Getting second hand car 100% loan

[Jspare]

hi, i am looking into getting a second hand car within the 60days for full100% loan..
but after visiting many car dealers, all their response is that the car eligible were all sold out... is it really true that the business is so good? or any chance are they controlling there stock in order to push up the price for the cars... any expert can advice? thanks!

 

[CCCustom]

I find that hard to believe.

According to my reliable source, banks are still swamped with car loans applications daily.

1 interesting thing to note though - (as mentioned before) banks are offering dealers higher commission for higher interest rate loans, but if a loan application is submitted at the lowest interest rate (i.e. 2.28% currently) they will still process it. Dealers however, are now trying to cash in on that increased commission by enforcing 2.28% only for 100% loans, and applying as high as 2.88% for 50%/60% loans.

 

[Dragon]

hi, i am looking into getting a second hand car within the 60days for full100% loan..
but after visiting many car dealers, all their response is that the car eligible were all sold out... is it really true that the business is so good? or any chance are they controlling there stock in order to push up the price for the cars... any expert can advice? thanks!

This may answer your question:
43% of used cars qualifying for full loans sold at halfway mark - Channel NewsAsia

Hope this helps.

 

[HeadQuarters]

hi, i am looking into getting a second hand car within the 60days for full100% loan..
but after visiting many car dealers, all their response is that the car eligible were all sold out... is it really true that the business is so good? or any chance are they controlling there stock in order to push up the price for the cars... any expert can advice? thanks!

I doubt they will bluff u. If have car, y wont they sell u?

 

[tmfwy]

hi, i am looking into getting a second hand car within the 60days for full100% loan..
but after visiting many car dealers, all their response is that the car eligible were all sold out... is it really true that the business is so good? or any chance are they controlling there stock in order to push up the price for the cars... any expert can advice? thanks!

The 100% loan cars are in limited supply with overwhelming demand.

IMO, if threadstarter really wants a car with limited cash upfront

a. Lower expectation and choose a car which is not popular
b. Save u
c. Take up those with real Hire Purchase schemes..

 

[Jspare]

thanks for all the advices! guess i will have to think of another plan to get my car

 

[arianwen]

thanks for all the advices! guess i will have to think of another plan to get my car

Quite a few dealers are switching to leasing schemes.. you might want to check it out. But the price is rather expensive though.

 

[touchme]

I doubt they will bluff u. If have car, y wont they sell u?

Nowadays sell unavailable things, easier and better prices.
Everyday I tell customers 'fully booked', then they will quickly cfm and pay full in advance..
Otherwise, tell them 'Anytime', they start acting bossy, and won't come.

 

[HeadQuarters]

Nowadays sell unavailable things, easier and better prices.
Everyday I tell customers 'fully booked', then they will quickly cfm and pay full in advance..
Otherwise, tell them 'Anytime', they start acting bossy, and won't come.

Contradicting leh...

If they can really "pay full in advance", then what's the hurry for them? Knowing that dealers hv jacked up the prices now to chop gao gao those no $ but die die wan buy car peepo, they would hv waited till the grace period is over.

 

[Jspare]

ohya, and is anyone familiar with onwheels.com.sg?
Are those car posted there genuinely available?

cos previously i surfed through sgcarmart, saw the car available for 100% loan but when i get down to the showroom there is actually no such offer there...

 

[xuexun]

wats the maximum percentage downpayment i can make for a used car?

 

[AL5509]

wats the maximum percentage downpayment i can make for a used car?

Max %?
110%!
100% for the car. 10% to tip the dealers!

Lolzzz

Do you mean the minimum?

 

[imreallyugly]

ohya, and is anyone familiar with onwheels.com.sg?
Are those car posted there genuinely available?

cos previously i surfed through sgcarmart, saw the car available for 100% loan but when i get down to the showroom there is actually no such offer there...

same thing happened to me too. went down then its not the same car. they try to switch you to get other model.

 

[tk]

bait n switch ah...

 

[xVrooMx]

lol.. wanted to trade in my car for bigger car... go Ubi car mart walk one 1 level go home liao.. rather keep my ride till end and pay the 40% or 50% dp... they push perodua kancil OPC to me i was like facepalmed!!

 

[jinmuddy]

lol.. wanted to trade in my car for bigger car... go Ubi car mart walk one 1 level go home liao.. rather keep my ride till end and pay the 40% or 50% dp... they push perodua kancil OPC to me i was like facepalmed!!

haha the irony of it all. You pay more to trade down.

 

[Capitalist]

lol.. wanted to trade in my car for bigger car... go Ubi car mart walk one 1 level go home liao.. rather keep my ride till end and pay the 40% or 50% dp... they push perodua kancil OPC to me i was like facepalmed!!

What's your present ride leh?

Such that a Kancil is an 'upgrade'?

Or did you fail to mention your intent (along with the identity of your present ride)?

 

[d3n]

but after visiting many car dealers, all their response is that the car eligible were all sold out...

might be true... i take train pass by this dealer (the place quite big one near holland).... used to see lots of cars but now like left 25% only.

 

[something]

but the price won't drop... why ya?...

 

[jinmuddy]

but the price won't drop... why ya?...

Its a matter of who blinks first.

They are still potential buyers out there who want to take a high loan. The dealers have probably let go of some of their stocks fast and keep some so that to keep the business going. Else they still be paying rent for an empty showroom. These are the units they have identified to be more profitable potentially.

They have, however, a dateline to keep to set by LTA. For those dealers who intend to exit the market altogether in view of the new financial restrictions, can expect them to sell at a lower price nearer to date of expiry.