Originally posted by cairocks:
Went with a friend to see some PI cars. From those companies we visited, we came out feeling that it is should be impossible to pay at the price stated. Either end up paying additional money as interest to the bank or as "compensation" to the PI to make up for his loss income he expect to get from the bank commission. Dunno if anyone could enlighten us a way that we will only have to folk out the price stated?
Actually, not only the PIs practise this. Even the main car distributors here do this too. Some require as little as a 3-year low-value loan (ie. formality loan).....some ask for as high as 7-year high-value loan. Otherwise, the buyer is slapped with a hefty price addition - usually a few thousand S$.
Its just how much each distributor/seller practices it, thats all.
If you can get a loan without penalties for paying up....just take a little loan as you can, collect the car, then settle the loan with cash.