Buying Direct

[kyser]

Hi bros

Am looking to purchase a e90 directly from a seller. Need to find out more on the procedures:

i. What are the costs involved? e.g. transfer fees (how is it calculated), road tax (do we have to extend once we buy or wait till existing road tax expires), insurance ... must it start the day we transfer ownership of the car) and do we instruct the bank to pay the seller directly (if we are taking up a partially loan to finance the purchase)

ii. Do potential used car buyers handle these things on their own or they look for some dealers to handle the paperwork and resale of existing ride?

First time considering second hand, so appreciate your kind advices

Cheers

 

[Puny]

Re: Buying Direct

Hi Kyser,

i. For vehicle transfer fee, you can check it out online right here:
https://vrl.lta.gov.sg/lta/vrl/action/pubfunc?ID=EnquireTransferFee

- For road tax, you do not need to extend it as long as it hasn't expired.
- For insurance, you need it before/upon collection of the car. I believe you will need the proof of ownership of car (i.e. logcard replicate/printed online from onemotoring.com.sg). Because insurance is usually for one-year, your road-tax and insurance won't be in sync. When that time comes to renew your road tax, you just need to pay a pro-rated sum to the insurance company to extend the difference in period of coverage.

ii. I believe most go through used-car dealerships or credit companies, but it can be done on your own as well. Personally, I would find it easier to go through a trusted dealership/motor insurance company - the loan interest rates are often similiar whether you go through them or request for a quotation yourself. Check with your motor insurance company - most of them are able to provide a one-stop solution.

 

[jaskin]

Re: Buying Direct

I wld suggest you get someone to do the paper work. Especially if you're taking a loan get an agent to do the paper work for free. The paperwork part is damn laychay!!! I can recce you someone if you really need to.

UOB gives them 1.6% of comm for loan amount and DBS gives 2.1%.

 

[kyser]

Re: Buying Direct

Thanks bros for the quick replies.

To clarify, does it means that:

i. I should apply for 1 yr of insurance first and then extend the odd months till 1 year later at the maturity of the road tax?

ii. Will there be a couple of days of lag since i need to technically purchase the car first and then use the prove to apply for insurance

iii. Do buyers normally bear the transfer fee? or issit co shared between buyer and seller

iv. Insurance companies like ntuc income handle second hand car purchase too? hence i need not only approach the second hand car dealers right?


vi. Wow! so technically our first year of interest payment goes to the bank's payment to the agent comm, bro jaskin?


Appreciate your kind replies

Best

 

[jaskin]

Re: Buying Direct

I dunno where it goes but I know the agent processing the paper work gets

Assuming 100K loan = 1.6% * 100,000 = 1600 in his pocket

Anyway if you want to save and do it yourself I can recce u the credit place to do so. I'm pretty sure you'll get the commission.