Car Loan Approval Validity Period

masterclass17 SG

Hi,

I am checking this scenario on behalf of a good friend of mine. He had booked a BMW with a PI on Dec 2007 and paid the deposit of $10K to the PI. Ten year loan with UOB was also approved based on his salary then. However, till now the car has not reached Singapore and he had also lost his job in Feb i.e he has no income for the past 2 months. He is worried that the when the car finally reaches Singapore say end of this month or early next month, UOB will need him to submit updated payslips to them for relook. If this the case, he will be stuck and probably have to forfiet the car.

Anyone knows how long is the validity period for this kind of approved-in-principle car loans? Appreciate your help in this.

BangHong SG

No idea... your friend also daring, job not stable, bank not enough $ order BMW...

Check if your fren if he have enough funds to pay UOB 6months installment.. if can, can talk to uob bank de...

FailureOfTheNation SG

... on his salary then. However, till now the car has not reached Singapore and he had also lost his job in Feb i.e he has no ...;2 months. He is worried that the when the car finally reaches Singapore say end of this month or early next month, UOB will need him...

hmm, i think you can go to the bank and cancel the loan, since the car have not arrived yet and the loan is not disbursed to the dealer yet.

anyway, i dun think the bank will ask for updated payslips one la, approve is approve liao

kentheman SG

not really. normal loan if i can remember will last u 6 mth. if it crosses the calendar year, have to resummit documents again