Car refinancing?

[Zsr19]

Hi everyone,

 

Any idea if it is a good time to refinance car?

 

my existing interest rate is 3.25% ...

very high...

 

now i see newspaper with rate 1.99%..

 

any lobangs?

 

thks

[Bsbs]

Depends on:

1) Loan amount

2) Total loan term (mths)

3) Loan paid (mths)

4) What penalty for early settlement

5) What interest rate can you get now.

 

You can get a better idea after looking through the following

http://www.sgcarmart.com/news/writeup.php?AID=83

[Adawang]

dun think u can get rate at 1.99 for re finance

its usually higher,

[Ixat]

Bro your car is around 3 years old now? Got mine in Jan 06' also at 3.25% interest rate.

 

Also looking for lobang to refinance.

[Jerms]

my car ard 2 years, loan from GE, i oso want to refinance.. coz my interest damn high.. ard 3.9% anybody know how do you go abt doing it? how do you cal the savings? thanks thanks

[Orac]

Last yr this time when I was going around the car show rooms... just when new car interest rate was still 2.5% and used car interest was 2.89%pa, I checked on refinance interest rates and it was 4-4.25%!!

 

There is also a minimum sum where the banks will do refinance.

[Ixat]

Refer to the link provided by Bro Bsbs on the details and calculation of refinancing.

 

Call up your financier for full settlement amount or use this calculator from Ntwdavid

 

http://www.lovely24k.com/loancalc.zip

[Jerms]

thank you!

[Axela72]

Wow,your interest is high. Is this a 2nd hand or new car?

 

If new car, you must be getting good cash rebate. Can forget to refinance if u do not intend to return the rebate.

[Jerms]

its a new car.. i got a 5k cash rebate. and i called DBS, they do refinancing at 2.2% currently. i think i am going to save around 2k for the entire loan but i need to pay back the cash rebate... have to consider.

[Ahyoo2002]

Better wait, a few years back i refinance to 1.6%.

 

And I heard that SIBOR is very very low now, I guess the day of 1.6% is coming

[Orac]

Wow! 2.2% for refinance now?

 

Does DBS do for any amounts?

 

Me also interested leh.

[Poserwoo]

So can still refinance for car over 3yrs? any1 got lobang to intro?

[Kelpie]

Hi everyone,

 

Any idea if it is a good time to refinance car?

 

my existing interest rate is 3.25% ...

very high...

 

now i see newspaper with rate 1.99%..

 

any lobangs?

 

thks

 

I thought there is usually a lock-in period before one could do refinancing at no penalty?

 

Regards,

[Enduro25]

Bro your car is around 3 years old now? Got mine in Jan 06' also at 3.25% interest rate.

 

Also looking for lobang to refinance.

 

mine is in feb 06..interest is 3,15%

[Ixat]

Thanks for your leads bro. Just called DBS too.

 

I can reduce my loan period from remaining 7 years to 5 years with additional monthly payment of $135.

 

Calculated my savings to be $3300 after taking (2 yrs installment payment) - (5 yrs additional payment of $135) Is that the way to calculate?

 

And no more penalty of early redemption other than Rule 78. Current one slaps me 20% till end of term. Think its the worst loan ever. No cash rebate summore. Thankfully on the hindsight.

[Nighthawkcity]

bro, wats the hotline?

[Ixat]

Called 1800 111 1111 and got diverted to car loan dept.