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Car Ownership And Loan


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#1
berrettow

Posted 17 July 2014 - 01:46 AM

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hi guys
would like to know if there any chance to have car and insurance under my name and loan under my wife name
or vice versa

thanks in advance

#2
vr2turbo

Posted 17 July 2014 - 08:05 AM

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QUOTE (berrettow @ Jul 17 2014, 01:46 AM) <{POST_SNAPBACK}>
hi guys
would like to know if there any chance to have car and insurance under my name and loan under my wife name
or vice versa

thanks in advance

The financial institution will not allow it as they do not have any connection in case of any legal issues.

#3
V406198

Posted 17 July 2014 - 06:44 PM

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QUOTE (berrettow @ Jul 17 2014, 01:46 AM) <{POST_SNAPBACK}>
hi guys
would like to know if there any chance to have car and insurance under my name and loan under my wife name
or vice versa

thanks in advance

what will happen if both of u r divorced ?? mmmm...sorry don't mean to curse you, is just try to look from the point of financial side. if that happen, who should responsible on the loan ?
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#4
Gunnerzz

Posted 17 July 2014 - 07:21 PM

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QUOTE (berrettow @ Jul 17 2014, 01:46 AM) <{POST_SNAPBACK}>
hi guys
would like to know if there any chance to have car and insurance under my name and loan under my wife name
or vice versa

thanks in advance

NOt possible,
Mind sharing why u want to do that?
I might have a way around it.

#5
berrettow

Posted 18 July 2014 - 12:17 AM

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thanks guys..
im thinking the same, just wanna know if there any way to get my NCD for my next car..

QUOTE (Gunnerzz @ Jul 17 2014, 07:21 PM) <{POST_SNAPBACK}>
NOt possible,
Mind sharing why u want to do that?
I might have a way around it.


im planning to get new car but my loan application rejected by bank because i have too much loan under my name (house, ASB etc).. my wife never have a car before, so im thinking of bringing my 55% NCD for my new car.. any advice, so i can have a new car and my NCD at the same time.. thanks all

#6
vr2turbo

Posted 18 July 2014 - 08:26 AM

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QUOTE (Gunnerzz @ Jul 17 2014, 07:21 PM) <{POST_SNAPBACK}>
NOt possible,
Mind sharing why u want to do that?
I might have a way around it.

I want to know too..... smile_thumbup.gif

#7
Gunnerzz

Posted 09 September 2014 - 09:58 AM

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QUOTE (berrettow @ Jul 18 2014, 12:17 AM) <{POST_SNAPBACK}>
thanks guys..
im thinking the same, just wanna know if there any way to get my NCD for my next car..



im planning to get new car but my loan application rejected by bank because i have too much loan under my name (house, ASB etc).. my wife never have a car before, so im thinking of bringing my 55% NCD for my new car.. any advice, so i can have a new car and my NCD at the same time.. thanks all

didnt notice yr reply.
hpw high is yr dsr?

if beyond 70% then its going to be impossible.if below can still be recommended but u need an experienced banker and the correct bank.
some bank do take in the dividen frm yr asb loan as yr income.
or,u cam.just sell the asb loan,get the car amlnd re apply for asb loan.
most bank take asb loan lightly and u can get it approve easily.
forget bnm...they jist said they implement this and that but the bank always find a way around it.


#8
vr2turbo

Posted 10 September 2014 - 08:01 AM

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QUOTE (Gunnerzz @ Sep 9 2014, 09:58 AM) <{POST_SNAPBACK}>
didnt notice yr reply.
hpw high is yr dsr?

if beyond 70% then its going to be impossible.if below can still be recommended but u need an experienced banker and the correct bank.
some bank do take in the dividen frm yr asb loan as yr income.
or,u cam.just sell the asb loan,get the car amlnd re apply for asb loan.
most bank take asb loan lightly and u can get it approve easily.
forget bnm...they jist said they implement this and that but the bank always find a way around it.

What one of my colleague did was refinance his house and took the extra money to buy the car. Interest rate is cheaper as it is housing loan and not car loan and also need to service one loan only and not two.... smile_tongue.gif

#9
Gunnerzz

Posted 10 September 2014 - 04:28 PM

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QUOTE (vr2turbo @ Sep 10 2014, 08:01 AM) <{POST_SNAPBACK}>
What one of my colleague did was refinance his house and took the extra money to buy the car. Interest rate is cheaper as it is housing loan and not car loan and also need to service one loan only and not two.... smile_tongue.gif

good move but only applied for those with strong income.
DSR limit for hl is lower compared to hp.

best advantage is the interest is daily rest.all hl are daily rest nowadays.
if i settle early,no future interest are need to to be paid unlike hp loan.

#10
vr2turbo

Posted 11 September 2014 - 07:56 AM

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QUOTE (Gunnerzz @ Sep 10 2014, 04:28 PM) <{POST_SNAPBACK}>
good move but only applied for those with strong income.
DSR limit for hl is lower compared to hp.

best advantage is the interest is daily rest.all hl are daily rest nowadays.
if i settle early,no future interest are need to to be paid unlike hp loan.

Yup, especially those who already have a house and have already service the housing loan for a few years and house price have elevated then only can refinance the house. If not, then cannot do that.