Just heard MAS imposed some pretty ridiculous restrictions on car financing. Now you can only finance a maximum of 50-60% depending on the value of the car, & total number of years for loan reduced to 5 years.
We were thinking of buying a car in a couple of months, but not under these new laws.
What's the experience here, does MAS change these laws often? Why the need for these super tight restrictions? Car sales are going to plummet I am sure & banks will suffer from less business surely?
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New Car Financing Restrictions Imposed by MAS
- Strong Eagle
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In House Car Loans that don't require huge deposits.
Currently I believe;
BMW
Hong Leong Finance
are able to beat the MAS rules.
Does anyone know of others?
BMW
Hong Leong Finance
are able to beat the MAS rules.
Does anyone know of others?
Now I'm called PNGMK
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- Manager
- Posts: 1582
- Joined: Wed, 04 Jul 2012 9:45 pm
- Strong Eagle
- Moderator
- Posts: 11504
- Joined: Sat, 10 Jul 2004 12:13 am
- Location: Off The Red Dot
- Contact:
Re: In House Car Loans that don't require huge deposits.
One way this might happen is if the car seller engages a third party (or maybe themselves) to provide the buyer with a personal/signature loan for the down payment. Borrow 50 percent from the bank, borrow another 45 percent from Uncle Jack's Finance, put down 5 percent cash, and we're all good to go?offshoreoildude wrote:Currently I believe;
BMW
Hong Leong Finance
are able to beat the MAS rules.
Does anyone know of others?
Re: In House Car Loans that don't require huge deposits.
Report the cost of a $100k as $200k to the bank, and that the buyer already gave the dealer $100k down?Strong Eagle wrote:One way this might happen is if the car seller engages a third party (or maybe themselves) to provide the buyer with a personal/signature loan for the down payment. Borrow 50 percent from the bank, borrow another 45 percent from Uncle Jack's Finance, put down 5 percent cash, and we're all good to go?offshoreoildude wrote:Currently I believe;
BMW
Hong Leong Finance
are able to beat the MAS rules.
Does anyone know of others?
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