DECLINED... says Maybank

Just received an SMS from my SE regarding my bank loan from Maybank regarding my KOUP. DECLINED. The bank never reveal anything else besides that so basically I was kept in the dark and so do the SE. I was shocked coz I have no outstanding loans nor bad credits. This is the first time I am applying for a bank loan. However, I realised that I am a gurantor for my sis SMU education thru RHB. All the while I knew that this would bite back knowing my sis laziness to work (she's unemployed now btw).
A quick question to all the Bros and Sis here, did Maybank decline my 100% loan due to me being a gurantor or just that they don't take in 100% loan. According to my SE, he said my paygrade never gets declined. I am earning at an avg of 2.3K. He did recommended that I use my wife's (soon-to-be on Jan 2010) name instead. I was totally felt let down. Even though my SE went ahead and tried DBS and CITIBANK. But my heart tells me that if Maybank can't get, I don't think the other two banks will.
Haiz.... sian. Sorry for the rant. Just feeling blue. Maybe I just attend meetups and kopi-sessions and just admire the cars.

PS: SE said by this wednesday I would know if DBS or CITIBANK will approve. If not, it is 24 MRT stations to my workplace and 24 MRT stations back to my home from Jan 2010. 48 stations front and back, SUPER.

nowadays banks have tightened up their loans. i think your income must be 5 or 6 times higher than the loan itself. you can try downpaying more cash to reduce the loan amount.

what is the car price? and the qouted interest rate?

the way banks work are strange... dun worry, not every bank view risks equally...

100% loan is likely to be the reason they turning you down. I would imagine you would have similar difficulties with other banks too.

i think it would be hard but not impossible for u to get approval.
u did not even hit 30k so i think u dont have a credit card....
and most probably u dun have credit history...

nowadays, bank rely on credit history. and the installment if u take full loan and 10 years will be almost 30% of ur total income.

am not discouraging u or anything... but can u set aside 1K every
month for the car? basically the banks will be asking this question.

bro, if yr average is only $2.3k, dun think bank will approve full loan... need to have deposit... chances dbs wun grant u too, citibank, maybe if they hard up for it....

Is ur pay gross or net?
If is gross I think its is IMPOSSIBLE....
If is Nett then there still might be Slim change of a miracle.

like JuanST mentioned......
If you can set aside 1K ?

When u got no Credit History, (ie no credit card nor overdraft facility) they cant do grading for u. So...... hmmmm

As long you had a good credit payment (such as credit cards outstanding managable).. banks will still consider one even taking 100% loan.. Sometimes it can be year end closing, so tentatively they would reject a few more than usual..

actually i thot the more experienced SE would somehow know whether ur loan would be approved or not. Cos I wanted to give my SE my updated income slip but she said no need. current one sure approve... hmm...

impact2001 wrote:As long you had a good credit payment (such as credit cards outstanding managable).. banks will still consider one even taking 100% loan.. Sometimes it can be year end closing, so tentatively they would reject a few more than usual..

it depends whether they have reached their sales qouta for the year.... if have not, they will lower the criteria and get more approvals else if they have, they might just retain the criteria....

lets hope dbs and citi have not reached their qoutas.

whitechoco wrote:actually i thot the more experienced SE would somehow know whether ur loan would be approved or not. Cos I wanted to give my SE my updated income slip but she said no need. current one sure approve... hmm...

did u submit any income docs? i dont think i have done ever......

JuanST wrote:did u submit any income docs? i dont think i have done ever......

only submitted my one yr cpf contribution which did not reflect my salary adjustment ah..

JuanST wrote:

whitechoco wrote:actually i thot the more experienced SE would somehow know whether ur loan would be approved or not. Cos I wanted to give my SE my updated income slip but she said no need. current one sure approve... hmm...

did u submit any income docs? i dont think i have done ever......

wow... u paid in full cash ar?

nope....50% on 5 years...

rich man....

JuanST wrote:nope....50% on 5 years...

no freebies as a result?

got a good set of freebies.....
back to original topic...

please recommend me your SE if i want to get one next year.

ok, back to the main topic.

Can't be everyone here spends what they earn every month and to the very last cent, right?

If I can turn back time by 20-years... I'd already be retired already today. But alas...

scalar wrote:rich man....

oh.. i dun bro... i only spend 20% of wat i earn on cars.... d rest of it it's on 30% on investments, 20% on savings & rest on expenses....

scalar wrote:oh.. i dun bro... i only spend 20% of wat i earn on cars.... d rest of it it's on 30% on investments, 20% on savings & rest on expenses....

Yes, inflation aside. And with youth on your side... compound, Compound, COMPOUND!

1k allowance for car is enuf...... thats why i bought forte instead of those more expensive and cash draining cars.....

yup i'm forever youthful... i still look in my 20s...

Ok pls don't get too OT. Anyways I have a DBS Platinum Credit card, upgraded from the normal one a year back. So to answer some queries I do have a stable credit history. I have yet to miss any payment or whatsoever. The documents I have submitted are my one year CPF and 3 months pay slip. According to my SE, since I am a government servant, it is easier to get approval. Somehow, these past few days, I hear voices in my head telling me owning a car is wishful thinking. Even though my wife, who is earning 3.2K avg, willing to put her name down, I felt too REJECTED to pursue it anymore if the other two banks declined.
Anyways, I have resigned to my fate of taking the train. My future housing with my wife will be at Yew Tee and i work at Changi Airport... sweet deal. Nevermind, I just look thru this forums and admire the members cars here.

PS: On the bright note, though a dim still, March 2010 is a month to foward for me ... FF13 English version...

DBS Visa Platinum Card
Min.Income: $50,000
Principal: $180
Supplementary: $90

now am confused........

bro, nwadays all cc r platinum lei... but since u r a g/servent, den should not be a problem lei... most likely is maybank quota hit le...

devilsheaven: if i'm not wrong, you can put both yourself and your wife's name in the loan to increase the approval chances.

JuanST wrote:got a good set of freebies.....
back to original topic...

can pm me your se contact and what are the freebies u get? thanks

Maybank declined doesn't mean the rest will. But to play safe, give you SE a range to work with in terms of the loan amount.
They will be able to advise on how much would be the safe range.
You ask the SE to get the bank to call you with regards to the loan and what variations they can offer you.

wah, work @ airport... parking also xiong... u customs officer yah?

Just as what one post mentioned, if it is 2.3K take home then you should be able to get a bank loan rather easily. If it is 2.3K before CPF deduction, then I think you are better off with public transport.

Dun kill yourself with owning a car and then living on bread to eat.

Like most bros agreed, you need to set minimum $1K monthly for your car. Can you do it?

wah, 2.3k salary dare buy new koup? i tink the maybank officer share the same sentiments that's why....

Hope youll get approval with any of the 2 bank, but you should really think thru of owning a car as you are just about to start a faminly life...

btw.. i once stay in yewtee and work in changi too (still i work in changi.. expo side actually and now stay in woodlands haaa... ) even then fuel $$$ is quite a lot, lets not forget of ERP and maintenance too...

Well.. bro just wait for the DBS and Citibank reply bah.. I also kana rejected by Maybank O.o

I guess they find me too young and I just started work.. However DBS approved my loan and i got my forte two mth back

since u have "relationship" with dbs... u have a higher chance of getting there approved.... so good luck...

btw, maybank is not connected to credit bureau....
dbs and citi are...

Just got back from work. Got drenched due to rain. Anyways my take back pay is 2.3k after cpf. I work Airport ICA btw. Terminal 2 Departure. People there know me as the human-machine coz I clear passengers extremely fast.

Back to topic, I do really hope DBS would approve but even if neither of these banks would, I don't really want to put my wife name in even though she earns 1K more than me. Its just too bad then, I have to take the first train at 0515 from Yew Tee to JE and then straight to Tanah Merah and then to Airport. Awesome journey.

I already told my wife (STBJ2010) that I am resign to the fact that banks are tighter now and would prefer do combine bank loans on housing stuff like renovations. We will be balloting the BTOs btw in Jan 2010 if HDB lets it go. My wife works as a HDB Executive Officer.

devilsheaven wrote:Just got back from work. Got drenched due to rain. Anyways my take back pay is 2.3k after cpf. I work Airport ICA btw. Terminal 2 Departure. People there know me as the human-machine coz I clear passengers extremely fast.

Back to topic, I do really hope DBS would approve but even if neither of these banks would, I don't really want to put my wife name in even though she earns 1K more than me. Its just too bad then, I have to take the first train at 0515 from Yew Tee to JE and then straight to Tanah Merah and then to Airport. Awesome journey.

I already told my wife (STBJ2010) that I am resign to the fact that banks are tighter now and would prefer do combine bank loans on housing stuff like renovations. We will be balloting the BTOs btw in Jan 2010 if HDB lets it go. My wife works as a HDB Executive Officer.

No worry bro.. be postive =) let fate decide for you..

Hmmm, then normally banks will approve the loan. Hmmm but from yew tee to airport and back daily....your fuel monthly will hit minium 400 -500 bucks, plus full loan at 10 years. It's almost 1.2K monthly..
+ insurance, road tax, season parking at home, season parking at office...maybe 1.4K

wow bro next time i travel oversea can let me clear??? keke...

bro, seriously i cannot think of any reason why they shld reject u with 2.3k after cpf.. like bro scalar said, maybe maybank hit quota liao.. hope either dbs or citi will approve ur loan.

Thanks for all the encouragement, hope there will be some good news tmrw or wednesday. Even if the banks rejects me, I hope they don't make me wait till wednesday or beyond.
Anyways, I hope I can come down and see some KIA cars during the next meetup session.

PS: The good thing about this whole DRAMA is I can use the huge cash I save for my car towards Dr Dre BEATS headphones... :p

Now I really dun understand...you said you have huge cash and then you getting full loan???

So what is what?

your pay should not be a problem. and if you do not have any bad credit, should not have any reason to reject you. and like what they say, not connected to credit bureau.

maybe DBS will stand a high chance, not sure why SE told you go for MB. And you have a plat card too, should have told the SE to just go for DBS, unless loan from MB will generate higher comm for SE.

if you drive to work, sure siong, you take train cheaper sia bro, for me I won't drive to work too, cut cost, buy and collect dust. anyway will be bear you soon, gonna do my attachment at SATS 1. Don't mind me OT, cos most threads also have OT.

any outstanding loan can make you a high-risk credit applicant. like housing loan, law suit, outstanding tax payment not paid, owe HDB money.

i tink c&c loan seems to be directed mainly to maybank.. my SE nv even mention abt dbs and citi at all.

my SE told me bout the 3 banks, so my gf mentioned DBS cos she have quite a hefty investment with them, chope chope 2 days settled.

ooo... dunno y mine approve so fast. within half a day.. lol..

whitechoco wrote:ooo... dunno y mine approve so fast. within half a day.. lol..

we same same. LOL. From booking to loan to COE take only 3 days...

But car dunno when.

NiVleK wrote:we same same. LOL. From booking to loan to COE take only 3 days...

But car dunno when.

eh.. same also! mine also 3 days for everything. car already 3 mths 16 days..