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.
Dark Knight6664 asked about General
almost 4 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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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