Just to raise an awareness to some unscrupulous company out there running gimmick to gain customer.
I wanted to renew my COE for 10 years and had 02 companies in mind; Company A and company B.
Company A offer 3.25% standard market rate.
Company B runs a aggressive advertisement offering 2.88% per annum. On calling up was told 2.88% was for maximum 4 years tenure. But can offer 3% for 5 to 7years which look attractive. I held on till November COE prevailing which end around $50,168 a good time as my COE expired on 09 Nov 2017.
About 02 weeks before I went down to apply and was told 3% is their own in house finance and needs a month lead time for approval due to credit bureau check. The Sales guy said he would try his best (no promises) to expedite but in parallel also applied other banks at 3.25% in case cannot approve or approve in time. I placed a $500 deposit only to be told for the $500, $400 is their 'Admin' and $100 will be refund. Also he would continue to expedite for the 3% loan application.
In the end today (06.11.17), I have no choice because 09 Nov is 3 days away but to take up the 3.25% instead. Also that 3.25% bank loan has a $200 admin fee. In all I have to paid for first payment today (06.11.17):
Their Admin fee $300 (The Sales guy deduct $100 as 'goodwill' for forgetting to state the 01 month lead time)
Bank Admin fee $200
LTA transfer $ 21
Loan 1st Payment $833 (I took a 6 years loan)
The awareness here are:
1. Have all T&C cleared especially the in house 3% needs lead time of 01 month.
2. I found out Company A do not charge their own Admin fee, their Admin fee actually covers the Bank's Admin fee + LTA transfer $21.
3. I doubt there was any in house finance as there was no form to fill in.
In all today I would have pay IN ACCESS for this loan of $1020:
1. $300 for their Admin fee + about $720 (over 72 months).
You have be warned. Take my loss as your gain. Please rule out such unscrupulous company. Thank you.
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