Categories

A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

SCB looks upcountry for used-car loans

Siam Commercial Bank (SCB) plans to expand its high-yield used-car loan segment to focus on provincial markets and cash in on the country’s urbanisation trend.

Narong Srichukrin, the executive vice-president for auto finance, said SCB plans to increase its proportion of used-car loans to 40% of its auto lending portfolio this year from 35%, with auto loans upcountry slated to make up 45% from 40%.

Better yields from used-car loans are projected to improve the bank’s profitability.

SCB ranks No.3 in auto loans, behind Thanachart Bank and Bank of Ayudhya subsidiary Krungsri Auto.

It charges a flat rate of 3.5% to 4% on average for used cars three or four years old and 5-6% for automobiles 7-10 years old compared with 2.5% for new cars.

SCB obtains satisfactory yields of higher than 10% under its mixed portfolio.

It is exploring business opportunities in commercial vehicle and motorcycle loans following their strong growth.

Commercial vehicles such as tractor trucks and cranes are selling well, in line with the government’s infrastructure development.

The new products are expected to be introduced next year, said Mr Narong.

SCB, the country’s third-largest bank by assets, has offered auto loans for five years.

Its outstanding loans of 170 billion baht at the end of last year represented a 46% increase from 2011.

SCB plans to expand its loan portfolio by 30% to 220 billion this year, pushing up its number of customer accounts by 60% to 800,000.

Despite the strong loan growth projection, it expects to maintain non-performing loans at 1.25% of its auto loan portfolio.

SCB’s total car loan portfolio stands at 180 billion baht _ 125 billion for new-car loans, 35 billion for used cars and 20 billion for My Car My Cash refinancing loans.

It recently launched the new refinancing product My Car My Cash Prompt, an overdraft loan that requires vehicle registration as collateral.

Shares of SCB closed Friday on the SET at 174 baht, up three baht, in heavy trade worth 1.71 billion baht.

Tell us what you think about this article

dislike0people liked /0people disliked it

Share this article

0

More + Republishing permission Print this

About the author

Writer: Somruedi Banchongduang Position: Business Reporter

Latest stories in this category:

PM: Maldives ties strengthened California WOW pumps out B1.7bn BBL charts cautious course after MPC cut SC plans Ratchadaphisek, Pattaya condo projects Gold prices down 300 baht Group urges standard ahead of AEC Hitachi sets up in Prachin Buri warehouse Egat chief candidates pitch visions

Bangkok Post online classifieds

Try buying & selling goods and properties 24/7 in our classifieds which has high purchasing power local & expatriate audience from within Thailand and around the world.

[…]

How to Get a Car Loan

I bought my first car from my parents. It had lots of miles and no frills — not even air conditioning — but the price was right and they sold it to me cheaply enough that I could pay cash. My second car, though, was a gray Mustang convertible I found in the classifieds (no Craigslist back then). For that one, I had to get a car loan, so I turned to my local bank. I didn’t really have a clue what I was doing, but they walked me through the process.

If you are thinking about getting your first vehicle loan, you may feel a bit overwhelmed as well. Here’s how the process of getting a car loan works.

Step One: Check Your Credit

Your credit score will play a key role in the rate you’ll pay for your loan. While that may sound obvious to someone who has applied for one of these loans before, if you are a first-time car buyer, you may not realize how important your credit score is when it comes to getting a loan. A high credit score can help you get a low car loan rate, which in turn saves you money on interest.

Your credit score is based on the information in your credit reports, so to make sure that your credit score is accurate it’s a good idea to also get your credit reports. You can check them for free at AnnualCreditReport.com once a year.

It’s also a good idea to get your free credit score to see where you stand (and you can do that using Credit.com’s Credit Report Card). Just understand that you probably won’t see the same credit score the auto lender will see. There are many different credit scores available, and auto lenders typically use scores customized for auto lenders.

Step Two: Pick Your Payment

Your job here is to figure out how much you can realistically afford to spend each month on a car payment without straining your budget. Once you know that amount, you can plug it into a car loan calculator to find out the total you can afford to spend.

Car loans typically come in 3-, 4-, 5- and 6-year terms. The longer the term of the loan, the lower the monthly payment. But a longer car loan also means you are likely to be “upside down” for a longer period of time. To be upside down (or “underwater”) on a loan means you owe more than the vehicle is worth.

Don’t forget to factor in insurance and maintenance costs. While those won’t be included in your monthly payment, you’ll have to come up with those funds as well. If you have trouble paying them, you may find it hard to keep up with your car payment, so you want to make sure you are prepared for the total cost. An insurance agent can help you estimate the cost of insuring the types of vehicles you are considering buying.

Step Three: Get Pre-Approved

You can shop for an auto loan online, as well as through a local credit union or bank. You don’t have to limit yourself to the financial institution where you do your banking, and it’s fine to check with a few different sources. You want to see what kind of loan, and for what amount, they can offer. Whichever one offers you the best deal, that’s the one you can get financing through.

If you qualify for a loan, you’ll get a “pre-approval” that will be good for a certain period of time and up to a certain amount of money. It’s sort of like having a blank check to buy your vehicle. You can always spend less than the amount for which you are pre-approved, but you can’t spend more, unless you want to make up the difference in cash or by trading in your current vehicle. If you do buy a vehicle for less than the amount for which you have been pre-approved you won’t get the difference back in cash; you’ll just get a smaller loan.

Don’t have great credit? You may still be able to get pre-approved for a car loan with bad credit, but your interest rate will be higher. If you have no credit history, you can either ask someone to co-sign or consider a lender that will work with borrowers with no credit.

Try to do all your car loan shopping within a 14-day period. That’s because some credit scoring models will penalize you if there are too many inquiries into your credit history. But none of them will do so if those inquiries are within a two-week window.

Step Four: Choose Your Vehicle

Once you are pre-approved, you can get serious about shopping for your vehicle. One of the good things about being pre-approved is that you can focus your efforts on negotiating the best deal for the car or truck you want to buy, rather than having to negotiate financing as well.

If the dealer can beat the terms you’ve been offered for a loan, you may want to take it. Just be careful: the dealer may try to talk you into a longer loan that will reduce your monthly payment, but will cost you more in the long run.

If you are going to buy a used car from a private party, make sure the loan you apply for covers that option. Also make sure you understand the restrictions on used car loans. You may not be able to buy a vehicle older than five years or with more than 75,000 miles, for example. And keep in mind the interest rate for these vehicle loans may be a little higher.

Step Five: Finalize the Paperwork

Once you’ve chosen your vehicle and negotiated the price, the auto dealer’s financing department will coordinate with the lender to finalize the sale. They will very likely try to get you to buy add-ons, such as an extended warranty, VIN etching, paint or fabric protection etc. Be sure to research these ahead of time so you don’t feel pressured into making an uninformed decision.

If you buy a used car from a private party, your lender should walk you through the process of finalizing the sale.

Step Six: Start Paying Your Car Loan

After the sale is finalized, you will get information about the payment schedule for your loan. Most lenders will send a coupon book you can use for mailing in your payments, along with information on how to access your account online. Even if you plan to pay your loan by mail or at a local branch of your financial institution, it’s a good idea to sign up for the online service so you can check your balance and payments if you need to, and so you’ll be able to make payments online if you are traveling, for example.

Almost every car loan allows you to prepay without a penalty, so if you decide to pay off your loan faster you can do that. Just be sure to check with your lender to make sure your additional payments are processed correctly.

More from Credit.com
Can Your Credit Score Save You Money on a New Car? Is There Any Chance of Lowering Your Car Payment? The First Thing to Do Before Buying a Car […]

Loan sale could prompt creation of local jobs

Thumbnail

;


Aulick Leasing Corp

Scottsbluff, NE

308-632-3874


Arby’s

Scottsbluff, NE

308-632-3300


Bridgeport 66 Servic…

Bridgeport, NE

308-262-1145


Terry’s U-lock Storage

Gering, NE

308-632-7200


Main Street Market

Scottsbluff, NE

308-632-3900


Dog’s Day Out

Scottsbluff, NE

308-633-1159


Platte River Realty

Scottsbluff, NE

308-220-3286


Prairie Floral & Gifts

Gering, NE

308-436-2310


Anywhere Electric

Scottsbluff, NE

308-631-8958


Valley Dental Center

Scottsbluff, NE

308-632-2727



Find Local Businesses

Popular Searches

|

Browse By Category

Popular Categories

Attorneys & Lawyers Automobile Dealers Automobile Parts Automobile Service Beauty Salons Clothing Stores Computers Dentists Entertainment Food & Dining Movie Theaters Physicians & Surgeons Pizza Plumbing Contractors Real Estate tab 0 tab 1 tab 2 tab 3

Top Jobs


Healthcare Serving Those Who Have Served Is seeking caring &

Featured Updated: 5:06 pm

General COOK We are looking for a hardworking employee who

Featured Updated: 5:06 pm

Healthcare Serving Those Who Have Served Is seeking caring &

Featured Updated: 5:06 pm More Top Jobs

Today’s Classifieds

2 bd/1 bath renovated apt in Sbluff. Hardwood, W/D on

Updated: 5:11 pm

Valley Video Hay Markets Strong Demand From Ne., Wyo., &

Updated: 5:11 pm

Wooden Playset Wooden playset has slide, two swings, and a

$350

Updated: 5:11 pm

Nice, clean used couches, love seats, chairs, dinette sets &

Updated: 5:11 pm

Nice, 1 bedroom. Appliances. Carport. No pets/ smoking. References, lease

$375

Updated: 5:11 pm

Top Autos

1994 7’x20′ Trailman Stock Trailer Call (308) 250-1222

Featured Updated: 5:11 pm

2003 Chevy Impala Leather interior, 140k miles, $2000. Call (308)

$2,000

Featured Updated: 5:11 pm

Pontiac 1967 Firebird No motor, no transmission, everything else included.

Featured Updated: 5:11 pm More Top Autos

Top Homes

For Sale By Owner, Price Reduced 34 acres & “move

Featured Updated: 5:11 pm

Tri level 3 bedrooms, 1 1/2 baths, 1/2 bathroom is

Featured Updated: 5:11 pm

Nice, 3 bdrm., 2 bath home, vaulted ceilings, Pergo flooring

$167,500

Featured Updated: 5:06 pm More Top Homes

Today’s Print Ads

Print

The Body Shop

posted: January 11

Print

First United Methodist Church

posted: January 11

Print

RWMC_Leon

posted: January 11

Print

RWMC Village Coffee Time

posted: January 11

Print

Ashley Furniture

posted: January 11

Contests

Sections

Home News Sports Obituaries Entertainment Galleries Community Opinion e-Edition Classifieds Online Features Weather

Services

About Us Privacy Policy Terms of Service Reader Services Other Reader Services Site Index Add Search Toolbar

Contact us

Contact Us Phone number: (308) 632-9000
Address: 1405 Broadway Scottsbluff,NE 69361

Search

Or, use your linked account:

Need an account? Create one now.

Or, use your linked account:

Need an account? Create one now. […]

Home Loan Financial Corp. declares dividend

The Board of Directors of Home Loan Financial Corp. has declared a cash dividend of 20 cents per common share, according to Robert C. Hamilton, president and chief executive officer. […]

‘Access to Capital’ dinner workshops will be offered in Longview, Marshall

Two dinner workshops, hosted in part by the Kilgore College Small Business Development Center, will be held in Longview and Marshall on the topic of accessing capital and increasing business cash flow. […]

Rehab and Care may have to borrow again

MURPHYSBORO — The Rehab and Care Center of Jackson County has the cash on hand to pay back almost half the money it owes the county’s solid waste fund, but making the payment may mean taking out more loans in the future. […]

Legals April 9, 2012

Loan No. xxxxxx7525 T.S. No. 1329897-09 Parcel No. 51n05w130120 NOTICE OF TRUSTEE'S SALE On July 05, 2012, at the hour of 11:00am, of said day, at In the lobby of pioneer title company of kootenai county,, 100 Wallace Ave, Coeur D'alene, Idaho, First American Title Insurance Company, as trustee, will sell at public auction, to the highest bidder, for cash, cashier's check drawn on a State or … […]

Judge deals setback to payday loan proposal – KansasCity.com

JEFFERSON CITY The summary and cost estimate of a proposal to cap interest rates on payday loans were struck down by a Cole County judge Thursday, dealing a setback to groups pushing to put the issue on the fall ballot. […]

New loan shark laws unveiled

A raft of proposed new laws to stop dodgy loan sharks taking advantage of people who are strapped for cash have been announced.Consumer Affairs Minister Chris Tremain today released the draft legislation for the Credit Contracts… […]