Loan for COE Renewal?

[Optramagnum]

Taking loan for COE renewal is nothing to be shameful about. I don't understand why ppl must pass such remarks like asking TS to take public Transport..

Even most ppl who buy new car also repay COE by monthly installment, isn't it? Unless you pay in full, that's another thing.

[currypuff]

Take loan not lao kui lah... Just go within your means can already. Just curious... Wats your ride? why not consider 10yrs coe so your depreciation is actually lower.

[Ct3833]

Taking loan for COE renewal is nothing to be shameful about. I don't understand why ppl must pass such remarks like asking TS to take public Transport..

Even most ppl who buy new car also repay COE by monthly installment, isn't it? Unless you pay in full, that's another thing.

I didnt say hor, he himself said that and I just cut and paste what he said. But on a serious note, if you read his situation, the car is parked at carpark most of the time, considering his financial situation, i still advise him to invest his money instead of  renewing COE. Or if he choose not to invest, just park the money into some FD. It is not worth writing off money this way.  

[Andy83]

"If COE renewal also need to loan, might as well take public"

 

I am disturbed by the above statement.

 

Who are we to judge? TS merely asked for opinions, he didnt ask to get judged on his financial circumstances.

 

Let him be. Its his money and he's free to do what he wants.

 

Remember, life is like a wheel. You may be on the up now, but life can come tumbling down at any moment.

 

Yes TS asked for opinions, and I noted that forumers here are sincerely giving their honest opinions. I am not sure if TS stated anywhere that he did not want to get judged based on his financial circumstances. Further, perhaps you can be clear about what it means to get "judged" on financial circumstances. For as we know, the word "judge" is oft thrown around incoherently in defensive arguments.

 

According to your logic - if it's the TS' money, let him be and he's free to do what he wants. In the same vein, it's the forumer's keyboard and perhaps we shall live and let live and let him type whatever he wants. As long as all are done within ethical and legal boundaries.

 

The opinion that one shall take public transport instead of renewing an unaffordable COE is neither offensive nor derogatory. This opinion is possibly also made in hundreds of other threads in the archive of this forum alone. I surmise that it disturbs only the individual who secretly knows he is living beyond his means. I rest my case. 

[Terrylmt]

Wah lau. Relax folks!

 

[currypuff]

Wah lau. Relax folks!

 

And also have a happy deepavali

[Andy83]

"If COE renewal also need to loan, might as well take public"

 

I am disturbed by the above statement.

 

Who are we to judge? TS merely asked for opinions, he didnt ask to get judged on his financial circumstances.

 

Let him be. Its his money and he's free to do what he wants.

 

Remember, life is like a wheel. You may be on the up now, but life can come tumbling down at any moment.

 

Remember, life is like a wheel. You may look as if you are on the up now by buying something beyond your means, but life can come tumbling down at any moment, easily. 

[Yhn]

1  ' for your used car '-- 

You may end up with a lemon

 

2  ' parts that are potentially waiting to break down ' --

imo , dashboard and parts of plastic materials may suffer but no big issue if car had been inside MSCPs which are all over the island.

Parts like mountings, under carriage connecting rods , arms, joints etc are not expensive to renew.

 

And you know your car history to begin with if you decide to renew COE.

 

 

 

This is my preferred route to go with owing to a few considerations:

1. If going by the scrap value, you potentially have $17K to put as downpayment for your used car, and that means you can afford to buy a used car valued at 56-57K with PARF value at the end of its COE life.
2. Your current car, whilst under-utilised, is also under-serviced. Meaning there could be parts that are potentially waiting to break down in the subsequent years of usage that you will have to fork out for, and you could be spending a good part of your time and money for that.
3. Being under-utilised means that you potentially can sell the car on your own for a reasonable price which would then add to your ability to fork out more downpayment or save cash for the used car's maintenance/upkeep.
4. Since you are already going for a loan, why not consider taking a lower interest loan (i.e. 2.88%, or sometimes 2.18% if on bank promo) than the COE loan? 

Hope that helps.

 

[Perspectivism]

"let him be , let him do whatever he wants"

 

Sounds like a typical sales executive. No wonder people nowadays are neck high in debt.

[Mzrmazda3]

You may wanna do up your maths since you have about 17K on hand to either renew the COE of your current ride or to get another 2nd hand ride.

 

If your current ride is well maintained and spare parts are readily accessible then you may wanna consider to renew the COE for it and maybe in 10 years tenure instead of 5 years as you would need to forgo your parf value of 7K. Take note that the road tax for COE ride which increase in 10% each year until it's 5th COE year and i think that you will need to send your ride for inspection yearly. Check also if insurance coverage is only for 3rd party instead of the usual comprehensive. COE renewal interest is 3% plus

 

To loan in order to pay for COE renewal is no wrong and is up to individual    

 

 

Edited October 19, 2017 by Mzrmazda3

[peachtea298]

I don’t get why people are looking down at those who renewed their car? Like its their car and its their money. I admit that if i were given a chance to drive a COE & take public i would rather drive that COE car. People wanna say what say. They wanna say take public better than drive COE car let them say. End of the day is you who decide not those ‘atas’ people. Even if its a COE car, you’ll still enjoy your ride. Rather than being cramped in a train and smelling those body odour. Like what some say. Life is like a wheel. So just heck care what those ‘atas’ ppl say and do what you think will benefit you ;)

[Maxus-MIFA9]

Just renewed my COE which would have ended today, 17 Oct 2017.

 

Had thought of getting a staff loan but after doing the sums, we decided not to and paid up 42.5 k in full 

 

Wahhhhhhh............ "Oo Lui Lang" aka rich man spotted.....

 

 

Your nic Count-Bracula  !!!

 

you import & sell brand new one or 'used' one to pay full cash for your COE......

 

 

[Count-Bracula]

Wahhhhhhh............ "Oo Lui Lang" aka rich man spotted.....

 

 

Your nic Count-Bracula  !!!

 

you import & sell brand new one or 'used' one to pay full cash for your COE......

 

 

bo pian . . . need the car. 

 

lucky got a few castles to rent out . . . . BRA hahaha! 

[Optramagnum]

Renew coe, buy 2nd hand or new car doesn't really matter to me.. As long it can improve my life.. I stay in East and work at boon lay, in exchange for more time for family.. Also, can bring them out during weekends..

[Stratovarius]

 

Hi guys,

 

just a quick question and discussion.

 

Is it common to take up loan for COE renewal ? 

 

Well i understand that some may say words like

"if you need to loan for COE renewal, you might be better off taking public transport" 

 

but well, just trying to find out here, afterall this is my father's car and he has retired and doesn't need the car anymore, thus everything is on me now.

 

I googled for some financial institute that does loan for COE, cheapest i saw is 3.2% for 7 years repayment.

 

Just wondering if you guys have other suggestions or recommendations. 

 

Feel free to comment bros.  Sorry if this post is not suppose to be here, as you can see, newbie here 

 

Renewing COE is def okay if the condition of the car is good. I always say, reserve 5 to 10k cash for maintenance/overhaul of old cars. Work out your finances on car ownership and try to take minimum loan. I would say 20~30k in 3 years repayment. Interest rates for cars are crazy that's why many people here say don't take loan.

[Agent008]

I also need to take loan...no money from property deals.

[Angcheek]

bo pian . . . need the car.

 

lucky got a few castles to rent out . . . . BRA hahaha!

Waaa afew castle somemore Bra-de hell ...

[xinz]

"If COE renewal also need to loan, might as well take public"

 

I am disturbed by the above statement.

 

Who are we to judge? TS merely asked for opinions, he didnt ask to get judged on his financial circumstances.

 

Let him be. Its his money and he's free to do what he wants.

 

Remember, life is like a wheel. You may be on the up now, but life can come tumbling down at any moment.

 

I guess he didn't know it is tantamount to looking down on others and even bullying. I hope he didn't mean it.