1st obstacle) Some banks based on credit record from Credit Bureau Singapore. Some banks required you for to be clear of bad records for 3 years or 1 years, also might be depend on the amount you loaning for what purpose - in this case for car loan. Some finance institute does a lousy jobs of checking and approve loan easily but mostly do not now as alot/most institutions have standardise their protocol
2nd obstacle) With the above clear, based on your income min 3 or 6 months from same employer and CPF statement - My dealer fren thought me a simple guideline for using ur monthly gross income to gauge your loan limit. Gross monthly/3.75 = max amount of monthly installement you can loan. eg. my gross is $3750 monthly which mean if divided by 3.75, I can get loan max up to $1000 per month installment. Almost definitely in same bank/institution, if got a loan of $700 installement and you want to buy another car at installment loan of $800. Sorry reject definitely. But if you try different bank or company, its may work or approve.
As above, most financial institute are following these protocol but different branding have different ways of handling it. Sometime you may get lucky and approve at same plc while other may not. It handle by account manager and its human. Human err! Some relaxed type and some digged like crazy or followed strictly by the book.
Some institution eg. DBS, UOB etc etc are using electronic computerised system which said to be 100% proof. But saying this, if you owned/bad debt a company but this company is all paper work. These records wont be as update as currently and who knows you may get ur loan approve in DBS?
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