MAS Imposes Financing Restrictions on Motor Vehicle Loans
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brosiss
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
My friend's friend works in the bank. Told me they received 2359 fax for loan applications within Monday. That's with one bank. Of course car agent will try a few banks for client and also need to discount off used car loan application. So Coe prices should maintain high for the next 2-3 biddings before nosediving.
My friend's friend works in the bank. Told me they received 2359 fax for loan applications within Monday. That's with one bank. Of course car agent will try a few banks for client and also need to discount off used car loan application. So Coe prices should maintain high for the next 2-3 biddings before nosediving.
brosiss
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
The restriction is not fair to used car because the car is already on road, so there is no controlling number of cars on roads.
Many used car dealers are going to go bankrupt. Many of them loan money from bank to buy cars from market. So the more used cars they have on hands, the more money they loan from banks. All now panic to sell their carS on hand now to cut losses. Even some survived this ordeal, they have problems in the coming months because less car owner want to sell, so supply very limited.
This Tharman very cruel. Should not apply the restrictions to used car market or at least give them some grace period. This will put many people in used car industry out of job.
Anyway, very typical of PAP, one pole hit everyone.
The restriction is not fair to used car because the car is already on road, so there is no controlling number of cars on roads.
Many used car dealers are going to go bankrupt. Many of them loan money from bank to buy cars from market. So the more used cars they have on hands, the more money they loan from banks. All now panic to sell their carS on hand now to cut losses. Even some survived this ordeal, they have problems in the coming months because less car owner want to sell, so supply very limited.
This Tharman very cruel. Should not apply the restrictions to used car market or at least give them some grace period. This will put many people in used car industry out of job.
Anyway, very typical of PAP, one pole hit everyone.
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
Wat if it was a family with 3 young kids saving up for years to buy a car? Can you imagine a family with 3 kids aged 1, 2 and 3 yrs old squeezing onto a bus or MRT during peak hour? New ruling just dashed their hopes further.
Wat if a fresh graduate just got a job as outdoor sales and need a car?
U may have a nice car thinking abt a second but that does not mean everyone in Singapore owns a car.
In fact many people in Singapore do not own a car and dream to get one. Please dun talk like PAP MPs.
porky88;961346 said:
Wat if it was a family with 3 young kids saving up for years to buy a car? Can you imagine a family with 3 kids aged 1, 2 and 3 yrs old squeezing onto a bus or MRT during peak hour? New ruling just dashed their hopes further.
Wat if a fresh graduate just got a job as outdoor sales and need a car?
U may have a nice car thinking abt a second but that does not mean everyone in Singapore owns a car.
In fact many people in Singapore do not own a car and dream to get one. Please dun talk like PAP MPs.
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
unfortunately we in a world that is not equal in the distribution of resource...
u got a better solution? give everyone that needs a car a car? doesn't work that way isn't it... ills of capitalism...
i have personally been in both the situation you have just describe... the issue they should be most concerned about is not NOT getting a car... it should actually be the last thing on their mind... how do they improve themselves and add value to move up the chain....
but as always blame garmen... blame FT.. blame the guys that have done well for themselves...
what's new?
unfortunately we in a world that is not equal in the distribution of resource...
u got a better solution? give everyone that needs a car a car? doesn't work that way isn't it... ills of capitalism...
i have personally been in both the situation you have just describe... the issue they should be most concerned about is not NOT getting a car... it should actually be the last thing on their mind... how do they improve themselves and add value to move up the chain....
but as always blame garmen... blame FT.. blame the guys that have done well for themselves...
what's new?
Shev;961546 said:
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wt_know
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
i use sgcarmart to list all cars between $45k-$50k registered in 2008 (with 5 more years to go), there are 25 pages !!!
if the buyer cannot down $20K to get the car, i don't think the buyer is financially ok to have car.
petrol, roadtax, erp, insurance, parking, maintenance, all need money.
we are talking about cash strap family who need car, right?
i use sgcarmart to list all cars between $45k-$50k registered in 2008 (with 5 more years to go), there are 25 pages !!!
if the buyer cannot down $20K to get the car, i don't think the buyer is financially ok to have car.
petrol, roadtax, erp, insurance, parking, maintenance, all need money.
we are talking about cash strap family who need car, right?
Samuel Tan See Teng;961545 said:
Last edited by a moderator:
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
most likely the objective is to slow down buying power ( lesser owner means lesser cars on the road? )
cheeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeers
Samuel Tan See Teng;961545 said:
most likely the objective is to slow down buying power ( lesser owner means lesser cars on the road? )
cheeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeers
Darth Vader
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
coe numbers fixed every month.got buyer or no buyer have to issue.
if got left over unused coe than it is carried forward to next month.
if every month got more coe than buyers than everymonth coe is at $1.
lelong leong.
coe numbers fixed every month.got buyer or no buyer have to issue.
if got left over unused coe than it is carried forward to next month.
if every month got more coe than buyers than everymonth coe is at $1.
lelong leong.
ac323;961551 said:
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
Having a choice to pay now or pay later is not a luxury for everyone. It's got nothing to do with equality or what capitalism.
No need rules to wake these people up and you no need to feel sad..
And worse of all, nobody is blaming anybody but you dun talk like machiam everyone got a choice to choose which credit card to use, pay now or pay later, which house to buy....
Be thankful for what you have and empathize with others!
porky88;961548 said:
Having a choice to pay now or pay later is not a luxury for everyone. It's got nothing to do with equality or what capitalism.
No need rules to wake these people up and you no need to feel sad..
And worse of all, nobody is blaming anybody but you dun talk like machiam everyone got a choice to choose which credit card to use, pay now or pay later, which house to buy....
Be thankful for what you have and empathize with others!
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
i am appreciative of the benefits of our system...
but cannot afford means cannot afford what is there to empathise with? empathising with them will not help them... motivating them in the right direction will
i feel sad.. for the fact that tons of people are living well beyond their means!
the reactions to the new policies are a clear demonstration
i am appreciative of the benefits of our system...
but cannot afford means cannot afford what is there to empathise with? empathising with them will not help them... motivating them in the right direction will
i feel sad.. for the fact that tons of people are living well beyond their means!
the reactions to the new policies are a clear demonstration
Shev;961556 said:
