Buy Car - pay cash

spencer99 SG

Hi,

Assuming I have cash, can I just walk in to any car dealer and pay cash upfront to buy a car without taking a car loan.

Will I be paying the "sticker price" or will they charge me "extra" since I didn't take a loan and they won't get any rebate from the bank.

nightsky87 SG

Cash meaning briefcase full of 1000 dollar notes?

spencer99 SG

Could be pay by cheque? right? not sure if "nets" can pay SGD70k or not?

ditzy SG

Cheque takes at least a day to clear, so until it clears, you don't get your car. NETs card got a max withdrawal limit of $850 I think, unless you get authorisation from the bank that will lift the limit for a time period but also not beyond $2000 one. Same goes for a credit card, also need to raise the credit limit. Laughing

nightsky87 SG

Hahah normal limit is 5k? Extend the most 15k I think, unless you are a platinum then may be higher.

But I think credit card the max draft you can is 50k right? I may be wrong.. Cheque would be ok, but would take at least 3 days to clear. No one can stop you from paying any method you like..

spencer99 SG

Ok... I don't mind waiting for a day while the check clears.... so the question is, if a guy who buy a car with loan for SGD70k, does that mean that if i pay cash, I will get the same car at SGD70k also?

Or do I need to pay more.... is there a "no-loan" price also?

sweetie05 SG

http://www.sgforums.com/?action=thread_display&thread_id=159706

refer to gentlerock and others' replies to my question...
apparently the best way is to get some loan for 1 yr or so to minimise costs.

fondue SG

Yes and NO depending who you buy from.

Assuming your are eligible to own a car , ...

PIs' price requires you to take at least 7 to 10 yrs loan. Else you pay a penalty, usually in excess of 1k.

For the regular dealers, then its a .... YES (exclude insurance). Assuming the price incudes the usual coe, reg fee, car plate, 6mth road tax, etc. For those that includes finance rebate n inhouse insurance rebate, you'll have to take those out. Insurance cost will depend on individual.

But as sweetie05 mentioned, you save a bit if you take min loan min period cos when you take loan, they will give you the finance rebate, which will usually be more than your interest payable for min loan min period. ..... But then again, if you can fork out 70k cash for a car, whats a couple of hundred more ??

huoye SG

most of my cars has been paid in cash.

i teach u a trick.... go choose the car u wan, bargain wadever u wan on the car.... try to let the dealer assume u r taking a high loan.... once everything has been agreed den let him know u paying by cash

If after dat he wan to revise the price den u tell him i nv tell u i taking loan is u ownself assume it so not my fault and we haf agreed on the price already.... and since u r cash rich if he dun wan to sell u den juz go look for another lor........ best u can get the contract signed even b4 u all agree on the loan amount..... try not to wear too nice or act rich..... i always go in bermudas and slippers Laughing Oh and i pay by cheque and i can get the car straight away no need wait for a day

And nets is max $2000/- by withdrawing $1k twice....... nv heard of $850 limit.

wbucket SG

Got a friend who instead of asking for freebies, actually asked for the waiver of the “administrative fee” for not taking loan.

drumstick SG

To get the rebates or "discount" from loans, you will need to get at least a 30% loan for 3 yrs to get the benifits. But if you take into account on the interest rates for the next 3 years, It would not be advisable. If you calculate to the max taking loan for 3 yrs minus away the discounts they are giving, You would still be paying more. Cash would be the best deal. Especially to the car dealers. If you can give them hard cash in full, you can negotiate for better deals or slight discount. But normally they would throw in some freebies. It would be more advisable to go to a SE or agent whom you know or got friends knows. Just like that time go and buy car, he waive 1k for immediate COE no need to wait for bid + discount 500 cash + some discount vouchers. Normally for secured immediate COE they would charge 1K more. Thats what CC is doing. You got to play hard with the SE and negotiate for better deals whether you can get it or not depends on your luck, skill and whether the agent give in to you or not. If they tell you " cannot leh.. company policy.. fixed price...." You tell them you go find other agent liao... its bullshit..

Although cheques can be cleared within 3 working days, you still got to wait at least 5-14 days for them to do the process of registering of vehicles+insurance etc etc. And depending on the availability of the stock.

If you can out-talk the agent, you already won half the battle, the rest depends on your luck on whether you will get the deal or not. The discounts is depending whether the SE wans to reduce his commision or not. Some agents dun take commission but hit quotas.. you will be in luck if you manage to find 1. But then, its very rare.

fondue SG

Actually, TC and BM both only require min 1 yr loan to qualify for rebate. The min amount and rebate amount depends on which car you buy.

vios is min. 20k for 1 yr, rebate about $800, interest payable <$500,
cefiro min 30k 1yr, rebate 1.5k, interest payable $750.

huoye SG

Wad admin fee?? Dats rubbish.....! I buy a car from them so of course they got to do the transfer for me! and if toking abt paperwork for loan and insurance den ok lor i go find my own den they will have less comission only......dealers dat tell mi admin fee.....i juz say u wan admin feE? den sorie the deal is off....take your pick...

huoye SG

eh.... drumstick... by right you will get a lousier deal if you pay cash because they can't earn the commission of $2k-$3k for a normal car.
But since you got cash u can juz go and ask all the SEs and den see who is willing to take up the offer and do it for u..............some wan money while some need to hit quota.........some juz started out nid sales........

wbucket SG

I know it sounded like rubbish. But now-a-days, many newbies are playing into the hands of these dealers. So many kanna chop chop chop. Confused

huoye SG

well if these newbies get chopped i guess it serves them rite too sad to say…... cuz for such a major purchasing i believe they should do more research and try to get a seasoned car buyer to go with them

wbucket SG

Can someone stop this AH from posting so much pictures! He generated 200 post in 1 days time.

*aftermath*
Thanks!