Okay; I am seemingly moving to Singapore in about two months. The housing issue seems to be getting clearer and clearer, so now for the car issue.
I would like to buy a new or slightly used car, (Nissan Murano or Toyota Harrier, or something along those lines) but I would like to finance a good portion of it.
If I put down about 8-10k (=~8-10%) of the cars value and finance the rest over two or three years, would a bank in Singapore give me a loan within a month or so after I arrived in Singapore (and begin working)? If it matters, I will be working for a large and reputable company in Singapore. I would also be able to get a couple of character references from another established company in Singapore and present whatever credit card history (unfortunately just from the U.S.) that might be needed.
If the answer is 'yes, it is possible,' do I need to be doing anything to start the process now before I arrive so I don't have to wait several months for the approval process to take place?
If the answer is 'nope, not possible,' then how long will it take (approximately) for me to be considered a reasonable credit risk and is there something I can do now to start the process of establishing a credit history so the financing can come sooner than later?
As always, any input would be appreciated.
cd
SINGAPORE EXPATS FORUM
Singapore Expat Forum and Message Board for Expats in Singapore & Expatriates Relocating to Singapore
Car Financing possible for western expat?
-
- Newbie
- Posts: 16
- Joined: Mon, 25 Jun 2007 11:43 am
Hi,
To get a loan in Singapore, be it property or car loan, you will need to income to support it... Thus the banks will usually require to you furnish a income document before they will approve you with the loan.
Alternatively, if you are taking a short term loan, which is less than a year, you can place a deposit with the bank and then apply for an overdraft or term loan on it.
Cheers....
To get a loan in Singapore, be it property or car loan, you will need to income to support it... Thus the banks will usually require to you furnish a income document before they will approve you with the loan.
Alternatively, if you are taking a short term loan, which is less than a year, you can place a deposit with the bank and then apply for an overdraft or term loan on it.
Cheers....
_________________
I am not driving fast - I am just flying low...
I am not driving fast - I am just flying low...
-
- Newbie
- Posts: 16
- Joined: Mon, 25 Jun 2007 11:43 am
LT,
Thanks for the response. I understand that I need to have income to support the loan before the bank will consider me; that is pretty universal around the world as far as I know. I am covered there (hence the comment about working for a large company in Singapore).
My specific question is whether a foreigner has to be established for a while (meaning a year or two) in Singapore in order to be considered for the loan OR whether the foreigner can simply put down approximately 10% of the car’s value and then give proof that he/she is indeed working in a salaried position for company P making xxx dollars per month.
Any information would be appreciated.
cd
Thanks for the response. I understand that I need to have income to support the loan before the bank will consider me; that is pretty universal around the world as far as I know. I am covered there (hence the comment about working for a large company in Singapore).
My specific question is whether a foreigner has to be established for a while (meaning a year or two) in Singapore in order to be considered for the loan OR whether the foreigner can simply put down approximately 10% of the car’s value and then give proof that he/she is indeed working in a salaried position for company P making xxx dollars per month.
Any information would be appreciated.
cd
Hi...
Sorry... I mistaken your question. No, you do not need to be established for a while before the bank will consider you for a loan... All you need is an income document. And if you're new to the company, it will be helpful if you can get a letter from your company's HR certifying your employment with the company.
Cheers...
Sorry... I mistaken your question. No, you do not need to be established for a while before the bank will consider you for a loan... All you need is an income document. And if you're new to the company, it will be helpful if you can get a letter from your company's HR certifying your employment with the company.
Cheers...
_________________
I am not driving fast - I am just flying low...
I am not driving fast - I am just flying low...
-
- Similar Topics
- Replies
- Views
- Last post
-
- 33 Replies
- 30844 Views
-
Last post by bgd
Sat, 05 Sep 2020 12:50 am
-
-
Buying used Car - Car Insurance
by tsarpoet » Fri, 20 Dec 2019 6:04 pm » in Importing, Buying and Selling Cars & Other Vehicles - 4 Replies
- 14433 Views
-
Last post by emergency234
Wed, 16 Jun 2021 4:27 pm
-
-
- 3 Replies
- 6305 Views
-
Last post by Lisafuller
Sat, 16 Jan 2021 3:11 pm
-
- 26 Replies
- 3700 Views
-
Last post by Lisafuller
Mon, 26 Sep 2022 6:48 pm
-
-
Help for possible Options for moving there - early stages, Visas etc
by globalmark » Thu, 05 Apr 2018 10:10 pm » in Relocating, Moving to Singapore - 12 Replies
- 5378 Views
-
Last post by bcheng74
Fri, 06 Apr 2018 6:38 pm
-
Who is online
Users browsing this forum: No registered users and 3 guests