Loan interest rate thread

[jia_yvon]

this time you might pay lower but the next time you wanna trade in your car you'll have to pay more. its just a matter of when you pay.. lols

 

very wise of u

fully agree, but not really when trade in, to be more exact should be fullsettlement?

low interest rate doesnt mean fullsettlement time they dun overcharge u. lol

they can use a low interest rate to lure u , but end of the day still back to square la

[Dr Wong]

hi guys i got a question,

 

let say i bought a car which register in 1982, it stated 6.8k coe til 2012 march issit worth buying it? just a small 1000cc car

 

let say a old car what is the interest loan?

 

thx alot

[craz_03]

2nd hand cars loan are esily 3+ - 4+ %..

or more? i not very sure..

but for tat kinda old cars..

ur rdtax also higher.. 20% more i tink..

u buy @ 6.8k..

drive for 3yrs + abit have to scrap the car, one yr depreciation is 2k+

 

plus the repairs to fix the car whenever it breaks down here n there.. plus the parts might not be easy to find?

so i suggest u dun buy it.

after 3 yrs u get back nth..

n 6.8k..

u divide by 3 yrs..

one mth alo need to pay about 200+

den u add on ur petrol expenses, erp . parking + rdtax & insurance.. etc etc..

one mth ur expenses easily to 700+

old cars need to feed on better grade petrol to keep the engine in good condition btw.. if u feed the car with ron92.. it might not clean ur valves n engine n hence the performance of the 26 yr old car drops...

 

u add on 100+ for ur mthly instalment u can easily get a new low end new car like chery QQ or geelys..

heehee.. =)

[paperger85]

hi guys i got a question,

 

let say i bought a car which register in 1982, it stated 6.8k coe til 2012 march issit worth buying it? just a small 1000cc car

 

let say a old car what is the interest loan?

 

thx alot

 

you wont be able to get a loan easily. even if you are able to, you'll have to put down a high down payment of close to 4k.

[MS]

you wont be able to get a loan easily. even if you are able to, you'll have to put down a high down payment of close to 4k.

 

4K/6.8K = 60% approx.

That's really high.

1982, what car is that?

[GuiNNeSS]

hi guys i got a question,

 

let say i bought a car which register in 1982, it stated 6.8k coe til 2012 march issit worth buying it? just a small 1000cc car

 

let say a old car what is the interest loan?

 

thx alot

 

like MS says must depends on which car, by 2012 the car is already 30 yrs old.

 

Additional road tax is 1 issue

Insurance is another

Vehicle parts still able to locate in sg?

 

If it's a classic and you treat it as a collection then buy it.

[Dr Wong]

think i will give it a miss then, just a normal transport car

[MS]

think i will give it a miss then, just a normal transport car

 

The current economical turmoil is devastating. It has demolished several once powerful financial institution, brought the 3 large US car builders to their knees and revealed the true nature of the government related DBS. While COE prices plunged to rock bottom, the car prices have also dived with it. A Tuoran sport can easily cost 10% less than usual which is a hefty sum of savings.

 

However, even when things are cheap, we must still acknowledge that it's an enxpenditure. A car is not anywhere remotely near being cheap. To many, it's the 2nd most elaborate purchase in an average individual. Ultimately you need to ask whether do you think this is a need that's going to cost you something without ownership. If life is absolutely bearable without a car then hold on to your cash.

 

The other reason why you can buy a car is because you have money buffered for the purchase of a car and the oncoming maintenance. A prospective car buyer should always not rush into a purchase because it look good on your image unless of course, you have extra money for that.

 

Some of my friends rushed into an almost 0% downpayment deal on a 10 year loan holding on to a car they cannot let go without topping up cash. Trading in the car will only bring the buyer to dig another deeper hole to cover the previous hole.

 

When I asked them do they earn more than $50K per annum and they all say no where even near $40K. And worse, some are not even eligible to apply for a credit card. When their peers started changing into new models when the economy recovers, they are still stuck with the older machine plagued with probable mechanical problems due to age.

 

So if you don't need it, don't have the cash buffer for the car, then don't buy it. Good Cars look good. But the bill will never.

[GuiNNeSS]

The current economical turmoil is devastating. It has demolished several once powerful financial institution, brought the 3 large US car builders to their knees and revealed the true nature of the government related DBS. While COE prices plunged to rock bottom, the car prices have also dived with it. A Tuoran sport can easily cost 10% less than usual which is a hefty sum of savings.

 

However, even when things are cheap, we must still acknowledge that it's an enxpenditure. A car is not anywhere remotely near being cheap. To many, it's the 2nd most elaborate purchase in an average individual. Ultimately you need to ask whether do you think this is a need that's going to cost you something without ownership. If life is absolutely bearable without a car then hold on to your cash.

 

The other reason why you can buy a car is because you have money buffered for the purchase of a car and the oncoming maintenance. A prospective car buyer should always not rush into a purchase because it look good on your image unless of course, you have extra money for that.

 

Some of my friends rushed into an almost 0% downpayment deal on a 10 year loan holding on to a car they cannot let go without topping up cash. Trading in the car will only bring the buyer to dig another deeper hole to cover the previous hole.

 

When I asked them do they earn more than $50K per annum and they all say no where even near $40K. And worse, some are not even eligible to apply for a credit card. When their peers started changing into new models when the economy recovers, they are still stuck with the older machine plagued with probable mechanical problems due to age.

 

So if you don't need it, don't have the cash buffer for the car, then don't buy it. Good Cars look good. But the bill will never.

 

Seriously i dun understand y they approve $0 driveaway, this will really make more ppl with bad debts and more reason for "them" to build more "trees"

 

And mostly those who drive $0 away, the next car will mostly be another $0 driveaway again, then loan stack loan never ending.

[biting_point]

I had move some of the COE related posts over to the $2 COE thread.

please continue COE discussions over there.

 

keep this thread for discussions on loan interests only.

 

thank you.

[- MaMaN -]

The current economical turmoil is devastating. It has demolished several once powerful financial institution, brought the 3 large US car builders to their knees and revealed the true nature of the government related DBS. While COE prices plunged to rock bottom, the car prices have also dived with it. A Tuoran sport can easily cost 10% less than usual which is a hefty sum of savings.

 

However, even when things are cheap, we must still acknowledge that it's an enxpenditure. A car is not anywhere remotely near being cheap. To many, it's the 2nd most elaborate purchase in an average individual. Ultimately you need to ask whether do you think this is a need that's going to cost you something without ownership. If life is absolutely bearable without a car then hold on to your cash.

 

The other reason why you can buy a car is because you have money buffered for the purchase of a car and the oncoming maintenance. A prospective car buyer should always not rush into a purchase because it look good on your image unless of course, you have extra money for that.

 

Some of my friends rushed into an almost 0% downpayment deal on a 10 year loan holding on to a car they cannot let go without topping up cash. Trading in the car will only bring the buyer to dig another deeper hole to cover the previous hole.

 

When I asked them do they earn more than $50K per annum and they all say no where even near $40K. And worse, some are not even eligible to apply for a credit card. When their peers started changing into new models when the economy recovers, they are still stuck with the older machine plagued with probable mechanical problems due to age.

 

So if you don't need it, don't have the cash buffer for the car, then don't buy it. Good Cars look good. But the bill will never.

 

 

Appreciate the advise bro.. Really meaningful and will surely make me think before buying one.