Interest Rate Revision

[Acemundo]

i studied banking & finance before but not from banking

[Schneider79]

hahahha very bad...

 

anyway... today's car price is very low... compare to 10-15 years back.

you can ask those uncles and fathers how much a car cost... need to downpayment 30% and interest rate still more than 6%!!! woohoo!!!!

[Jamstart]

Aiya, no ending story lah. OVM was also very high during that time mah. Petrol was cheaper that time, parking.....etc.

[Looneytune]

If u r still with StandChart, u should think about refinancing. I just did mine.

They are really increasing the rate like nobody business... Crazy!

 

i'm not wif them, but wif hsbc, which is not too gd either.

my remaining loan amt slightly less than 200k, not advisable to refinance, cos legal subsidy not enough to cover legal fee and gotta fork out cash. after calculating, no nett saving. furthermore, if refinance now, will be subjected to current cpf withdrawal limit.

 

so jus stick to current loan & hope to fully pay up my home in next 8-10 yrs. anyway, economy moves in cycle. previously enjoyed real low i/r of less than 2% for past 3 yrs.

[Mok_]

It's not a Mini Clubman. It's a Mini 1000. They call it the Shortfront locally.

 

It was my first car. Now in Mini Heaven.

 

Is yours the newer '89 model?

 

It's a 1972. PM me if you want to find out more. Not nice to drift here.

[Icy2fire]

u might want to re-read my last post.

 

for 1yr tenure: flat rate int will only be different from effective rate int IF the interest is calculated in intervals that are less than 1yr, eg:

 

- interest calculated daily: daily reducing/rest

- interest calculated monthly: monthly reducing/rest

- interest calculated quarterly: quarterly reducing/rest

 

yup i did not read it wrongly

for car loans, flat rate is NOT equal to effective interest rate

why?

u are paying off ur loan every month but the priciple is not reduced on a monthly basis

therefore u r paying more than the flat rate

 

hope this clarifies