Interest Rate Revision

[Redeel]

Just wanna let everyone know that DBS has raised car loan interest on my side.

1-6 year 3.25%

7-10 year 3.5%

 

The rest may follow soon...

 

eddie (90085584)

[Alvinsiow]

up again ?

[Gothviruz]

bro,

if i've already booked a car in Feb but still waiting for delivery, will i be affected with the interest increase once i get my car (say in April/May)?

[Nutty]

I think if you booked in Feb, your rates will be based on Feb's rate.

[Ghostrider]

Dun think the bank interest rate is tied to the time you book the car.

 

Technically, when you book your car in Feb, its between you and the car company, the loan has not been applied yet cos the car has not been delivered. So the rates will apply just before the car is delivered to the owner.

 

Stand to be corrected.

[Soya]

usually the dealer will make sure the loan is approved b4 they proceed to bid COE.

[Metalbone]

from wht my se told me, it is tied when u book ur car as the interest rate is written on the contract.

[Potheader]

so high.. my interest was 1.9%..

 

COE cheap but interest high.. comes to abt the same!

[Eyke]

Period, Rate, Effective Rate (p.a.)

--------------------------------

1 year 3.25% 7.043%

2 years 3.25% 6.666%

3 years 3.25% 6.505%

4 years 3.25% 6.396%

5 years 3.25% 6.309%

6 years 3.25% 6.234%

7 years 3.50% 6.611%

8 years 3.50% 6.540%

9 years 3.50% 6.474%

10 years 3.50% 6.412%

Edited March 1, 2006 by Eyke

[Falc]

Mine is 1.6% That's why abit unwilling to change car. If only car loan follows the person instead of car.

[Falc]

Anyone knows the details to convert the fixed rate into effective rate?

[Potheader]

what's the diff between rate and effective rate?

[Redeel]

Usually loan interests follow date of application/approval. So the rate should not be affected.

 

eddie (90085584)

[Yleow]

Try ABN AMRO.. checked that their car loan rates are not going to rise any time soon..

 

1 to 4 yrs - 2.75%

5 to 6 or 7 yrs - 3%

Anything above, 3.25%.. (I think... please chk to confirm as i oni too a 4yr loan this wk when i get my ride... )

[Guyver]

Period, Rate, Effective Rate (p.a.)

--------------------------------

1 year 3.25% 7.043%

2 years 3.25% 6.666%

3 years 3.25% 6.505%

4 years 3.25% 6.396%

5 years 3.25% 6.309%

6 years 3.25% 6.234%

7 years 3.50% 6.611%

8 years 3.50% 6.540%

9 years 3.50% 6.474%

10 years 3.50% 6.412%

 

How did you come up with all those figures?

[Crv2004]

 

 

Wa lao interest inrease again

[Jamesgetz]

was wondering the same too... i thought for car the interest is not compounded? total amount payable = principal amount + interest (where interest = interest rate * no. of yrs * principal amt)

 

for eg.

principal amt = $100,000; interest rate = 2%; loan period = 10 yrs. so total amount payable = $100,000 + 2% * 10 * $100,000 = $120,000

 

right?

 

so how does effective interest fit into the picture?

[Atlantis_boi]

so high.. my interest was 1.9%..

 

COE cheap but interest high.. comes to abt the same!

 

Those who pay in full or take 1yr loan will benefit frm the cheap COE