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Your latest car (Financial Scheme)


Kelvinleong
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Neutral Newbie

For CONSUMER AWARENESS of financial scheme in NEW/OLD cars...

 

Can those of U that recently bought a car this year (2004), please list down how much of the initial payment & all those nitty-gritty things U gotta pay?

 

I think this will help many forum users in purchasing a car... like me [;)]

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Neutral Newbie

Think its kinda confi la... Not wise to put it up here.

 

A rough one:

1. $5k booking fee.

2. 10% downpayment. (Off set with booking fee)

3. Insurance.

4. 1st Instalment.

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Best to pay in cash if you can afford it, or place as high a downpayment as possible and take minimal loan.

 

How much interest are you getting by leaving your money in the bank (0.2% p.a.?), and how much interest do you have to pay for your car loan (3%?)

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Neutral Newbie

Juz came back from Ubi Automega Mart.

With 3K u can drive away a 2nd hand car.

It includes ur insurance, 1st downpayment, transfer fee, agreement fee, etc.

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it depends on your income and dealers u r goin to...

 

for a few that i had check out, most are as zolidlim said...

 

1. $5k booking fee (for bidding of COE)

2. 10% downpayment (off set with booking fee)

3. Insurance (normally around $1.8k to $2.2k if u do not own a car before and are mid 20's)

4. 1st Installment

 

if u r getting at least 2.5k per month, think 10% downpayment shouldn't be a problem... but if u earn slightly more, maybe $3k per month... can ask for 5% down... my colleague got 5% when he got his lancer from C&C... but it all depends... that time KM offer mi $1.3K down for a city onli...

 

as for interest rate, think it is flat 2.2% for 1 to 7 yrs loan... and 2.45% for 8 to 10 yrs loan.... however i know KM & TCM is confirm 2.3% for 8 to 10 yrs loan and for KMC & C&C is confirm 2.45% for 8 to 10 yrs...

 

think if u can find your own insurance source, it will normally be cheaper... but places like C&C will state that if u do not get their loan and insurance, u will have to pay and extra of $2k & $1k more respectively...

 

oh, and point to note... your payment will definitely include half yr road tax and half year radio licence, licence plate and registration fees...

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Neutral Newbie

Why they charge you extra for not taking the loan through them or full settlement is because they wont get a cut from the finance compnay. Typically they get 3% of your loan. So if you take a70K loan he get 2.1k furious.gif

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that is true... and for some, if u do not take their insurance, they will also charge u more... cos they also get commission from the insurance companies... however not all practice that...

 

heard that now car company always like to ask people to take up full loan... like that interest rate is higher and loan is higher (good for the SE, more $$$)rifle.gif. and monthly it looks lesser installment for u (good for you, on the surface onli)thumbsdown.gif...

 

but please consider properly... if u take up 10 yr loan... u think u can sell and change to a new car 5 yrs down the road... considering now the parf value so low...

if u sell your car within 5 yrs... u still gotta fork out money to pay back the bank...sweatdrop.gif

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Neutral Newbie
(edited)

well this is sillypore, cant beat it, join it,

 

when in rome do what the romans do.

 

haha... buy car pay sell car oso pay

knock people die fine, blowjob 1 yr jail

cyclist can only cycle on the road, become less padestrian accidents more cyclists deaths [angel][sweatdrop][crazy][laugh]

Edited by Arips
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Neutral Newbie

Buy the car, let your pocket be your guide. Wise to put more as downpayment...lesser no. of years for loan. will save more money in the long run.

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well...

 

let mi correct morris abit...

it is not "save more money in the long run"...

think should be "lose lesser money in the long run"...

 

hahhaa..

think the most impt is to buy the car within your needs and budgets...

in singapore... there is no long term ownership of a car... so no point spend so much...

 

but even though singapore's public transport is so convenience, however nothing beats the pleasure of not squeezing in the bus and mrt with other commuters in the morning and endless waiting time for your bus to come...

 

plus there are alot more things u can do if u have a car... especially when u have a famili...

 

good luck in your car search... hope your new car will improve your appreciation of life and not worsen your life style due to the financial tie up...

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Neutral Newbie
[nod] Agreed to that. Its too complicated and confusing, taking factors from yr job, salary, age, total amount of loan, etc etc... All these plays a part when coming to purchase of a car, regardless if its a new or used car...
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Neutral Newbie
Why they charge you extra for not taking the loan through them or full settlement is because they wont get a cut from the finance compnay. Typically they get 3% of your loan. So if you take a70K loan he get 2.1k furious.gif

 

Maybe I can get some help from you all since this topic of loan cropped up here.

 

Was informed that I can collect my new car. Was asked by SE the amount of loan I would like to take & I chose 80%. SE tried to convince me to take 90% but I refused. Was told that the amount of loan I take will determine the amount of commision. When I refused, was ask if I could then sign some parf transfer paper. SE refused to tell me what it was all about over the phone. Said would rather talk face to face.

 

So the less amount of loan I take, the less commission SE receives. What does that have to do with parf tranfer? I am not scrapping the car, I am selling it to 2nd hand dealer appointed by SE. [:/][dizzy]

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