Singapore impose Max 50% loan for Motor Vehicle

[kcng]

MAS Imposes Financing Restrictions on Motor Vehicle Loans

Singapore impose 50% loan for all auto vehicle and max tenure is 5 years.

So Malaysians, you can have loan up to 9 or 10 years at 90% loan (some even full loan).
Still want to bitch about it?

 

[Zeroshift]

Wow! First, they increase the COE till sky rocket price. Now, they are only allowing people to take only 50% loan...

Normal working citizen in Singapore really won't be able to afford a car there already man...

 

[papagoines]

at least they got proper public transport....

not to say this restriction is fair la... kesian to lower income group too

 

[arturo]

the restriction sux...but they have alternatives.

i guess its the price to pay for order and less traffic jams.

 

[vr2turbo]

MAS Imposes Financing Restrictions on Motor Vehicle Loans

Singapore impose 50% loan for all auto vehicle and max tenure is 5 years.

So Malaysians, you can have loan up to 9 or 10 years at 90% loan (some even full loan).
Still want to bitch about it?

In MY they want P company to survive mah! but 9 years loan you think no need pay interest ah? Car Loan interest is up front, means x 9 times, means buyer pay until fulat or die paying....

 

[arturo]

exactly VR2...

higher down payment means less interest wasted...

 

[YYC]

Actually it's a good thing to reduce the loan margin. Good for everybody. Consumer buys car based on ability, no money don't buy car and not being a bank's slave. Bank has less exposure. Don't agree meh? Look, how many people here bought car on 100% loan? Chances are most of them don't have the money in the first place. Somehow car salespersons say that's okay, you give them IC and payslip they give you the car, that's funny. If they stopped paying halfway, that's NPL for the bank, bad news for both party. Debt recovery? Auction it off bank actually doesn't make money. The poor fella being without car now back to square taking buses cum being in the CRISS CTOS hall of fame. So the only beneficiary here is the government, car dealer and the salesperson.

 

[escksu]

at least they got proper public transport....

not to say this restriction is fair la... kesian to lower income group too

SG don't have proper public transport pls.... IT SUCKS..... SG public transport SUCKS BIG TIME..... Crappy train, crappy bus.

Always breakdown.... useless train service.......

---------- Post added at 05:59 PM ---------- 6 hour anti-bump limit - Previous post was at 05:57 PM ----------

Actually it's a good thing to reduce the loan margin. Good for everybody. Consumer buys car based on ability, no money don't buy car and not being a bank's slave. Bank has less exposure. Don't agree meh? Look, how many people here bought car on 100% loan? Chances are most of them don't have the money in the first place. Somehow car salespersons say that's okay, you give them IC and payslip they give you the car, that's funny. If they stopped paying halfway, that's NPL for the bank, bad news for both party. Debt recovery? Auction it off bank actually doesn't make money. The poor fella being without car now back to square taking buses cum being in the CRISS CTOS hall of fame. So the only beneficiary here is the government, car dealer and the salesperson.

The problem here is that car is way way too expensive to begin with.... A 1.3L Proton Saga Cost over SGD100K..... Madness.... Now you have to pay $50K cash to buy a Proton Saga.....And still need to loan 50K......

Thank you PAP gahment...... I want to migrate to JB to live.

 

[ixeo]

The island is only so big, you can only put so many cars on the road. If everybody own cars the island will turn into a giant parking lot.

 

[PocketRocket]

 

[6UE5t]

SG don't have proper public transport pls.... IT SUCKS..... SG public transport SUCKS BIG TIME..... Crappy train, crappy bus.

Always breakdown.... useless train service.......

---------- Post added at 05:59 PM ---------- 6 hour anti-bump limit - Previous post was at 05:57 PM ----------



The problem here is that car is way way too expensive to begin with.... A 1.3L Proton Saga Cost over SGD100K..... Madness.... Now you have to pay $50K cash to buy a Proton Saga.....And still need to loan 50K......

Thank you PAP gahment...... I want to migrate to JB to live.

Well Sing public transport is still miles above any countries in this region already! You should try public transport in Indonesia then you know the true meaning of suck!
Actually I kinda agree to have max loan limit reduced to 50% but the car prices should be lowered as well by maybe 40-50%. I wish they do that here in Malaysia. :)

 

[vr2turbo]

Actually it's a good thing to reduce the loan margin. Good for everybody. Consumer buys car based on ability, no money don't buy car and not being a bank's slave. Bank has less exposure. Don't agree meh? Look, how many people here bought car on 100% loan? Chances are most of them don't have the money in the first place. Somehow car salespersons say that's okay, you give them IC and payslip they give you the car, that's funny. If they stopped paying halfway, that's NPL for the bank, bad news for both party. Debt recovery? Auction it off bank actually doesn't make money. The poor fella being without car now back to square taking buses cum being in the CRISS CTOS hall of fame. So the only beneficiary here is the government, car dealer and the salesperson.

Only if not many default in their loan. Like the financial crisis back them, the bank take the cars also have to find parking space for them....
The poor fella also not back to square one but have to take a few steps back because still have to service the interest and loan...

 

[kcng]

i dont think lowering the price of cars will help...

as it is now, a second hand viva with 9 years loan also got so many ppl defaulting, what makes u think lowering the price of cars will help to counter this?
lol

heck even a honda cub loan also can default...

 

[vr2turbo]

i dont think lowering the price of cars will help...

as it is now, a second hand viva with 9 years loan also got so many ppl defaulting, what makes u think lowering the price of cars will help to counter this?
lol

heck even a honda cub loan also can default...

Lower the price, more will buy and then more default?.....

 

[kcng]

Lower the price, more will buy and then more default?.....

bank wont even loan...


will tell them to instead...