Buyer beware - Loan rates in Singapore

[Genie]

Re: Buyer beware - Loan rates in Singapore

Hi

Interesting. This helps me recall that there used to be a choice of fixed rate or (cannot remember its term) rate.

My questions is.... currently banks only offer fixed interest rate right? correct me?

 

[aqua]

Re: Buyer beware - Loan rates in Singapore

wow..reali appreciate u guys for the info..i've been paying loan & never thought of this factor of fix rate at all..

 

[xtrocious]

Re: Buyer beware - Loan rates in Singapore

Unless of course your company (bank in most cases) offers you staff loan...

At my last place, it's 4% monthly rest i.e. the 4%/12 is charged on reducing principle each month.

Effective would work out to around 3.5%...

My current place offers 1% above SOR on monthly reducing basis

But quite restrictive...

 

[Ah Lian]

Re: Buyer beware - Loan rates in Singapore

Does this rule of thumb also apply to monthly rest?

And does it apply also to the new loan offered by BMW, Finance, Singapore?

For further purchase of a BMW; do we have to get finance direct from BMW or can we still opt for any banks we choose? Perhaps, any forseen advantage or disadvantage for loans direct from BMW SGP?

It has being like that for a long time. Rule of thumb to calculate the effective interest rate is to multiple by 2 the interest rate that the dealer quote you. So if he/she said the rate is 2.5%. You just x 2 to get 5%.

 

[lexone]

Re: Buyer beware - Loan rates in Singapore

Hi,

Anybody knows what is the loan rate for 2nd hand car (with 6 yrs to go).

vroom.vroom.

Thanks.

 

[post326]

Re: Buyer beware - Loan rates in Singapore

they give cash rebate when you pay the outstanding loan earlier??

 

[ObiWanKenobi]

Re: Buyer beware - Loan rates in Singapore

they give cash rebate when you pay the outstanding loan earlier??

Very unlikely. It's usually the opposite...you get penalized...

 

[linwq]

Re: Buyer beware - Loan rates in Singapore

whats the current car loan interest rate right now? 2.28%?

 

[Shaun Lau]

Re: Buyer beware - Loan rates in Singapore

I was once told by a dealer friend who told me about a clause which many car buyers may not know of. Maybe someone here can help to verify?

According to him, at any point in time there is always a "recommended rate" or board rate which borrowers will be offered their hire-purchase loan at. This is the standard loan rate which all our basic rule of 78 and APR is based on.

Some financier also offers "reduced" or "promotional interest rates" which they would widely publicised to entice sales.

For eg, current board rate is 2.45% (last i know when i made my purchase a few months ago, i may be wrong now). But yet it seems that the going rate is 2.28% isn't it? So promo deal means good deal no?

What i have come to understand from my friend is that when you take up the promo rates, you have in contractual terms, agreed to fulfill the whole loan tenure. Else, you stand to be slapped with another penalty.

Meaning, if you take board rate, and you end the loan tenure early, you simply have to pay: early settlement charges. IF you took the promo rates however, you will have to pay early settlement charges + penalty on promo rates.

The best part is, the penalty is a flat fee on the initial hire-purchase amount, it does not matter if you settle the loan 9.9 years early or just 1 day early. The same penalty amount applies.

Thus i was told to take up the promo rates only if i intend to fulfill the whole loan agreement otherwise, the board rate may well save me some moolah upon settlement!

 

[agoodfella]

Re: Buyer beware - Loan rates in Singapore

Just a quick question folks, didn't see where an appropriate thread to ask this, so here goes:

First time buyer, pre-owned BMW.

The dealer will be doing STA inspection. Are there other things I should be doing before they hand the car over to me?

Thanks!

 

[sgonline]

Re: Buyer beware - Loan rates in Singapore

any idea if there is a minimum loan u must take otherwise there is a surcharge to pay for taking to little loan?

 

[bmw8448]

Re: Buyer beware - Loan rates in Singapore

completely agreed with bros here, thats why i paid cash

 

[abcd]

Re: Buyer beware - Loan rates in Singapore

any bro here knows any dealer/fin co willing to provide financing for COE (5/2019) e36?

thanks

 

[hfalwlnd]

Re: Buyer beware - Loan rates in Singapore

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[franklkk]

Re: Buyer beware - Loan rates in Singapore

Hi, how come some dealers provide 1.88% and some say 1.99% for 2nd hand car? Any bro here can enlighten me??

Thanks

 

[vaneck]

Re: Buyer beware - Loan rates in Singapore

there is only 1 finance company doing this rate now. beware that finance company are not banks and when u sell the car and want to redeem the loan, there may not be a interest rebate based on rule of 78. if its not finance company then its likely their inhouse credit company liao.
ask for the terms in the hire purchase contract to look see first. if they not willing, most likely u will know fishy liao.

 

[franklkk]

Re: Buyer beware - Loan rates in Singapore

there is only 1 finance company doing this rate now. beware that finance company are not banks and when u sell the car and want to redeem the loan, there may not be a interest rebate based on rule of 78. if its not finance company then its likely their inhouse credit company liao.
ask for the terms in the hire purchase contract to look see first. if they not willing, most likely u will know fishy liao.

Thanks bro. I didn't know this. I will check it up b4 commit to it.

 

[uglyducklings2000]

Re: Buyer beware - Loan rates in Singapore

standard #1 for early redemption : rule 78 only

standard #2 for early redemption : rule 78 + 1% penalty (penalty period you will have to read what you sign for), mostly first year tie down

standard #3 : tie in with the bank / whatever or 2 years : they waive the rule 78 20% interest 'penalty'.

many other patterns which i am not familiar.


so far, the interest rates are pretty attractive. 1.88/1.99% depending on individual banks/financer.

Personal experience. i am not responsible for any unintended misinterpretation. haha

 

[RSCT]

Re: Buyer beware - Loan rates in Singapore

anyone can give contact details on where willing to just provide financing of COE cars (May 2019) ie if they are not the car seller?

Thanks in advance

 

[dariusfan]

Re: Buyer beware - Loan rates in Singapore

anyone can give contact details on where willing to just provide financing of COE cars (May 2019) ie if they are not the car seller?

Thanks in advance

You can try GE Money or Maybank - these 2 are the ones offering 1.88% for used cars now. Unsure about new cars though.