 

Ask yourself: what is your most deepest motivation in owning a car? Because getting around in Singapore is definitely no issue. Is it a matter of pride? Or are there practical issues that owning a car could better address them?

[Ahbengdriver]

I sold my car three months ago, during a transitional period of employment (nice way of saying looking for a job while not holding down one).

 

I have regained employment, but I have not resumed car ownership.

 

Most MCF forummers are car lovers, but the cost of car ownership is exorbitant in Singapore.

 

I figured it's cheaper that I go overseas once a year on a driving holiday, to scratch my driving itch.

 

Driving in Singapore roads is stressful, and everything else associated with car ownership is expensive.

 

There is no shame in not owning a car, many people don't.

 

The worst thing you can do to yourself is to overcommit on car ownership, and in turn saddle yourself with a burdensome car loan.

 

I now wake up early to catch the early free MRT office to work; I calculated my monthly MRT transport cost to work is around $30, less than half a tank of petrol.

 

My monthly cash flow improved tremendously, because I don't have to pay all these costs associated with car ownership.

 

The feeling is liberating, and I can't imagine the kind of life that I have been going through previously, living from car payments to car payments.

 

Do I crave for a nice car? Of course! Can I afford it? Yes maybe.

 

Ask yourself: what is your most deepest motivation in owning a car? Because getting around in Singapore is definitely no issue. Is it a matter of pride? Or are there practical issues that owning a car could better address them?

recently went with a hiadee to Leng Kee for car shopping.  Saw the BMW 540i.  A first me and hiadee quite keen.  Then we check the price tag.  $370k !

 

Then hiadee says...salesman can give diskun yip we buy 2  cars.  Ask me what I think. 

 

There was an Ang Moh(sway Kee one) there too.  he said, this car only cost Euro $100k in Europe, which is like $150k Singapore dollars.  so you see, $150k Europe vs $370 Singapore.  In Europe, you can max the speed of this car, here we drive at 70 to 90kmh.

 

After thinking through, we left Performance Motors and went to see Harrier instead.  Brother bot.

[Doppel]

recently went with a hiadee to Leng Kee for car shopping. Saw the BMW 540i. A first me and hiadee quite keen. Then we check the price tag. $370k !

 

Then hiadee says...salesman can give diskun yip we buy 2 cars. Ask me what I think.

 

There was an Ang Moh(sway Kee one) there too. he said, this car only cost Euro $100k in Europe, which is like $150k Singapore dollars. so you see, $150k Europe vs $370 Singapore. In Europe, you can max the speed of this car, here we drive at 70 to 90kmh.

 

After thinking through, we left Performance Motors and went to see Harrier instead. Brother bot.

Good for your hiadee, who can afford a Toyota Harrier (perhaps quite easily, since he was considering the 540i at $370K).

 

In the end, all Singapore cars cost an insane amount of money. Harrier or 540i, buy what you can afford.

 

Don't go into debt buying stuff that you can't afford, to impress people whom you don't like.

[MotoristMel]

These are some reliable banks/ companies with a reasonable interest rate on loans. Got the information from sgcarmart. Not sure how much loan do you need, but keeping spare cash on hand is definitely a wise choice!

[JudeL]

To see whether a 5 year or 10 year loan renewal is better, you can use this calculator - https://www.sgcashncars.com/car-loan-financing/car-loan-calculator/

[JudeL]

To see whether a 5 year or 10 year loan renewal is better, you can use this calculator - https://www.sgcashncars.com/car-loan-financing/car-loan-calculator/

Haha, sorry guys, actually this calculator like not updated.

 

But this quite interesting, can predict the October PQP. https://www.sgcashncars.com/pqp-prediction-for-october-2018/ 

Zhun bo? Now still COE bid not out yet.

 

Wonder if my Feb 19 will be even lower. Will look out for the predictions.

Anyway, I figured that lowest depre per year, better to do 10 years renewal. 

 

Why leh? Because you give up PARF value to renew. Like about say give up $11k PARF, and only extend for 5 years very wasted. 

 

But of course must see the car can tahan or not and cheap to maintain or not. But I think most Japanese are easy to fix and parts are not expensive compared to say Audi... (Sigh, I cannot afford, haha)

[DACH]

@RadX

some people here loves your passport.