MAS Imposes Financing Restrictions on Motor Vehicle Loans

[wobbles]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Ok. Reality check. Just how many of us here at BMW.sg will be adversely and directly affected by this new rule? I mean, who here actually has to fork out the extra 50% downpayment and have his loan capped at 5 years?

Otherwise (apart from camel whose COE is expiring soon, poor thing), are we merely voicing our concern and indignation at future events, ie when we wanna trade up to that Porker or the 535i?

Who knows what the future will bring. God knows if there'll be another U turn and honest mistake along the way before then?

 

[jasonmaxima]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Ok. Reality check. Just how many of us here at BMW.sg will be adversely and directly affected by this new rule? I mean, who here actually has to fork out the extra 50% downpayment and have his loan capped at 5 years?

Otherwise (apart from camel whose COE is expiring soon, poor thing), are we merely voicing our concern and indignation at future events, ie when we wanna trade up to that Porker or the 535i?

Who knows what the future will bring. God knows if there'll be another U turn and honest mistake along the way before then?

Rolls Royce Silver Spur can buy???


I admit.... I'm am a badge whore

 

[porky88]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

actually affected... a few...
those buasiong sibei jue....

Ok. Reality check. Just how many of us here at BMW.sg will be adversely and directly affected by this new rule? I mean, who here actually has to fork out the extra 50% downpayment and have his loan capped at 5 years?

Otherwise (apart from camel whose COE is expiring soon, poor thing), are we merely voicing our concern and indignation at future events, ie when we wanna trade up to that Porker or the 535i?

Who knows what the future will bring. God knows if there'll be another U turn and honest mistake along the way before then?

 

[brosiss]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Ok. Reality check. Just how many of us here at BMW.sg will be adversely and directly affected by this new rule? I mean, who here actually has to fork out the extra 50% downpayment and have his loan capped at 5 years?

Otherwise (apart from camel whose COE is expiring soon, poor thing), are we merely voicing our concern and indignation at future events, ie when we wanna trade up to that Porker or the 535i?

Who knows what the future will bring. God knows if there'll be another U turn and honest mistake along the way before then?

Wow, you really can read my mind, I will be looking at 535i after my car breakeven with paper in 7 years time... And I am BMW biased..

 

[porky88]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

just curious... break-even with paper means?

loan outstanding = paper value?

Wow, you really can read my mind, I will be looking at 535i after my car breakeven with paper in 7 years time... And I am BMW biased..

 

[Jason8822]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

just curious... break-even with paper means?

Is it "Amt owe to bank = car scrap value" ?

 

[Jason8822]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

actually affected... a few...
those buasiong sibei jue....

i sibeh buai song cos i just downgraded to vw jetta with 77k COE and now COE seems like going to dive big time all because of their policy change

 

[porky88]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

you took 100%.. 10 year loan? break even in another 7 years a bit long leh...

Is it "Amt owe to bank = car scrap value" ?

 

[MW]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

you took 100%.. 10 year loan? break even in another 7 years a bit long leh...

7 years where got long? In 7 years u are going to panic cos 3 more years u will have to scrap the car (or extend COE) and come out 50% cash upfront and during tat time ur 50% can only buy Vios then how? CNY no need to go out liao.

 

[Jason8822]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

you took 100%.. 10 year loan? break even in another 7 years a bit long leh...

i guess only
logically, 10yrs full loan break even with car's scrap price should be correct

 

[brosiss]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

just curious... break-even with paper means?

loan outstanding = paper value?

Yes, outstanding loan the same as car PARF.

 

[porky88]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

mw suan jason can only buy vios leh... see him no up....

7 years where got long? In 7 years u are going to panic cos 3 more years u will have to scrap the car (or extend COE) and come out 50% cash upfront and during tat time ur 50% can only buy Vios then how? CNY no need to go out liao.

 

[Jason8822]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

7 years where got long? In 7 years u are going to panic cos 3 more years u will have to scrap the car (or extend COE) and come out 50% cash upfront and during tat time ur 50% can only buy Vios then how? CNY no need to go out liao.

Ya, like me.
523 for 5.5yrs then jetta
Jetta for 5yrs then qq or join mrt queue

 

[Jason8822]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

mw suan jason can only buy vios leh... see him no up....

Nevery mind.
I accept it.....

 

[brosiss]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

i guess only
logically, 10yrs full loan break even with car's scrap price should be correct

No true, usually 7-8 years breakeven for 10 year loan.

 

[porky88]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

swee very humble... i invite u to my "party"

Nevery mind.
I accept it.....

 

[brosiss]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

New limits on car loans | TODAYonline


read this...

an extract:

Driven partly by soaring Certificate of Entitlement (COE) premiums, the amount of car loans has also ballooned. The monthly average loan rose by 7.46 per cent to S$88,517 last year, according to figures provided by the Credit Bureau of Singapore (CBS).

In 2011, the monthly average loan quantum was S$82,371. But the CBS said the monthly average delinquency rate for motor vehicle loans — defined as an instalment payment overdue by 30 days — fell from 2.76 per cent in 2011, to 2.53 per cent last year.

 

[porky88]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

knn brain not working.. Monthly average loan means?

New limits on car loans | TODAYonline


read this...

an extract:

Driven partly by soaring Certificate of Entitlement (COE) premiums, the amount of car loans has also ballooned. The monthly average loan rose by 7.46 per cent to S$88,517 last year, according to figures provided by the Credit Bureau of Singapore (CBS).

In 2011, the monthly average loan quantum was S$82,371. But the CBS said the monthly average delinquency rate for motor vehicle loans — defined as an instalment payment overdue by 30 days — fell from 2.76 per cent in 2011, to 2.53 per cent last year.

 

[brosiss]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Next question is is 2%-3% default rate alarming or it is natural rate? I still find Tharman's prudence an excuse.

I hear from my friend that unemployment rate 4-4.5% in any economy is healthy because of structural skills outdated, economy restructuring, normal bankruptcy.

 

[jawzsg]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

thanks pple, I think the direction of the policy hold a fair bit of validity, hence I no really kpkb, I think Kenn made good observation that it was not studied more in depth and missed out many crucial considerations and was launched in a hurry.

Wobbles, if I have 2 kkj, I will also keep them crossed for COE prices to fall within my affordability.

Zorro, thanks for advise too, before my E30, i was using old jap cars. Although jap cars has a reputation to be reliable, I can safely say its with the younger car. Hence I am more looking forward to renew theCOE of my E36 than go back there.