MAS Imposes Financing Restrictions on Motor Vehicle Loans
- Thread starter C3P0
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Darth Vader
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
its the rise of the asian cars and the demise of ang moh cars.
toyota will capture 50% of new car sales.
its the rise of the asian cars and the demise of ang moh cars.
toyota will capture 50% of new car sales.
Re: Budget 2013 Arf, Omv or watever u call it
Performance Motors, which distributes the BMW brand of cars, sent out text messages to its customers informing them that it was taking orders till midnight.
"Loans will be capped at 50 per cent, minimum five years, with effect from tomorrow," the text message said.
Hmm... minimum of five years or maximum?
Performance Motors, which distributes the BMW brand of cars, sent out text messages to its customers informing them that it was taking orders till midnight.
"Loans will be capped at 50 per cent, minimum five years, with effect from tomorrow," the text message said.
Hmm... minimum of five years or maximum?
Darth Vader
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
this weekend i am sure the new car showrooms will be empty, the car dealers will not feel that singapore have a population of 5.2 million.
this weekend i am sure the new car showrooms will be empty, the car dealers will not feel that singapore have a population of 5.2 million.
allenrazak
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
Again target the buyers, never see problems not building houses quickly enough, not releasing land supply quickly enough, not creating a spread of industries and financial centers in various locations quickly enough...
Not building more roads, mrt and public transport quickly enough....
Strangely, to ensure all these cant be built quickly....worker levies are raised so construction companies are forced to have fewer workers.
Also, current car owners have no incentive whatsoever to deregister their cars early.
will be interesting to watch the next election.... hope it comes soon.
Again target the buyers, never see problems not building houses quickly enough, not releasing land supply quickly enough, not creating a spread of industries and financial centers in various locations quickly enough...
Not building more roads, mrt and public transport quickly enough....
Strangely, to ensure all these cant be built quickly....worker levies are raised so construction companies are forced to have fewer workers.
Also, current car owners have no incentive whatsoever to deregister their cars early.
will be interesting to watch the next election.... hope it comes soon.
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Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
if 250K becomes 160K.. taking into consideration coe drop and arf increase...
200K will become come 110K..
time to buy a toyota 86 and mod the hell out of it!!!
end of the day.. do not underestimate how cash rich the folks here are... look at the property cooling measures... what cooling? 40% cash .. so what?
look at the stock market runs in recent months... so many counters had increased multiple folds...
But i do think the government is sending a signal that do not be caught without a chair when the music stops!
if 250K becomes 160K.. taking into consideration coe drop and arf increase...
200K will become come 110K..
time to buy a toyota 86 and mod the hell out of it!!!
end of the day.. do not underestimate how cash rich the folks here are... look at the property cooling measures... what cooling? 40% cash .. so what?
look at the stock market runs in recent months... so many counters had increased multiple folds...
But i do think the government is sending a signal that do not be caught without a chair when the music stops!
whiteonyx;960460 said:
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
If you can afford to buy a Toyota then there is no issue.
That's another way to look at it.
A young lady has been able to buy Chanel handbags every few months based on leverage. She signs credit cards and pays on instalments.
One day, the credit cards were cancelled. She cannot afford Chanel anymore. But she can still afford a Bonia handbag.
Is that a need or want issue?
Previously, when the BMW was $250K, and you were ready to buy, how much downpayment were you planning to pay? 20% at $50K or 30% at $75K?
Following your example, if the same car drops to $160K and $80K downpayment is required....
(a) if you had wanted to pay $50K down, now you need to pay additional $30K cash, not $80K cash additional. Pay $30K additional but saved $90K on purchase price, is this worse off? I don't think so.
(b) if you had wanted to pay $75K down, now you need to pay $5K more. Savings of $90K on purchase price.
Need I say more?
Darth Vader said:
If you can afford to buy a Toyota then there is no issue.
That's another way to look at it.
A young lady has been able to buy Chanel handbags every few months based on leverage. She signs credit cards and pays on instalments.
One day, the credit cards were cancelled. She cannot afford Chanel anymore. But she can still afford a Bonia handbag.
Is that a need or want issue?
whiteonyx said:
Previously, when the BMW was $250K, and you were ready to buy, how much downpayment were you planning to pay? 20% at $50K or 30% at $75K?
Following your example, if the same car drops to $160K and $80K downpayment is required....
(a) if you had wanted to pay $50K down, now you need to pay additional $30K cash, not $80K cash additional. Pay $30K additional but saved $90K on purchase price, is this worse off? I don't think so.
(b) if you had wanted to pay $75K down, now you need to pay $5K more. Savings of $90K on purchase price.
Need I say more?
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
i actually think the opposite will happen.
1mio car. borro 500k? no problems for those who r in that mkt to put in 500k downpayment.
100k car with omv less than 20k....n u cant borrow more than 60%? i think those in that bracket if u dun hv 50k...means u dun hv 50k.
i actually think the opposite will happen.
1mio car. borro 500k? no problems for those who r in that mkt to put in 500k downpayment.
100k car with omv less than 20k....n u cant borrow more than 60%? i think those in that bracket if u dun hv 50k...means u dun hv 50k.
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
imho... people are over reacting...
how many people u know actually buys their car with a 10 year 100% loan???!!!!
i know quite a few folks that plans with a 5 year loan... logic is that they want to change car before the 5th year... and from what i can tell.. they take 70% loan thereabouts....
70% loan to 50% loan... partially offset by a cheaper car price.. may be a very good thing... lower monthly car payments!
imho... people are over reacting...
how many people u know actually buys their car with a 10 year 100% loan???!!!!
i know quite a few folks that plans with a 5 year loan... logic is that they want to change car before the 5th year... and from what i can tell.. they take 70% loan thereabouts....
70% loan to 50% loan... partially offset by a cheaper car price.. may be a very good thing... lower monthly car payments!
whiteonyx
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
i know many ppl here are cash rich...esp the FTs...so this new measure is quite irrelevant to these group of ppl. but for the middle to lower income group, they will be hit hard. to down 80-100k for a car, u can already down to buy a house...which makes more sense.
what im saying is that garmen will achieve in what they set out to do in curbing the growth of new cars. as the coe prices drop, they will adjust the number of coes available accordingly...
i know many ppl here are cash rich...esp the FTs...so this new measure is quite irrelevant to these group of ppl. but for the middle to lower income group, they will be hit hard. to down 80-100k for a car, u can already down to buy a house...which makes more sense.
what im saying is that garmen will achieve in what they set out to do in curbing the growth of new cars. as the coe prices drop, they will adjust the number of coes available accordingly...
