Singapore Expats

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

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

Sent from my SM-G975F using Tapatalk

LOBSTER07 wrote: ↑

Mon, 26 Oct 2020 1:05 am

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

Sent from my SM-G975F using Tapatalk

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

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.

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.

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.

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.

Your car will be repossessed by the bank.

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.

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.

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