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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.
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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

Sent from my SM-G975F using Tapatalk
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
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 » 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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