Average car loan $85K -- goodness!

I predict COE prices over the next few months will fall 30-50% cos of new loan curbs for cars. It's fantastic move by govt. Too many people were taking up big car loans -- some with 0 downpayment -- and stretching repayment over 10 years. Hey, interest cost is big but these guys are ignorant.

Don’t know if buyers understand that the 3.5% interest rate for car loans is a flat rate and that pre-payments will incur penalty? Read that car showrooms were opened until midnight as buyers rushed in to beat the new loans dateline yesterday, similar to those who rushed in to buy properties on 11th Jan to beat the new curbs the next day. Throwing caution to the wind in this low interest environment.

I read in the media that people are griping that now they cannot afford a car. Their dream has gone poof!.

Becos of the high 40% downpayment and shorter (5 year) loan repayment period.

Oi, cars will become cheaper by tens of thousands of $ in the next COE tender. Effectively, cars have become less of a pain o the pocket! You just need to wait longer to have the cash for the downpayment. It's a fantastic tradeoff.

For new loans taken out from now on.... the average loan size has been cut by about half! Well done, LTA.

Now, do the following:

a. extend the no. of years before a car (offpeak cars, & normal cars) goes for inspection. Cars are more robust these days, don't hv to send for so frequent inspection and fill the pockets of Vicom.

b. help bring about lower insurance premiums for offpeak cars.



This letter writer in ST Forum has expressed it well today:

NOW that car insurers are reaping profits ("Motor premiums steady as insurers' profit soars"; March 14), should they not charge off-peak cars a different premium from that of ordinary cars?

Insurance companies should use probability and statistics in actuarial science to arrive at premiums.

Off-peak cars are on the road for a shorter duration and at times when traffic is less congested. Hence, conditions are safer and the chances of getting into accidents are lower.

At the moment, not only is there no distinction between off-peak cars and ordinary cars, but I have heard that insurers also impose a minimum premium for all car insurance policies.

The incentive of a 5 per cent discount on premiums, if a driver does not have any demerit points for three years, does not apply if, after the discount, the premium falls below the minimum level imposed by insurers.

Also, the Land Transport Authority should not impose the same car inspection rules for off-peak cars, since they are used less often and are subject to less wear and tear. Perhaps the compulsory inspection for them could be pushed back to the sixth year, saving drivers money.

To this end, I believe that compulsory inspection even for ordinary cars can be done after five years. After all, Singapore's roads are well maintained and new cars are of a much higher quality.

Matthew Yeo Cheng Heng

At 12.35am on Feb 3, Yang was caught hurtling along Lim Chu Kang Road towards Jalan Bahar at 195kmh - despite it having a limit of only 70kmh.

He pleaded guilty and was sentenced two weeks ago.

"In the present case, the speed at which the vehicle was travelling at was the highest I have seen among the hundreds of speeding cases brought before me," the judgment stated.

The judge noted that the speed Yang was driving at was almost three times the road's speed limit. "It is not unreasonable or unfair to say that the accused was acting in a highly irresponsible manner by travelling at such an excessive speed.

"If a short term of imprisonment had been passed, it would not have been an excessive sentence."

However, the court decided against a prison term as Yang, who could have been jailed for three months, was a first offender and there was no accident.

In response to queries, the Ministry of Defence would say only: "Captain Yang is a regular serviceman with the RSAF. The RSAF takes a serious view of the incident and will take the necessary disciplinary action."

195 kmh? What car model was this demon speeding in?

Anyone can gv advice on in-car camera? What model do u recommend. I saw Challenger's in house brand wbich host 100 sing . Is it good? I just need mid tier model. No need bells n whistles. Thanks