Dark Knight6664 asked about General
about 2 years ago
What is the cost breakdown when buying a second hand car on bank loan? Do seller/dealer collect the 1st instalment and charge GST? Is there a dealer admin fee or bank processing fee? or any other "hidden" cost? Example: Purchase Price 90K, Bank loan 60K ([email protected]%), Down-Payment 30K; what is the expected breakdown and total cash upfront? Transfer fee and Insurance not included. Appreciate your help and contributions for us first timers. Thank you.
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1 Answer
Hi there, thank you for leaving a question. The 1st month installment will depend on which bank you applied the loan from and most of the dealers do charge an admin fee.
Check the details below:
Loan breakdown:
Purchase price: $90k
Loan: $60k , 2.78% per annum
Tenure: 6 years
Monthly: $973
Upfront payment: $30k + Admin fees + 1st instalment (if required)
You may receive car loan and paperwork support for vehicle transactions from our friendly consultant by submitting your details through here: https://www.motorist.sg/car-loan-paperwork