Scb11980 1st Gear March 5, 2012 Share March 5, 2012 Car Loan Car loans are one of the most misunderstood loans as they are structured differently from a housing loan. People often claim that car loans which have 1-3% interest rates are very cheap, cheaper than housing mortgage interests in some countries, or is it? Car loan interests are calculated based on the principle for the whole tenure while housing loan interests are calculated based on the principal outstanding. A simple rule of thumb is that the car loan interest rate is nearly double in housing loan term rates! So a 3% car loan interest is actually closer to 6% if you want to compare to housing loan. Now you know why you should pay up your car loan as soon as you can. For those who live in the city like Singapore, public transport is a viable alternative. If you have to own a car due to work or so on, buying a second hand car can be a huge money saver as well. ↡ Advertisement Link to post Share on other sites More sharing options...
Tigerwoods Turbocharged March 6, 2012 Share March 6, 2012 Buy a 2nd hand car now is like raiding my reserves ! Buy a brand new car is like raiding my entire reserves. Bro this is already a KNOW fact since the car loan was invented... Link to post Share on other sites More sharing options...
SimonTan 2nd Gear March 6, 2012 Share March 6, 2012 So can take renovation loan to pay for the car? Link to post Share on other sites More sharing options...
Rncw 5th Gear March 6, 2012 Share March 6, 2012 So can take renovation loan to pay for the car? renovate car can? Link to post Share on other sites More sharing options...
Ben5266 Supercharged March 6, 2012 Share March 6, 2012 Buy a 2nd hand car now is like raiding my reserves ! Buy a brand new car is like raiding my entire reserves. Bro this is already a KNOW fact since the car loan was invented... I feel so rich every time when I search the asking price for my Stream in SGCARMART. Link to post Share on other sites More sharing options...
Windwaver Turbocharged March 6, 2012 Share March 6, 2012 Yes, almost double. Best is of course don't take any loan but then you 'pay' for it anyway if you don't take loan Link to post Share on other sites More sharing options...
Scb11980 1st Gear March 6, 2012 Author Share March 6, 2012 how come Link to post Share on other sites More sharing options...
Maroon5 5th Gear March 6, 2012 Share March 6, 2012 w regards to car loans, i thk many pple paid school fees to learn. Link to post Share on other sites More sharing options...
Ben5266 Supercharged March 6, 2012 Share March 6, 2012 how come A 4 year old car still worth $70k. Annual depreciation of $10k and I can well afford! ... always look at the brighter side and one will be happier. one can also choose to look at the new car price and feel miserable... Link to post Share on other sites More sharing options...
Scb11980 1st Gear March 6, 2012 Author Share March 6, 2012 i found you are into ICE my car is fitted with Mark levinson system but there is one speaker at the right front side that goes brrrrrr like sound when I play my CD that i compiled from my computer (like runaway loose base) original CD never had this problem hoping for your expert analysis realised to talk sense in some ice posting Link to post Share on other sites More sharing options...
Vincechee Neutral Newbie April 17, 2012 Share April 17, 2012 Hi, Does anyone know if i can take a loan out from my fully paid car? I have a hyundai that is fully paid and it worth about 40-50k. I need some cash, thus i though of taking a loan. Can anyone tell me which company does so and how much is the interest? greatly appreciated! Link to post Share on other sites More sharing options...
Jman888 Moderator April 17, 2012 Share April 17, 2012 Hi, Does anyone know if i can take a loan out from my fully paid car? I have a hyundai that is fully paid and it worth about 40-50k. I need some cash, thus i though of taking a loan. Can anyone tell me which company does so and how much is the interest? greatly appreciated! sell it and take the money Link to post Share on other sites More sharing options...
FastFastCar Neutral Newbie April 17, 2012 Share April 17, 2012 So can take renovation loan to pay for the car? Joker la you, reno loan rates also between 5.99 to 6.99% pa Link to post Share on other sites More sharing options...
FastFastCar Neutral Newbie April 17, 2012 Share April 17, 2012 Hi, Does anyone know if i can take a loan out from my fully paid car? I have a hyundai that is fully paid and it worth about 40-50k. I need some cash, thus i though of taking a loan. Can anyone tell me which company does so and how much is the interest? greatly appreciated! this one must ask Banker....where is porker? Link to post Share on other sites More sharing options...
Latka 1st Gear April 17, 2012 Share April 17, 2012 Hi, Does anyone know if i can take a loan out from my fully paid car? I have a hyundai that is fully paid and it worth about 40-50k. I need some cash, thus i though of taking a loan. Can anyone tell me which company does so and how much is the interest? greatly appreciated! Banks are so eager to give personal line of credit. U no have HP? Tele-mktrs have been calling non stop want to lend money leh. Link to post Share on other sites More sharing options...
XenonWhite 1st Gear April 17, 2012 Share April 17, 2012 Banks are so eager to give personal line of credit. U no have HP? Tele-mktrs have been calling non stop want to lend money leh. Not only from bank.. i've receive sms from "licenced" money lender as well.. Link to post Share on other sites More sharing options...
Latka 1st Gear April 17, 2012 Share April 17, 2012 Not only from bank.. i've receive sms from "licenced" money lender as well.. SMS is cnfm fm legal loan sharks lo. Link to post Share on other sites More sharing options...
Throttle2 Supersonic April 17, 2012 Share April 17, 2012 *Yawn* ↡ Advertisement Link to post Share on other sites More sharing options...
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