Jump to content

Downpay ferrari at just 30k?


StreetFight3r
 Share

Recommended Posts

Hypersonic

To each his own, but if he takes huge loan to buy $200k car and then crash and burn, nobody will or should help.

 

My first car was a 16yr old costing $24k back in 1999. Full cash settle, private seller to private buyer

 

wah boss...back then just graduate nia, already can buy $24k car full cash

 

gold mountain backing ah?

 

:a-m1212:  :D 

↡ Advertisement
Link to post
Share on other sites

wah boss...back then just graduate nia, already can buy $24k car full cash

 

gold mountain backing ah?

 

:a-m1212::D

Simi graduate already working a while

Wipe until hands blister.

Save money but blow it on car.

 

You think i am fu er dai like some of the big bosses here?

Edited by Throttle2
Link to post
Share on other sites

Turbocharged

So long as one can afford to pursue that dream, why not?

Man's dreams... Neverending one la.

At first want a car, buy already want more power.

Buy turbo then itchy again and dream of conti.

Buy already then dream conti with more power

  • Praise 2
Link to post
Share on other sites

Man's dreams... Neverending one la.

At first want a car, buy already want more power.

Buy turbo then itchy again and dream of conti.

Buy already then dream conti with more power

  • Praise 1
Link to post
Share on other sites

Yah.. never-ending 1.. But on the bright side, at least there are some motivation for guys to work harder to maintain or improve their lifestyle. Otherwise, life very depressing leh.

Hmm, that means the higher loan I take the more motivated I will be to earn money, let me go think about it again. Haha. But unable to praise you for now.

 

Generally speaking, the one who buy 80k car will take a certain amount of loan and the one who buy 200k car will also do like wise, but both must have calculated their financial before making their decision.

Next scenario, the one who buy a 80k car using full cash is likely an older person than a person who use the 80k to pay for downpayment of a 200k car. It is about priority in life and forward earning power.

Edited by Ct3833
  • Praise 2
Link to post
Share on other sites

Hmm, that means the higher loan I take the more motivated I will be to earn money, let me go think about it again. Haha. But unable to praise you for now.

 

Generally speaking, the one who buy 80k car will take a certain amount of loan and the one who buy 200k car will also do like wise, but both must have calculated their financial before making their decision.

Next scenario, the one who buy a 80k car using full cash is likely an older person than a person who use the 80k to pay for downpayment of a 200k car. It is about priority in life and forward earning power.

oh. no la.. i meant that in order to buy that 200k car (for whatever reason), one will work harder to achieve that. Of cos buying an 80k car full cash will make financial sense. But sometimes there are other factors affecting the decision to buy which car.

  • Praise 2
Link to post
Share on other sites

eh? i thought you only buy new cars

You thought wrong.

All the laojiaos here know that i advocate pre own becos i change cars usually within 2yrs

 

I have only bought 3 brand new cars in my whole life

GLC250, i bought new becos unemployed, no salary, probably drive for 10 yrs

yes....

 

:D

If i am Fu Er Dai, i tok.

If i am not, you tok, ai mai?

 

You should know better, you the Sifu, Sifu @enye

Edited by Throttle2
  • Praise 2
Link to post
Share on other sites

Hmm, that means the higher loan I take the more motivated I will be to earn money, let me go think about it again. Haha. But unable to praise you for now.

 

Generally speaking, the one who buy 80k car will take a certain amount of loan and the one who buy 200k car will also do like wise, but both must have calculated their financial before making their decision.

Next scenario, the one who buy a 80k car using full cash is likely an older person than a person who use the 80k to pay for downpayment of a 200k car. It is about priority in life and forward earning power.

Bro, i agree that the age is a key factor becos young people like to show.

Can afford downpayment, means can whack already.

Have seen so many of these.

Earn $150k only buy $250k car.

 

For many of us prudent, down to earth folks, ping ping an an, can already.

No need Bugatti, Porsche ok liao. Sometimes Honda can do too.

 

 

  • Praise 1
Link to post
Share on other sites

Turbocharged

If you can't pay, I'd simply tow the car back and sue you for bankruptcy. If five out of 10 cases continue to service their loans, I would have made money from the high in-house interest rate, which is twice the amount that the banks offer

And if the buyer set up a $2 pte ltd?

Link to post
Share on other sites

If dun have the 30k deposit no need to worry.

 

I just got an SMS saying need help?

 

Cash loans available no need pay slip or good credit rating.

 

So you can have 100% loan if you like.

 

:D

  • Praise 3
Link to post
Share on other sites

Wayang or got teeth this time?

 

Probe into car loans aimed at avoiding financing rules
 
PUBLISHED AUG 14, 2019, 5:00 AM SGT
 
MAS, other agencies tracking loans to buyers from financial and non-financial institutions
 
Joyce LimSenior Correspondent 
 
The authorities in Singapore are looking into car loans to detect whether there have been attempts to circumvent car financing rules.
 
The Monetary Authority of Singapore (MAS) told The Straits Times that it is working with other agencies to monitor these loans that financial and non-financial institutions are giving buyers.
 
But any change in the car financing rules will be weighed against the adverse impact on private-hire car operators, added the MAS yesterday.
 
An Aug 4 report in The Sunday Times had highlighted a loophole in car loan regulations such that all a buyer had to do is to register a company to legally obtain a 90 per cent car loan.
 
Currently, MAS loan rules require at least a 40 per cent cash down payment on the purchase price of a car with an open market value of more than $20,000.
 
The Sunday Times found that some used-car dealers are openly advising buyers to include "renting and operating of private cars without operator" as the business activity when registering their businesses with the Accounting and Corporate Regulatory Authority.
 
This will show that their cars are being used to generate an income, which will facilitate a higher loan.
 
Loans to buy private-hire cars are exempted from the MAS' car financing rules, "so as not to constrain credit to individuals and businesses conducting private-hire businesses", said an MAS spokesman in response to queries.
 
"Any tightening of the car financing rules (including changes to or removal of the private-hire car exemption) to address cases of circumvention would have to be weighed against the adverse impact on genuine private-hire car operators," the spokesman added.
 
Official figures show the number of private-hire cars - which include those used for chauffeured services such as Grab, and self-drive ones - has quadrupled from 16,396 in 2013 to 66,480 last year. Those meant for self-driving increased by 34 per cent, from 15,782 in 2013 to 21,138 last year.
 
Industry watchers said that increasingly, buyers who cannot afford to come up with high cash down payments and need big loans are turning to car dealers' in-house car financing schemes, which do not come under the MAS' purview.
 
These buyers generally go for high-end cars that are more than seven years old or cars with renewed COEs.
 
A fortnight ago, The Sunday Times visited Motorway, one of the largest dealers of pre-owned supercars in Lower Delta Road, and was offered a 90 per cent loan option after this reporter showed interest in a Ferrari with its COE renewed till 2029, priced at $298,000.
 
This meant that only $30,000 was required for the cash down payment instead of $119,200. The offer was available only from Motorway Credit, not from banks or other finance firms, said the salesman.
 
As Motorway Credit is not an MAS-regulated financial institution, it is "subject to the car financing restrictions under the Hire Purchase Act and corresponding regulations, where it offers car financing in the form of hire-purchase arrangements", said the MAS spokesman.
 
Mr Raymond Tang, chief education publicity and recreation officer of the Hire Purchase, Finance and Leasing Association of Singapore, said he has noticed more used-car dealers providing in-house financing schemes. "Many people have opted to renew the certificates of entitlement (COEs) for their cars, and banks do not provide car loans to COE cars, so we have to do it," said Mr Tang, who is also managing director of Yong Lee Seng Motor.
 
Lawyer Josephus Tan, managing director of Invictus Law Corporation, said there will always be people who try to work around regulations to buy a car. He added that it may be time for "various stakeholders to look into the current regulations and clarify their respective positions and, if need be, amend the legislation accordingly" to plug any loopholes.

 

 

https://www.straitstimes.com/singapore/transport/probe-into-car-loans-aimed-at-avoiding-rules

  • Praise 1
Link to post
Share on other sites

Twincharged

Bro, even for used cars , can share how u minimise loss if u change cars every 2 years?

target 8 year old? or 3 or 5 year old? or coe cars? 

Repairs and if unlucky kenna lemon, the costs can add up to a lot 

 

 

You thought wrong.
All the laojiaos here know that i advocate pre own becos i change cars usually within 2yrs

I have only bought 3 brand new cars in my whole life
GLC250, i bought new becos unemployed, no salary, probably drive for 10 yrs

If i am Fu Er Dai, i tok.
If i am not, you tok, ai mai?

You should know better, you the Sifu, Sifu @enye

 

  • Praise 9
Link to post
Share on other sites

what is someone whom bought a $200k car with 60% loan. Is he not stupid by just using the 40% dp to just pay for a $80k car and remain car debt-free?

 

I like to hear opinions on such cases... [laugh]

Different priorities lor.

Uncle with family just need a P2P car that kena scratch or kerb rash also bo chap, cos still need to worry about kids spelling, maid problems, MIL birthday, etc etc

Young punk needs $200k car to impress girls. Can spend 70% of salary on car maintenance. Got time to wash, polish etc etc

  • Praise 2
Link to post
Share on other sites

Bro, even for used cars , can share how u minimise loss if u change cars every 2 years?

target 8 year old? or 3 or 5 year old? or coe cars?

Repairs and if unlucky kenna lemon, the costs can add up to a lot

In the early years, i bought 7-8 yr old cars.

Always directly from owners. Full cash mah

So i got decent honest assessment of the car through owners.

Buy from dealers, you wont know anything.

And i only pay depre plus parf so risk is low.

Next, i buy 3rd party FT insurance which is cheap. Full cash mah

 

In the later years, i earn a bit more money, so i bought slightly newer cars

Eg. My 525i was 2.5 yrs, my CLS 350 was also about 2.5yrs

Most of my cars, i lost only depre straightline, except for all the new cars all lost easily 30% in 2 yrs.

 

When buying car, high mileage is not an issue.

Good maintenance is key

If Low mileage, could be Lemon.

Check service records of what has been done

Most importantly, know where to buy parts and where to do servicing.

ADs are the worst. After warranty, i never go back to AD

 

Good luck

  • Praise 6
Link to post
Share on other sites

what is someone whom bought a $200k car with 60% loan. Is he not stupid by just using the 40% dp to just pay for a $80k car and remain car debt-free?

 

I like to hear opinions on such cases... [laugh]

In SG... many prefer big brand to show off their status.

 

It’s like getting LV bag but inside dont have money.

 

$80k can fully paid a toyota.. but many would prefer a mercs..

 

Thats why when my car is tow to workshop, i always ask the tow truck uncle... and they always say everyday, they always tow mercs, bmw, expensive cars... cos the owners cant pay instalment.

 

In sg, status more impt...

↡ Advertisement
  • Praise 3
Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...