Car Loan

Hi Mr. Tan,
I have just booked a new car and am shopping for a loan. I found that over the past few years, banks & finance companies have outsourced their car loans to car dealers. This produced an unhealthy situation in which buyers cannot get good advice from the car dealers because they
are not held responsible for the advice they give and commission bias their advice towards longer & higherloans.

My calls to banks and finance companies draw blanks as call centre staff don't have details of the deals struck with the various car dealers and are afraid of getting intoany details.

Do you know of any place that can offer a fairer simple interest loan secured by the car. Is there a government body that could look into this situation as car buyers end upbeing ill-advised.

REPLY
I am not aware that the banks and finance companies do not deal with the public anymore.I suggest that you bring this matter up with the MAS. I will ask my blog readers to tell us if they know of any financier wiling to provide a car loan.