Calculation for the amt that need to pay the loan company upon changing another car

[Enduro25]

is there any simple calculation to calculate the damage i had to pay to loan company?i took a 10 yrs loan.(know the damage would be big but just wanna check how big is it).

 

loan=49k

mthly=537

interest=3.15%

[Monkey888]

Easy: Monthly:537

1 Year = 537X12=$6,444

10 years = 6444X10=$64,440

Damage = $64,440 - $49,000 = $15,440

[Enduro25]

if i trade in the car and buy another new car the 15k amt will be add on to my new loan right?

[Enduro25]

and ya i had drive for 3 yrs liao..

[Familymanz]

overtrade..... not all will do tat..... especially AD....

[Enduro25]

oh izzit..then tats bad..dun tell mi i had to buy back the same brand of my car..

[Monkey888]

Hmmm. Then its not calculated like that.

 

Since you already drive for 3 yrs, I presumed this is what you pay in 3 yrs

$537X12X3=$19,332 so you still owe bank : 64440-19332=$45,108

 

So depending on what is yr trade-in price, e.g if you trade in for $30k, you still owe the bank: 45,108-30,000=$15,000

 

If your trade-in price is lower, you will owe the bank even more. Nowadays the trade in price is quite bad cos no one buying 2nd hand car.

[Silver_blade]

Rule 78 or penalty for early redemption has not een factored in. Best is to call up the finance co. to check.

[Sforester]

http://www.drcalculator.com/calc/rule78.html

[Enduro25]

oh...see the damage tat i had to pay is super big..think had to wait for another 5 yrs..thanks to all the bros for gving me such a good info

[Chrispie]

Learnt my lesson on previous car. Took 85% loan for 10 years at 2.3%. sold it off at 3.5 years and paid almost 10k to do full settlement.

 

Now my current car took 40% loan for 5 years.. get money back anytime i wanna sell.. so take it as a lesson.. never do it again or regret like mad.

[Jl1500k]

Took 85% loan for 10 years at 2.3% and sold it off at 3.5 years sure lost alot. Maybe should drive till 5 years or more to break even.

[Chrispie]

cant wait till brk even.. the hankering of my dream ride is too strong.

[Gary84]

Bro...firstly let me show u how u get your monthly of $537 in case u unsure.

Your loan: $49,000

Interest Rate: 3.15%

Total owed to bank: 49,000 + (3.15% of 49,000 x 10yrs) = 49,000 + 15435

= $64,435

Mthly Installment: 64,635 / 10yrs / 12mths

= $536.95

 

Next, you have driven the car for 3yrs alrdy.

Installment repaid for 3yrs: 536.95 x 12mths x 3yrs

= $19,330.20

 

Therefore outstanding balance: 64,435 - 19,330.20

= $45,104.80

[Gs300999s]

用这个吧 。。。

[Enduro25]

so u mean i have to finish clearing this loan upon changing to a new car(wise choice)?

[Gary84]

u betcha....

[Thug]

They have a formula for it one.

It also include the rebate of ur COE, interest things like that....

 

Why not jus give a call to ur financial advisor?

I'm sure they know...