Maximum car loan rules are a joke

[madcampus]

can always loan from outside ma ... a lot of ppl do that so as not to affect their ABSD

what's the issue leh?

I mean I'd rather pay $10,000 COE by cash then to take $100,000 loan. No brainer decision right??

 

[dushensiao]

100% loan and suddenly owning a car becomes 'cheaper'

 

[Mecisteus]

What wrong with more loan ?

Sg only survive on loan ...

Now evened buyed thing like sofa can also taked loan

Interests free loan why not ?

 

[madcampus]

100% loan and suddenly owning a car becomes 'cheaper'

Poor people make poor decisions. Read that again 10 times.

 

[eeLoyH]

Mas and the gov did this to themselves.

they don’t control coe prices. spiral from 30k to 100k

Up and above they increase the tax for incoming cars causing cost to spiral

cheap car that cost 70 - 90k now cost 200k onwards

people who need cars will take those high interest low downpayment loans

 

[nonameless]

Ppl nowadays no debt no life, must have high upkeep then shiok.

 

[pushtopen]

Back when COE was cheap, only have shady dealers offering the funny schemes.
Now ADs are openly advertising $X drive away.

anyway, last time also 10% downpayment only

but they added barrier to entry for most sinkies by stipulating 40% dp

 

[hoolala]

anyway, last time also 10% downpayment only

but they added barrier to entry for most sinkies by stipulating 40% dp

But no need 40%dp if u taking loan from car dealers

 

[pushtopen]

But no need 40%dp if u taking loan from car dealers

take loan from non-bank lenders you mean?

 

[page||]

So many dealers offering all sorts of schemes to bypass the rule.

Even ADs also join in the party and openly advertising "flexible financing" options.

MAS sleeping?

Go stir pls… dunno since how long still playing this game

 

[A Better Tomorrow]

Bound to have ways to bypass rules and regulations for diehard car owners to continue driving or have their first experience.

How these people finance it, it all comes to different forms of interests and payments to be deal with and it snowballs into something that cannot be dealt with, either go for debt consolidation or a restart into another life.

 

[hoolala]

take loan from non-bank lenders you mean?

Ya. Only banks then need to abide the 40% dp rule

 

[sky00sky]

Bound to have ways to bypass rules and regulations for diehard car owners to continue driving or have their first experience.

How these people finance it, it all comes to different forms of interests and payments to be deal with and it snowballs into something that cannot be dealt with, either go for debt consolidation or a restart into another life.

if want to patch up very easy de..just lazy or just monitor monitor lor.

Just slap the whole industry (secured / unsecured / all those funny money lending things) under a blanket law everything need identification and put all information into "credit report".

If tio the whole company including the directors goes under some "fraud" with jail and fine 300% like tax Evasion, then the car also kanna repossed.

 

[C_boliao]

Else how to make car “affordable” like our HDB?

U need to pay around 2k monthly to own a car. Depre + running cost.

Say you earn 5k monthly. Take home 4k. U are using 50% of your monthly pay for car.

How does this makes sense

 

[English Teacher]

So many dealers offering all sorts of schemes to bypass the rule.

Even ADs also join in the party and openly advertising "flexible financing" options.

MAS sleeping?

Give Grab drivers a chance to work.
They don't have cash for downpayment but strong monthly cash flow

 

[Laguna123]

U need to pay around 2k monthly to own a car. Depre + running cost.

Say you earn 5k monthly. Take home 4k. U are using 50% of your monthly pay for car.

How does this makes sense

In a way, owning a car doesn’t make sense in sg unless it’s for work purpose.

 

[Mr Duck]

Not worth to loan. Zero drive away is chut pattern. Dealers earn from the bank commission. Drive half way you sell and see. Car no more but loan still with you.

 

[rtfm38]

COE is the goose that lays the golden eggs, must take care and do nothing.

 

[wlalala]

Give Grab drivers a chance to work.
They don't have cash for downpayment but strong monthly cash flow

PHV already not subjected to the loan rule.

 

[zueinder]

Don't laugh. Now housing loan going to that direction.