MAS Imposes Financing Restrictions on Motor Vehicle Loans

[wobbles]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

I agree with porky88 that it is all about good financial management. After working for 20 years, I bought my dream car with cash. I certainly could not have done it when I was in my 20s or 30s. Even the condo is fully paid although I do not belong to the top 10% of income earners. It boils down to the choices a person made earlier in his/her life that he/she becomes debt free and is able to buy a car with 100% cash, not to mention 50%.

There. Someone else said it - took the words right out of my mouth. Heng I never say what ktnpl said, else I will kana hantumed right left centre and my balls kicked in by the anti humblebragging squad.

 

[Shev]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

what makes them so sure they will continue to have that monthly income to service the instalments?

Hypothetical again.

Wah lau eh, are you joking?

 

[Jason8822]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

I agree with porky88 that it is all about good financial management. After working for 20 years, I bought my dream car with cash. I certainly could not have done it when I was in my 20s or 30s. Even the condo is fully paid although I do not belong to the top 10% of income earners. It boils down to the choices a person made earlier in his/her life that he/she becomes debt free and is able to buy a car with 100% cash, not to mention 50%.

Agree .....

 

[porky88]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

No.. i am not joking... it is a very real question.... that everyone should ask themselves ...

Hypothetical again.

Wah lau eh, are you joking?

 

[Darth Vader]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

your first car when you 40 years old ?
i think nobody can wait that long.
your will is as strong as superman
you must have attained enlightenment and nirvana already.

I agree with porky88 that it is all about good financial management. After working for 20 years, I bought my dream car with cash. I certainly could not have done it when I was in my 20s or 30s. Even the condo is fully paid although I do not belong to the top 10% of income earners. It boils down to the choices a person made earlier in his/her life that he/she becomes debt free and is able to buy a car with 100% cash, not to mention 50%.

 

[wt_know]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Car cooling measures bite | The New Paper

$1K x 12 months x 10 years = $120K only leh ... have not add interest yet

Mr Mas Sugianto had his eye on a Toyota Corolla Altis which costs $133,988.
The technical officer, who earns $35,000 annually, said he was willing to pay $1,000 monthly on a 100 per cent 10-year loan.
But, with the car cooling measures announced in Parliament on Monday, he now has to pay a $53,595 down payment and can only take a 60 per cent loan on the value of the car.
This puts an end to his car plans, he said.

 

[Shev]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

I agree with porky88 that it is all about good financial management. After working for 20 years, I bought my dream car with cash. I certainly could not have done it when I was in my 20s or 30s. Even the condo is fully paid although I do not belong to the top 10% of income earners. It boils down to the choices a person made earlier in his/her life that he/she becomes debt free and is able to buy a car with 100% cash, not to mention 50%.

Just pardon me for asking... How much did you buy your 1st hdb and how much did you make when you sold it? How much did you pay for your condo?

Financial prudence is definitely very important and essential but I am quite sure you did not pay $400-500K for a hdb back then?

 

[wobbles]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

your first car when you 40 years old ?
i think nobody can wait that long.
your will is as strong as superman
you must have attained enlightenment and nirvana already.

His DREAM car... unlikely his first car lah...

 

[Jason8822]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Hypothetical again.

Wah lau eh, are you joking?

Porky88 is not wrong , he's being prudent and there is absolutely nothing wrong with it.
NEED and WANT are different.
Family with need transport, not a car.
Go school can take bus or school bus.
Weekend go town can take bus or mrt.
Nothing wrong with squeezing in a bus or mrt.
Isn't the public transport there for those who cannot/dun want a car to use?
Or are the system built to ferry FT instead?

 

[Mockngbrd]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

If he was in 2009, he could have bought a BMW.

 

[porky88]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

no offence to anyone.... 35K a year.. 2.92K per month.. and he wants to spend 30% on a depreciating item??? i just don't get it...

Car cooling measures bite | The New Paper

 

[Shev]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

No.. i am not joking... it is a very real question.... that everyone should ask themselves ...

Do you own a hdb or apartment? You paid full in cash?

If you had a loan, how do you know you will not lose your job?

 

[porky88]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

never brought a HDB new or resale... first property is a freehold apartment... all with my hard earn money and of course money from shylock...

but before that you consider the fact that... you can lose your job.. and therefore that monthly pay check.. so make provision and have enough cash to see you over 6, 12,24 months... what every you are comfortable with..

Just pardon me for asking... How much did you buy your 1st hdb and how much did you make when you sold it? How much did you pay for your condo?

Financial prudence is definitely very important and essential but I am quite sure you did not pay $400-500K for a hdb back then?

 

[wt_know]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

dream car ...

no offence to anyone.... 35K a year.. 2.92K per month.. and he wants to spend 30% on a depreciating item??? i just don't get it...

 

[wobbles]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Someone once said something about not driving a car that is more than 10% of the value of your property? ie. 1 million dollar condo = $100K Toyota Altis.... That's quite a good rule to live by, no?

 

[Jason8822]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

no offence to anyone.... 35K a year.. 2.92K per month.. and he wants to spend 30% on a depreciating item??? i just don't get it...

Dun be surprised.
I have known ppl like this.
For some, expenditure on transport can be a third of income.
They will say they have the will to get it or need it badly ... so die die buy lor

 

[Jason8822]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Someone once said something about not driving a car that is more than 10% of the value of your property? ie. 1 million dollar condo = $100K Toyota Altis.... That's quite a good rule to live by, no?

Knew someone whose car is more expensive than his house.

 

[Darth Vader]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

when coe drop to $1.
100% loan going to kill a lot of car owners.

 

[Shev]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Porky88 is not wrong , he's being prudent and there is absolutely nothing wrong with it.
NEED and WANT are different.
Family with need transport, not a car.
Go school can take bus or school bus.
Weekend go town can take bus or mrt.
Nothing wrong with squeezing in a bus or mrt.
Isn't the public transport there for those who cannot/dun want a car to use?
Or are the system built to ferry FT instead?

Anyway it is not about right or wrong. If you have a chance to take an MRT ride downtown on a weekday morning at 8am and try imagining you had 2 kids aged 1 and 2 with you. And then you imagine having to do this every day. This family hope for a car, would you classify as a need or a want?

Meritocracy and the aged old saying "reaping what you sow" is deeply entrenched into me since primary school with the Singapore education system. But we do not assume every is lucky like us and have many choices in life especially when it comes to "pay now or pay later".

That's all. Thank you.

 

[Mockngbrd]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

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