Full Payment without Loan

[CYHew]

I mean other model such as Honda Fit (PI)

I just bought a Honda Fit Hybrid from Edmund Motors under full cash payment and without taking up their insurance deal (I choose my own insurance). Car delivered just 2 weeks ago with excellent service from the SE.

 

I think the most important criteria is the trustworthy and credibility of the PI. I got to come across this PI from this car forum

[DACH]

I just bought a Honda Fit Hybrid from Edmund Motors under full cash payment and without taking up their insurance deal (I choose my own insurance). Car delivered just 2 weeks ago with excellent service from the SE.

 

I think the most important criteria is the trustworthy and credibility of the PI. I got to come across this PI from this car forum

[Philipkee]

Anyone can advise if take loan, will the principal be paid down along the way or will remain same throughout the tenure?

It will go down gradually but not in tandem with your payment.

 

Example

You borrow $50000 and you pay $1000 monthly.

 

It does not mean in month two you owe $49000.

 

You could still be owing $49800 cos though you paid $1000, only $200 went to the principal, the rest went to the interest.

 

Something to take note about.

Edited October 4, 2018 by Philipkee

[WangWang888]

This is rule of 78 - hire purchase rule since long time ago. i think 15 or 20 years ago, bank offers flexible interest rate which based on your outstanding amount. Then this practice is taken away and all bank used rule of 78 for Hire Purchase for car loan.

Of all numbers they choose to use 78? Sounds like something else

[Inlinefour]

Of all numbers they choose to use 78? Sounds like something else

[WangWang888]

Ask them replace 78 ... change to luncheon meat with seaweed.

 

89 is too straight forward... f**k you ... shy to use... lol

How about rule 88....everyone huat huat

[CYHew]

How much you paid for the car?

I paid $78,000 with 1 bid guaranteed.

[ntuc2018]

Depends on the car dealer. If they desperate for your biz, u can even pay all with "no penalty".

 

My friend went to a car dealer which is not those popular one. Then, dec, usually they want to chong the numbers. So my friend no borrow money and they no ask him for extra charges.

[Jasonlim1988]

What is rule 78? Rule CB ah?

[Theoldjaffa]

What is rule 78? Rule CB ah?

Yup. For a newbie you're quite smart. Got it straight away.

[WangWang888]

If a new car is paid in full, should still get comprehensive insurance or third party?

[t0y0ta]

If a new car is paid in full, should still get comprehensive insurance or third party?

 

Usually for new car, no one gets 3rd party.

 

Do you know what is 3rd party insurance?

 

It means if you totaled your car driving out of the car collection centre, you just go get your scrap value from LTA.

 

Your insurer will settle the damages only for the other car/lamppost/tree/human being that was involved in accident.

[WangWang888]

Usually for new car, no one gets 3rd party.

 

Do you know what is 3rd party insurance?

 

It means if you totaled your car driving out of the car collection centre, you just go get your scrap value from LTA.

 

Your insurer will settle the damages only for the other car/lamppost/tree/human being that was involved in accident.

Didnt think of that... Thanks bro

[Hamburger]

Didnt think of that... Thanks bro

No need to totalled the car to feel the brunt.

 

Imagine the thousands you have to pay for your own car damage if your rear ended someone's back. Simply not worth the few hundreds in saving for the premium.

[WangWang888]

No need to totalled the car to feel the brunt.

 

Imagine the thousands you have to pay for your own car damage if your rear ended someone's back. Simply not worth the few hundreds in saving for the premium.

Thanks for the advice too

[ER-3682]

If a new car is paid in full, should still get comprehensive insurance or third party?

If you can afford a New Car in Cash,what is a few Hundreds Dollars of extra Premium to You.?

[Inlinefour]

Didnt think of that... Thanks bro

 

Some in-house comprehensive coverage policy got better terms for their brand new car 

[Alfc]

The more you claim (for your vehicle), the more your insurance premium will be loaded when renewal, sometimes over a few years. So sometimes effectively LL back to square 1, the premium increase is as good as you pay your for own damage (especially those few thousand type of claim).

 

Insurer won't tell you this at point of buying right?

Edited February 24, 2019 by Alfc