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Car Financing possible for western expat?

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Incassable
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Car Financing possible for western expat?

Post by Incassable » Sun, 01 Jul 2007 2:24 pm

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

LT
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Post by LT » Sun, 01 Jul 2007 6:42 pm

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....
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Incassable
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Post by Incassable » Sun, 01 Jul 2007 9:43 pm

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

LT
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Post by LT » Sun, 01 Jul 2007 11:23 pm

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...
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Incassable
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Post by Incassable » Sun, 01 Jul 2007 11:58 pm

Perfect; thanks LT.

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