One distinct difference between Brunei, Malaysia and Indonesia is how cheap cars are here. So cheap that buying multiple cars and changing ones cars have become like a national past time.
The thing is, the trend of cars being repossessed by their finance companies within months of being purchase is also on the rise!
Doesn’t it just makes you wonder how could people commit to a new car if they are not sure that they can pay off the loan? If you peruse car advertisements, you would notice that most of them are selling their cars before the first or second year of loan is even completed!
How lucky are these people that we do not have a credit rating system that they have in other countries. Because with some of their history of taking car loans and defaulting after a few months, I could just imagine what kind of negative ratings they have in their record.
Of course, in those country where you are subjected to the credit rating system, there are also services to help with credit repair and companies that help to improve credit. It’s only right that such services exist because if one’s credit rating is very poor, loan is hard to get and interest rates will be extremely high.
But come to think of it, although this useful service that helps to improve credit score and settle credit dispute is good, I wonder if it will make folks less responsible about their financial matter.
As it is, over here where there is not credit rating system that will influence their interest rates and ability to take loans, there are folks who kept buying and having their cars repossessed without blinking an eye!
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