Errr......now then u know?:O This has always been the case all along. And one thing during the first 12 months you are paying more on the interest.cscs3 wrote:Sorry, is $y x2.5% x 4 devided by 12, this is the amount you need to pay per month. x4 is necessary if you loan for 4 years.xiaobawang28 wrote:Ur formula a bit sala leh should $y x 2.5% x 4 leh why u x 12 again? u not paying 48 years of interest mah.cscs3 wrote:
Example as following:
Car price : $x
Loan " $y @ interest rate of 2.5% for 4 years
So total interest you pay for your car is $y x 2.5% x 12 x 4 = $z
Total price you pay for your car is $x + $z.
This exclude expenses you pay if you decided to terminate your car loan earlier than 4 years as bank you charge you a additional service charge for it.
Sure, you can minus off the rebate that KM give back to you for taking their loan (as pervious post $700). However, you may know the total interest you pay out for 4 years or 7 years is much much higher than this discount.
Example, if you loan $50K, Your interest per year will be $1250, 4 years total interest is $5000. So total sum is $55K.
So if the price quoted to you is $75,800. The nett you pay for your car is $80,800. With $700 rebate. All in all your car cost you $80,100. if you take a 4 years loan.
Each month, you will pay $55K devide by 48 (4 years) = $ 1145.83.
This calculation is based on flat rate. Do take note by end of 1st year (ie after you pay up $1145.83 for 12 months). Your outstanding loan is actually much less than your initial loan of $50K (actually $50K - 12x$1145.83 = $36250 - but you still pay for 2.5% of $50K initial loan !
So actual interest the banK make from you is actually much higher than 2.5%. (or in ther word, you actually pay much higher than 2.5%).
It will be worse for those who take loan for 7 or 10 years.
New FD Civic - Who booked?
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finally ditching my EK3A after been it first owner, high COE for 7year plus, due to gearbox going up the lorry soon, dont wish to spend $$ repairing it, so export it while the body still worth more than scrapping it.
So has just booked a white FD2A, after convinced by a good and honest agent at Kah, that can offer me a good price for my EK3A stock cond. Now can start to feel the suffering of waiting again after 7years, which my new ride will be arriving in May/June. As i have spend quite some amount of time on my EK3 looks and serviceabilty, its is going to fail me soon, the de-kitting of my EK3 is the most painful.
So has just booked a white FD2A, after convinced by a good and honest agent at Kah, that can offer me a good price for my EK3A stock cond. Now can start to feel the suffering of waiting again after 7years, which my new ride will be arriving in May/June. As i have spend quite some amount of time on my EK3 looks and serviceabilty, its is going to fail me soon, the de-kitting of my EK3 is the most painful.
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I have also booked a 1.8, white Civic.. The SE mentioned that it will be delivered in first week of Jun as planned.
Same reason as bro ek3_rs.. my esi is not in good condition.. therefore rather repair it.. I decided after a long time to get a FD..
Really looking forward to drive my new car in 3 weeks time..
Same reason as bro ek3_rs.. my esi is not in good condition.. therefore rather repair it.. I decided after a long time to get a FD..
Really looking forward to drive my new car in 3 weeks time..
Looking forward to it everyday now. Like machaim waiting for my pay.striker wrote:Congrats on your new ride!
What's your loan amount, % interest and period of loan?
Your old ride must have given you enough to put down payment.
Full loan 10 yrs. Can't change car at least for the next 5 yrs. That's y muz aim at the correct car to buy, so i won't hv regrets. My old ride, drive into the sea oso nobody bother to take it out of the sea. Not that it is a bad car but it is worth very little money now, fact that it is a 3 yrs old car.
FoxtrotDeltaOneAlpha
It's a Hyundai Getz 1.3A 3door. Paper value is so low for the car. V pathetic... Used car dealer got a lot to say when buying over the car, plus they found out that the car had an accident before.striker wrote:Bro, you sure drive to sea nobody want?
Maybe it's becoz you drive in there at nite
Mind me asking what type of car are you driving previously? 3 year old car shouldn't be that little money right?
FoxtrotDeltaOneAlpha
Paper value + body of $1800. NB! Really very low for the body lor...striker wrote:Means you sold yourself to dealer?
How much for 3 year old car? Did you check with KM?
I got the non-guaranteed bid but depends on SE's advise. Market was slow then and non-guaranteed bid is ok.
If market hot, try your luck
KM's 2nd car dealer offer one leh, sold to them if the new car is on.
FoxtrotDeltaOneAlpha
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No I am not the one in NTU Hall 4..striker wrote:You happen to be the Kelvin Foo from NTU Hall 4?
Congrats on your new ride.
You must have thot very long b4 buying new car. Firts time buying new car?
Yes I did thought for a long time before I decided to change my ride.. and only $300 more to drive a new car.. I think it is worth it..