New Car bank loan and in house rates ?

[clocking]

Brand new car
May i know how much is the bank loan interest rate
May i know how much is the in house loan interest rate

[taxico]

bought a new car in july, delivered in october - the salesman said to take up at least a small loan to get rebates.

so i borrowed $30k, i think the minimum amount, repaid over 1 year. it was through a bank (applied through dealer).

interest was 1.88% (less than $600) and the rebate i got was almost $3k. i don't know how it works, but the numbers worked.

[17Diver]

bought a new car in july, delivered in october - the salesman said to take up at least a small loan to get rebates.

so i borrowed $30k, i think the minimum amount, repaid over 1 year. it was through a bank (applied through dealer).

interest was 1.88% (less than $600) and the rebate i got was almost $3k. i don't know how it works, but the numbers worked.

I presume yours is a in-house loan and you bought a parallel import car. Correct me if Im wrong.

[clocking]

Salesman code me bank loan interest rate 2.28% P/A

[taxico]

I presume yours is a in-house loan and you bought a parallel import car. Correct me if Im wrong.

as mentioned above, it was a bank loan, applied through the dealer... i suppose i should have said authorized dealer/authorized distributor.

salesman showed me a list of banks that i can choose from but i told him just pick the cheapest rate and with highest rebates. he said okay. i got $2800 + $500 in rebates.

car was bought directly from motor image... i hope they are not parallel importers. that means the warranty is useless.

[clocking]

So is 2.28%PA the present bank rates?

[17Diver]

as mentioned above, it was a bank loan, applied through the dealer... i suppose i should have said authorized dealer/authorized distributor.

salesman showed me a list of banks that i can choose from but i told him just pick the cheapest rate and with highest rebates. he said okay. i got $2800 + $500 in rebates.

car was bought directly from motor image... i hope they are not parallel importers. that means the warranty is useless.

hoho ok. cos i was looking to change cars and most ADs i saw are offering bank rates at 2.28 percent. only kah motor at promo rate of 1.88 percent. did not know motor image had a similar arrangement. thanks for the clarfication.

[taxico]

So is 2.28%PA the present bank rates?

just called the salesman to check for you. 2.28 to 2.68 depending on which bank.

1.88 was only until 30 nov 2014.

[taxico]

hoho ok. cos i was looking to change cars and most ADs i saw are offering bank rates at 2.28 percent. only kah motor at promo rate of 1.88 percent. did not know motor image had a similar arrangement. thanks for the clarfication.

i think you are right, the loan is through a bank BUT the paperwork i have said "IN-HOUSE FINANCE PACKAGES" at the top followed by each bank and their rates/terms...

i don't really know how it works... hope i have been more help than confusion!

i bought a 2.0L car, if that helps with anything. i think different cars have slightly different rebates at the place i went to... again, i don't really know how this rebate thing works, but i felt it was worth paying interest to get a bigger sum off.

[ac_wong75]

Besides banks, there are finance companies like century tokyo, orix and Hong leong, which also does HLP. Their rates may be lower to a certain extend. But 2% sounds like a norm now givne the rising interest rate environment.

[Billy76]

Known a few dealers, 2.28% is the standard rate. As for In-house it may vary from 2.88 to 3%.

[clocking]

Known a few dealers, 2.28% is the standard rate. As for In-house it may vary from 2.88 to 3%.

Thanks buddy!
Cross my fingers for bank approval..

[amphibian]

citibank now offering at 1.48%

[wuga98]

Known a few dealers, 2.28% is the standard rate. As for In-house it may vary from 2.88 to 3%.

in house means what, getting financing from the car dealer thru their own finance co?

[kelvin28net]

good info