If you have a poor credit score, there is a possibility that the bank will lower your loan quantum. If your credit report reflects serious issues, such as a credit grade of C or a statement of default, it is possible that your loan application will be rejected altogether. As such, it is important to build your creditworthiness before thinking of major loans like a home loan or car loan. Factors which lower your credit score are late repayments on unsecured loans like credit cards, multiple loan applications in a short time, or having debts written off. If you are unaware of your credit score, you can obtain one from the Credit Bureau of Singapore (CBS). This usually costs S$6.42. If you have poor credit or no credit history at all, you can build one up by taking small loans and paying them back responsibly. The easiest way to do this is to use a credit card, on which you always repay the full amount (there is no interest charged on credit cards if you make full repayment). 2. SECURE … [Read more...] about Are you ready to get a car loan in singapore?
What makes car insurance expensive
While the status quo of transportation in Singapore is public transport, cars still make up a considerable portion of travel. But cars are no affordable alternative to public transportation as purchasing a car often requires a six-figure commitment. Thus, many people consider leasing rather than purchasing a vehicle. However, while leasing a car requires lower up front costs and peace of mind regarding maintenance and insurance, will it save the driver money over the long term? We break down the costs below. OWNING A CAR COSTS MORE INITIALLY, BUT IS CHEAPER LONG-TERM When deciding whether to buy or lease a car, drivers consider more than just the price of the vehicle. In the case of leasing, the convenience is an attractive benefit since you get a brand new car for a neat monthly price that includes insurance, roadside assistance, maintenance and road tax. Another benefit with leasing that can entice financially constrained drivers is that the upfront cost is an affordable deposit that … [Read more...] about Buying or leasing a car: Which one is cheaper?
By Carola Vyhnak Special to the Star Tues., May 7, 2019 When Leisse Wilcox got married, she happily delegated household finances to her husband. “Wilfully oblivious” she calls her former self. But everything changed when her 14-year relationship ended in 2015, and the Cobourg stay-at-home mother of three suddenly had to navigate money matters. It was “frightening,” Wilcox recalls. “I had shame for being divorced and knowing nothing about money. And I was 36.” With the departure or death of a partner who oversees finances, their mate can be left floundering. Add emotional upheaval, grief and even guilt, and suddenly just paying the bills can be overwhelming. In Wilcox’s case, becoming suddenly single had an upside once she learned to “turn the ship around.” Today she’s a confident and outgoing entrepreneur, homeowner and self-described “financial nerd” who’s teaching her own … [Read more...] about How to survive and thrive financially after becoming single
Who are the emerging affluent, you might ask. According to the BBC, the emerging affluent are a rising consumer class who have started earning enough to start saving and investing. They have big financial goals, but many are not saving as much as they can. In fact, it's not uncommon for the emerging affluent Singaporeans to make certain money mistakes without realising them. We've listed down six you should look out for. 1. FAILING TO LEVERAGE ON A HIGH INTEREST SAVINGS ACCOUNT One of the perks of being an emerging affluent is that banks are always knocking on your door for you to bank with them. To attract the emerging affluent, banks are offering savings accounts with a higher interest rate, if you fulfil certain requirements. Instead of putting your money with your favourite neighbourhood bank, why not just open a digital account to earn that extra interest rate? Apart from the initial paperwork to transfer bills to your new account, there's no other downside. Just make sure it's … [Read more...] about 6 costly money mistakes newly affluent Singaporeans are making
MANILA -- Whether you clock in 8 hours, or 10, 12, 14, even gasp, 16 hours every day, you deserve a break on May 1. And since most Filipinos have the day off as Labor Day is a national holiday, why not take the time to do 5 simple things to check on your financial health. Yes, this may sound like a damper on your holiday plans, but there is real urgency behind this. The unemployment rate is inching up and latest data shows its at 5.2 percent as of January 2019. Meanwhile, the population continues to rise and is targeted to go from the 104.92 million recorded in December 2017 to 120 million in 5 years or by 2024. The peso is still weak next to the US dollar, but inflation has finally fallen within government targets of no more than 4 percent range. However, if your money sits in a savings account and the bank pays you a 0.02 percent interest, you don’t need to be a Math genius to know you are losing out. And then there’s the public sentiment that it’s getting harder to … [Read more...] about News This Labor Day, Make Your Money Work Harder For You