problem getting loan under DRS

[518pengyou]

I volunteered to be in DRS but then recently when I want to purchase car I keep getting rejected if not will require guarantor (Which I don't have) anyone know what can I do or any inhouse loan company that accept DRS cases?

 

[EJB]

MAS holds your credit rating. If you have bad debts or bankrupt etc, these credit ratings are made known to loan companies when they do checks.

You will need to find guarantor to get out of this until your credit rating is on the good scales with MAS. I'm not sure how long that will take.


p/s: New account, let's see will be one-hit wonder.

 

[518pengyou]

the records will be kept until DRS is fully cleared. Wondering if there is any in-house loan company that will accept without a guarantor.

 

[reddevil0728]

the records will be kept until DRS is fully cleared. Wondering if there is any in-house loan company that will accept without a guarantor.

do you need a car or do you want a car?

 

[EJB]

the records will be kept until DRS is fully cleared. Wondering if there is any in-house loan company that will accept without a guarantor.

Not possible, it goes on your credit rating. Once they see the credit rating, you're out.

p/s: wow! Not one-hit wonder.

 

[kebinu]

in house loan higher interest rate, is it still worth it? best if you can have a guarantor for the lower interest rate.

 

[EJB]

in house loan higher interest rate, is it still worth it? best if you can have a guarantor for the lower interest rate.

I believe it's the in-house requires guarantor so he went out but facing the same issue regardless where he went.

 

[fake_oranges]

ex offenders, unvax, ex bankrupt, DRS all 不是人

 

[EJB]

ex offenders, unvax, ex bankrupt, DRS all 不是人

Well, they are running a business, not a charity. They have criteria before loaning out $, they can't loan to anybody they can't get back from, thus the need for guarantor.

If you run a bank, you also will check credit rating and background before disbursing the loans.

 

[natas]

the records will be kept until DRS is fully cleared. Wondering if there is any in-house loan company that will accept without a guarantor.

U are a "high risk" borrower... which company will want to take the risk to loan u money? U need the car for leisure or to make money? Leisure then wake up from your dream. If grab or gojek, maybe can try long term renting/leasing.

 

[veryhonestguy]

I volunteered to be in DRS but then recently when I want to purchase car I keep getting rejected if not will require guarantor (Which I don't have) anyone know what can I do or any inhouse loan company that accept DRS cases?

u are already in drs, why you still even want to take in more debt?
why dont take the chance to re organized yourself financially.
it is like you are sick, but u dont want to rest and recover, and just daily go ktv and drink

 

[veryhonestguy]

I believe it's the in-house requires guarantor so he went out but facing the same issue regardless where he went.

if even in house required gurantor, means is really chalat

 

[EJB]

if even in house required gurantor, means is really chalat

Might be income ceiling issue, maybe lower wage, but some people is lower wage but got many sources of income not shown on CPF statement.

In-house or external, they are all a business run by people, there are rules and regulations. To go under DRS, might have already occurred a lot of bad debts and the interest is spiraling out of control, so one takes it up. This is still bad credit rating.

Bad credit rating refers to late repayment, high loans/credit card outstanding amounts with difficulty repaying etc. If you are a bank, finance co, would you dare to loan? We are not talking 1K or 2K, we're talking about 60-70K for a Mitsubishi Attrage (assuming 40%/30% down).

The reason to have a guarantor is so that if the buyer MIA or cannot pay, or the car is missing, where they can't repo, they can go after the guarantor.

I don't think TS is the former, so, sad to say...

 

[veryhonestguy]

Might be income ceiling issue, maybe lower wage, but some people is lower wage but got many sources of income not shown on CPF statement.

In-house or external, they are all a business run by people, there are rules and regulations. To go under DRS, might have already occurred a lot of bad debts and the interest is spiraling out of control, so one takes it up. This is still bad credit rating.

Bad credit rating refers to late repayment, high loans/credit card outstanding amounts with difficulty repaying etc. If you are a bank, finance co, would you dare to loan? We are not talking 1K or 2K, we're talking about 60-70K for a Mitsubishi Attrage (assuming 40%/30% down).

The reason to have a guarantor is so that if the buyer MIA or cannot pay, or the car is missing, where they can't repo, they can go after the guarantor.

I don't think TS is the former, so, sad to say...

that why to me, buy house, and home, if cant loan, or overstrecth no cash, dont throw everything in
income ceiling to restrain ppl from overloan, and there is a reason for it.

 

[EJB]

that why to me, buy house, and home, if cant loan, or overstrecth no cash, dont throw everything in
income ceiling to restrain ppl from overloan, and there is a reason for it.

That's the ideal world, there will be exceptions, I'm sure TS is not a bankrupt or for whatever reasons needs to go under DRS but bad credit is bad credit.

There will be people who have 0 debts (ahem..*cough*...) and there will be people who needs to scrape through hand to mouth on monthly basis... but let's not judge.

But to know one's limit is good, but it may take a rude awakening. I was browsing at RTX 3060 Ti for months and my colleague just drops by and say "aiyah, go for instalment la, no need to wait for price drop". My reply is simple...

"for a 1K item, if I need to do instalment, something is seriously wrong with my finances, which means I shouldn't be even buying the item nor considering".

To each their own, I'm not in a hurry to buy the video card, neither am I unable to afford the RTX 3090 Ti, but just like the building up of suspense until I get it. So that's life I guess....

 

[veryhonestguy]

That's the ideal world, there will be exceptions, I'm sure TS is not a bankrupt or for whatever reasons needs to go under DRS but bad credit is bad credit.

There will be people who have 0 debts (ahem..*cough*...) and there will be people who needs to scrape through hand to mouth on monthly basis... but let's not judge.

But to know one's limit is good, but it may take a rude awakening. I was browsing at RTX 3060 Ti for months and my colleague just drops by and say "aiyah, go for instalment la, no need to wait for price drop". My reply is simple...

"for a 1K item, if I need to do instalment, something is seriously wrong with my finances, which means I shouldn't be even buying the item nor considering".

To each their own, I'm not in a hurry to buy the video card, neither am I unable to afford the RTX 3090 Ti, but just like the building up of suspense until I get it. So that's life I guess....

yeah i see ppl taking up renovation loan, house loan, car loan, furniture loan
soon u see their credit card burst, and when they are in their 40s they notice they have no saving.
it amused me why ppl can said the item is cheap, but needed to take up loan

 

[EJB]

yeah i see ppl taking up renovation loan, house loan, car loan, furniture loan
soon u see their credit card burst, and when they are in their 40s they notice they have no saving.
it amused me why ppl can said the item is cheap, but needed to take up loan

That's stretching the money.

Why use $1 to buy 1 thing monthly, when you can use $1 monthly to buy 10 other things. Probably along that line.

Anyway, digress liao

 

[tkdboi]

yeah i see ppl taking up renovation loan, house loan, car loan, furniture loan
soon u see their credit card burst, and when they are in their 40s they notice they have no saving.
it amused me why ppl can said the item is cheap, but needed to take up loan

sometimes it is just spreading out the spending, so u dun touch other assets.

but agreed need to keep to a reasonable amount, and not just take instalment as a way to spend more.




Read HWZ Forum Rules!

 

[reddevil0728]

sometimes it is just spreading out the spending, so u dun touch other assets.

but agreed need to keep to a reasonable amount, and not just take instalment as a way to spend more.




Read HWZ Forum Rules!

Hope MAS go regulate those buy now pay later scheme

 

[fake_oranges]

That's the ideal world, there will be exceptions, I'm sure TS is not a bankrupt or for whatever reasons needs to go under DRS but bad credit is bad credit.

There will be people who have 0 debts (ahem..*cough*...) and there will be people who needs to scrape through hand to mouth on monthly basis... but let's not judge.

But to know one's limit is good, but it may take a rude awakening. I was browsing at RTX 3060 Ti for months and my colleague just drops by and say "aiyah, go for instalment la, no need to wait for price drop". My reply is simple...

"for a 1K item, if I need to do instalment, something is seriously wrong with my finances, which means I shouldn't be even buying the item nor considering".

To each their own, I'm not in a hurry to buy the video card, neither am I unable to afford the RTX 3090 Ti, but just like the building up of suspense until I get it. So that's life I guess....

Yah, working adults should be easily able to drop $1K on purchases anytime