MAS Imposes Financing Restrictions on Motor Vehicle Loans
- Thread starter C3P0
- Start date
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
I think it applies on used cars too. But yes, there will be tricks the used car dealers can employ.
Example quoting a much higher transaction price to the bank for loan approval and then under-invoice the actual sales contract.
stevenwu said:
I think it applies on used cars too. But yes, there will be tricks the used car dealers can employ.
Example quoting a much higher transaction price to the bank for loan approval and then under-invoice the actual sales contract.
Red_Bean_Bun
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
Applies for locals. But since when its only locals in SG ? Don't forget about the 6.9m people plan.
Applies for locals. But since when its only locals in SG ? Don't forget about the 6.9m people plan.
kenntona;960410 said:
eggz
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
But if people who would normally be buying a bigger CC car now go for smaller CC cars to avoid higher prices due to increased ARF, won't the COE for below 1600cc stay high and still make car ownership to expensive?
Will we see more big engine cheap cars? like Korean, China or even Indian made ones?
But if people who would normally be buying a bigger CC car now go for smaller CC cars to avoid higher prices due to increased ARF, won't the COE for below 1600cc stay high and still make car ownership to expensive?
Will we see more big engine cheap cars? like Korean, China or even Indian made ones?
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
The rules apply for all, no?
I don't see how the foreigner issue creeps in here, but let's say it does.
Rich Chinese or ang mor foreigner pays 50% downpayment for a F458. He gets to drive the car. You don't. And that's an issue?
Middle cohort foreigner pay 50% downpayment for a BMW 320i, of which many of us can afford. Why is that an issue?
The banglas and the pinoys are not even relevant in the discussion.
Red_Bean_Bun said:
The rules apply for all, no?
I don't see how the foreigner issue creeps in here, but let's say it does.
Rich Chinese or ang mor foreigner pays 50% downpayment for a F458. He gets to drive the car. You don't. And that's an issue?
Middle cohort foreigner pay 50% downpayment for a BMW 320i, of which many of us can afford. Why is that an issue?
The banglas and the pinoys are not even relevant in the discussion.
wt_know
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
Used Ferrari 458 Car for Sale in Singapore, Blue Capital Credit - sgCarMart
ferrari can dabao liao?
20k omv x 100%
30k omv x 140%
300k omv x 180%
if new car ... additional ARF based on new ruling is extra $252K tax
and at least $500K downpayment?
Used Ferrari 458 Car for Sale in Singapore, Blue Capital Credit - sgCarMart
ferrari can dabao liao?
20k omv x 100%
30k omv x 140%
300k omv x 180%
if new car ... additional ARF based on new ruling is extra $252K tax
and at least $500K downpayment?
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
The 50% down payment kills a lot of buyers, EUG.
Many people do have savings but to plough $100-150K cash down payment (on top of monthly instalment) on a car, it takes a cold reality check.
eggz said:
The 50% down payment kills a lot of buyers, EUG.
Many people do have savings but to plough $100-150K cash down payment (on top of monthly instalment) on a car, it takes a cold reality check.
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
If you amortised the increase in ARF over a period of ten years... it's quite insignificant.
I think the 50% cash outlay would be a major dampener.
It will be interesting to watch how low can the COE go down. That will really be an indicaticative on the true wealth of Singaporeans. If you are not affected by it, then this policy is well intended and serve its purpose, ie if you can afford it, by all means and in fact the gahment make it cheaper(lower COE) for you to buy.
But, looking at the forums sent to the papers and discussion in the forums, I believe alot of genuine buyers but with limited funds will be affected.
Cheers!
If you amortised the increase in ARF over a period of ten years... it's quite insignificant.
I think the 50% cash outlay would be a major dampener.
It will be interesting to watch how low can the COE go down. That will really be an indicaticative on the true wealth of Singaporeans. If you are not affected by it, then this policy is well intended and serve its purpose, ie if you can afford it, by all means and in fact the gahment make it cheaper(lower COE) for you to buy.
But, looking at the forums sent to the papers and discussion in the forums, I believe alot of genuine buyers but with limited funds will be affected.
Cheers!
Dinosaur hunter
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
Cash rich people would rather go for properties instead of buying cars. Property will huat more.
Cash rich people would rather go for properties instead of buying cars. Property will huat more.
The Guardian
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
Would you not think that the dealers will brain storm to come out with overtrade packages in cushioning the 50% down payment requirement?
Would you not think that the dealers will brain storm to come out with overtrade packages in cushioning the 50% down payment requirement?
Red_Bean_Bun
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
Rule applies to all is the point.
If the population you are trying to apply a policy on is static. Should work.
When the population is dynamic ...... Who knows what will happen.
20k people come to Singapore to work. Ok....maybe some will buy cars. Maybe 1% of those people per year. No biggie.
When 2m people come to Singapore and 1% of those people per year buy cars and the other 99% takes the MRT. 1% of those plus local demand is enough to stuff the roads again. So what would happen to the COE ?
Can anyone guarantee that 0% of the "new population" would not buy cars ?
Rule applies to all is the point.
If the population you are trying to apply a policy on is static. Should work.
When the population is dynamic ...... Who knows what will happen.
20k people come to Singapore to work. Ok....maybe some will buy cars. Maybe 1% of those people per year. No biggie.
When 2m people come to Singapore and 1% of those people per year buy cars and the other 99% takes the MRT. 1% of those plus local demand is enough to stuff the roads again. So what would happen to the COE ?
Can anyone guarantee that 0% of the "new population" would not buy cars ?
kenntona;960431 said:
Darth Vader
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
people who bought new cars in 2011 and 2012 when coe were sky high are farked.
because coe will drop to 20k and new cars will be cheaper than them.
people who bought new cars in 2011 and 2012 when coe were sky high are farked.
because coe will drop to 20k and new cars will be cheaper than them.
Darth Vader
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
even einstein cant solve this 50% downpayment equation.
even einstein cant solve this 50% downpayment equation.
The Guardian;960442 said:
Darth Vader
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
when i told people that coe will drop and i waiting for $20k coe, i was kenna ridiculed and laughed at.
now i can laugh back and ridicule them.
when i told people that coe will drop and i waiting for $20k coe, i was kenna ridiculed and laughed at.
now i can laugh back and ridicule them.
kenntona;960447 said:
