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wat happen if u cant pay ur car installment

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LOBSTER07
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wat happen if u cant pay ur car installment

Post by LOBSTER07 » Wed, 21 Oct 2020 11:13 pm

I wish to buy my own car..mostly i rent..if i buy a 5 year coe car..exple after 1 year i have financial and cant really afford to pay monthly installment etc, can i sell e car?.. Or i stil nd to pay e balance installment monthly regardless i have financial problem

Tia

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LOBSTER07
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Re: wat happen if u cant pay ur car installment

Post by LOBSTER07 » Mon, 26 Oct 2020 1:05 am

U mean?.. I was jus askin if anyone knw

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sundaymorningstaple
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Re: wat happen if u cant pay ur car installment

Post by sundaymorningstaple » Mon, 26 Oct 2020 1:42 am

LOBSTER07 wrote:
Mon, 26 Oct 2020 1:05 am
U mean?.. I was jus askin if anyone knw

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Now you know the importance of using good English, grammar and spelling. You write on an Expat Forum like a dyslexic 3rd grader.

tt1973
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Re: wat happen if u cant pay ur car installment

Post by tt1973 » Mon, 26 Oct 2020 6:08 am

LOBSTER07 wrote:
Wed, 21 Oct 2020 11:13 pm
I wish to buy my own car..mostly i rent..if i buy a 5 year coe car..exple after 1 year i have financial and cant really afford to pay monthly installment etc, can i sell e car?.. Or i stil nd to pay e balance installment monthly regardless i have financial problem

Tia

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The finance company will tow your car and have it auctioned off and on top of that, you are still liable for any outstanding loan and charges.

midlet2013
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Re: wat happen if u cant pay ur car installment

Post by midlet2013 » Mon, 26 Oct 2020 8:23 am

i think if u cant afford it should be easy to sell the car.

but it would be wise to buy a car when u can really afford.

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PNGMK
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Re: wat happen if u cant pay ur car installment

Post by PNGMK » Mon, 26 Oct 2020 9:19 am

Actually it can be hard to sell a car quickly here if there is an outstanding loan as sometimes the car is worth less than the loan.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
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midlet2013
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Re: wat happen if u cant pay ur car installment

Post by midlet2013 » Mon, 26 Oct 2020 1:51 pm

ohh good point

btw, I bought a car last year on loan cuz it was < 2%. at that point, I wanted to invest all my money but I still have cash lying around. can I call the bank and pay it at one go and cancel the loan. I have a loan of around 40k left. I am happy to pay at one go.

deek9091
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Re: wat happen if u cant pay ur car installment

Post by deek9091 » Mon, 26 Oct 2020 2:14 pm

Your car will be repossessed by the bank.

bgd
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Re: wat happen if u cant pay ur car installment

Post by bgd » Tue, 27 Oct 2020 6:55 am

midlet2013 wrote:
Mon, 26 Oct 2020 1:51 pm
ohh good point

btw, I bought a car last year on loan cuz it was < 2%. at that point, I wanted to invest all my money but I still have cash lying around. can I call the bank and pay it at one go and cancel the loan. I have a loan of around 40k left. I am happy to pay at one go.
Check whether the loan terms allow early repayment.

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PNGMK
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Re: wat happen if u cant pay ur car installment

Post by PNGMK » Tue, 27 Oct 2020 7:47 am

bgd wrote:
Tue, 27 Oct 2020 6:55 am
midlet2013 wrote:
Mon, 26 Oct 2020 1:51 pm
ohh good point

btw, I bought a car last year on loan cuz it was < 2%. at that point, I wanted to invest all my money but I still have cash lying around. can I call the bank and pay it at one go and cancel the loan. I have a loan of around 40k left. I am happy to pay at one go.
Check whether the loan terms allow early repayment.
They will but usually with a penalty.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

midlet2013
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Re: wat happen if u cant pay ur car installment

Post by midlet2013 » Tue, 27 Oct 2020 9:19 am

thanks, I will look into it. either way , its fine.

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