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Buy driect from owner
- Thread starter hitmee
- Start date
milk15
Well-Known Member
Re: Buy driect from owner
Before putting any deposit for it, make sure that you would be able to get the amount of loan needed first from bank or finance company.
The rest are transferring of ownership @ LTA and that's about all.
Aiya... forgot tell you, deposit shld have a hand written note or agreement that bears the owner's particulars + signature (Jus in case).
hitmee;230992 said:
Before putting any deposit for it, make sure that you would be able to get the amount of loan needed first from bank or finance company.
The rest are transferring of ownership @ LTA and that's about all.
Aiya... forgot tell you, deposit shld have a hand written note or agreement that bears the owner's particulars + signature (Jus in case).
yogi_lite
Well-Known Member
Re: Buy driect from owner
Banks do not entertain direct buyers, they only wanna deal with agents so if you need a bank loan, get the bank to recommend one. Or just get one to handle all the paper work for you including insurance and ownership transfer. Most charge a fee though, abt $300 to $500 if i remember correctly.
Banks do not entertain direct buyers, they only wanna deal with agents so if you need a bank loan, get the bank to recommend one. Or just get one to handle all the paper work for you including insurance and ownership transfer. Most charge a fee though, abt $300 to $500 if i remember correctly.
T6
Well-Known Member
Re: Buy driect from owner
Hitmee,
First, u wld want to be sure the car has a good history. U wld want the car's service records and have the car checked by your mechanic to make sure it is tip top. Then place a small deposit of $500 to $1,000 (but be sure the seller is the owner. Ask for proof e.g. photocopy of logcard etc. Even if car under financing, seller as hirer wld have some form of proof that he is owner. The finance copy wld have given him a photocopy of the logcard. For newer cars, not sure if there is still such a thing as logcard as everything seems be be electronic records nowadays.)
Then find a broker to do the running around for you such as financing and insurance and transfer. You wld want someone you can trust as you have to pass your NRIC to them etc to effect the transfer.
If you wld like a contact, let me know. I have been using someone from Alpine Credit for quite a few years.
Gd luck!
Hitmee,
First, u wld want to be sure the car has a good history. U wld want the car's service records and have the car checked by your mechanic to make sure it is tip top. Then place a small deposit of $500 to $1,000 (but be sure the seller is the owner. Ask for proof e.g. photocopy of logcard etc. Even if car under financing, seller as hirer wld have some form of proof that he is owner. The finance copy wld have given him a photocopy of the logcard. For newer cars, not sure if there is still such a thing as logcard as everything seems be be electronic records nowadays.)
Then find a broker to do the running around for you such as financing and insurance and transfer. You wld want someone you can trust as you have to pass your NRIC to them etc to effect the transfer.
If you wld like a contact, let me know. I have been using someone from Alpine Credit for quite a few years.
Gd luck!
milk15
Well-Known Member
Re: Buy driect from owner
Bro, nowadays no more (Kick Ball Money) liao..... Unless you over loan....
They already earn the comission from the Insurance and Loan amount liao.
I already been cheated once by my own friend, saying do loan, do insurance for me.. but need pay a fee (kick ball $). In the end found out from another friend of mine who is a 2nd car dealer that no such thing as i could pay some downpayment.
In the end then i found out he pass to an agent to do for me. The fees is not paid to the agent..... is PAID to my NBCB FRIEND !!!!!
yogi_lite;230999 said:
Bro, nowadays no more (Kick Ball Money) liao..... Unless you over loan....
They already earn the comission from the Insurance and Loan amount liao.
I already been cheated once by my own friend, saying do loan, do insurance for me.. but need pay a fee (kick ball $). In the end found out from another friend of mine who is a 2nd car dealer that no such thing as i could pay some downpayment.
In the end then i found out he pass to an agent to do for me. The fees is not paid to the agent..... is PAID to my NBCB FRIEND !!!!!
Re: Buy driect from owner
No need to pay coffee money these days, just check with the banks or any dealer friend they shd be able to settle the loan, coffee money is needed when they use their own cash to settle the outstanding loan to get log card to do transfer. so what u shd do is
confirm price n do agreement
confirm loan in principal approval (can be as fast as 1 day) shd b 3.18 now
Get Insurance quote
CHeck transfer fee
Place deposit 500 to 1k include any clauses that u want eg if u r sending for inspection etc. sign aggreement
Get log card(ask seller to settle this himself)
Meet at LTA, , pay remainder amt , do transfer at LTA pay transfer fee, get Bank to disburse amt to seller using the log card etc.(easy if use deaer for this)
Take over....must have handing/taking over state the time date of taking ie if any fines etc b4 seller will settle. also remember to have cover note ie ins activated
the most imp thing seller and buyer must trust each other else u can use third party, remember that the coffee money is cover loan redemption ie interest lost sometimes the seller will intro a dealer who will charge u coffee money to settle seller's loan. However if u get the dealer to settle everything ie loan, ins, transfer they may charge u something.
i m not a dealer i coud be wrong in some of the aspects, feel free to correct me. this is how it was the few times that i bght by my self
cheers
No need to pay coffee money these days, just check with the banks or any dealer friend they shd be able to settle the loan, coffee money is needed when they use their own cash to settle the outstanding loan to get log card to do transfer. so what u shd do is
confirm price n do agreement
confirm loan in principal approval (can be as fast as 1 day) shd b 3.18 now
Get Insurance quote
CHeck transfer fee
Place deposit 500 to 1k include any clauses that u want eg if u r sending for inspection etc. sign aggreement
Get log card(ask seller to settle this himself)
Meet at LTA, , pay remainder amt , do transfer at LTA pay transfer fee, get Bank to disburse amt to seller using the log card etc.(easy if use deaer for this)
Take over....must have handing/taking over state the time date of taking ie if any fines etc b4 seller will settle. also remember to have cover note ie ins activated
the most imp thing seller and buyer must trust each other else u can use third party, remember that the coffee money is cover loan redemption ie interest lost sometimes the seller will intro a dealer who will charge u coffee money to settle seller's loan. However if u get the dealer to settle everything ie loan, ins, transfer they may charge u something.
i m not a dealer i coud be wrong in some of the aspects, feel free to correct me. this is how it was the few times that i bght by my self
cheers
hitmee
Well-Known Member
Re: Buy driect from owner
T6,
please PM me his contact. thanks
when i say kick back i mean, when u take up a loan direct from bank, instead of paying comm to the dealer, they unofficially "kick back the comm" to u since u go direct. That is what happened for housing loan. dun they do that for car loan too?
so is it advisable to do all these myself or just pay the extra 500 600 for a broker to do it for me?
T6;231009 said:
T6,
please PM me his contact. thanks
diablo_728;231150 said:
when i say kick back i mean, when u take up a loan direct from bank, instead of paying comm to the dealer, they unofficially "kick back the comm" to u since u go direct. That is what happened for housing loan. dun they do that for car loan too?
so is it advisable to do all these myself or just pay the extra 500 600 for a broker to do it for me?
gaz
Active Member
Re: Buy driect from owner
Hi Guys, just bought my E46 320SE from this forum!!. Been driving my ride for the past week. First beemer, first purchase from direct owner. I also found out that when you walk intoa bank, your finance rates are higher. They actually want you to go through an agent. I was recommended by one SE from PML. Company's name Sin Thai Hin at Prinsep St. Pretty big outfit, having their own building. What they did is that they will full settle the oustanding loan of the existing owner and do up the loan for you from the bank of your choice. They than require both buers and purchasers to come down and sign necessary documents and will do the transfer for you. They also provide multiple insurance quotes.
Their service fee charge are only $15 per $10 000 of oustanding loan they full setle for prev owner. I ended up paying on $50 !! Very reliable staff, professional ad once u see that they own their own buiding, nothing much to worry.
I did manage to peep into the paper works and realised that the banks actually pays them a commission of 2.25% of the loan amount taken. Mine came to about $2000++ of comissions. I made it clear to them that the guy from PML recommended me, and i certainly would want them to pass some of the commission to him. I thinks it's fine coz they handled everything well and very efficient. There is no such thing as those nonsense car dealer charging $500 to $600 for full settlement fee and all that crap. If you buy a car where the owner has an oustanding of $100 000, you only pay $150 !!. By the way when u take a loan from the bank, they will not full settle the prev owner's loan for you. Thats why u have to have a credit company to do for you. Let me know if you need anymore help. Looking forward to meeting the guys from this forum soon.
Hi Guys, just bought my E46 320SE from this forum!!. Been driving my ride for the past week. First beemer, first purchase from direct owner. I also found out that when you walk intoa bank, your finance rates are higher. They actually want you to go through an agent. I was recommended by one SE from PML. Company's name Sin Thai Hin at Prinsep St. Pretty big outfit, having their own building. What they did is that they will full settle the oustanding loan of the existing owner and do up the loan for you from the bank of your choice. They than require both buers and purchasers to come down and sign necessary documents and will do the transfer for you. They also provide multiple insurance quotes.
Their service fee charge are only $15 per $10 000 of oustanding loan they full setle for prev owner. I ended up paying on $50 !! Very reliable staff, professional ad once u see that they own their own buiding, nothing much to worry.
I did manage to peep into the paper works and realised that the banks actually pays them a commission of 2.25% of the loan amount taken. Mine came to about $2000++ of comissions. I made it clear to them that the guy from PML recommended me, and i certainly would want them to pass some of the commission to him. I thinks it's fine coz they handled everything well and very efficient. There is no such thing as those nonsense car dealer charging $500 to $600 for full settlement fee and all that crap. If you buy a car where the owner has an oustanding of $100 000, you only pay $150 !!. By the way when u take a loan from the bank, they will not full settle the prev owner's loan for you. Thats why u have to have a credit company to do for you. Let me know if you need anymore help. Looking forward to meeting the guys from this forum soon.
milk15
Well-Known Member
Re: Buy driect from owner
Bro, no necessary. Mayb case to case bassis. Mi loan from Volkwagen Finance Pte Ltd. (my car not VW) Loan done by a friend working in C&C. No watever service charge... Done everything for me including goin to the ex-owner to let him sign and take his IC, do all processing of documents and all i paid was for the transfer fees + 1st mth installment.
When i ask him whether do i have to pay him any service charge or coffee $. He say no need (but if i wan give, he will take...
) as VW Finance will give him comission of 2% - 3% of the amount loaned. (which like wat u said, comes up to abt 2k)
Tis wat i called " True Friends " ! Cheers!!!:woowooo:
gaz;231940 said:
Bro, no necessary. Mayb case to case bassis. Mi loan from Volkwagen Finance Pte Ltd. (my car not VW) Loan done by a friend working in C&C. No watever service charge... Done everything for me including goin to the ex-owner to let him sign and take his IC, do all processing of documents and all i paid was for the transfer fees + 1st mth installment.
When i ask him whether do i have to pay him any service charge or coffee $. He say no need (but if i wan give, he will take...
) as VW Finance will give him comission of 2% - 3% of the amount loaned. (which like wat u said, comes up to abt 2k)Tis wat i called " True Friends " ! Cheers!!!:woowooo:
