Interest rate..

[Ghost]

Hi guys, me booked a lancer 2 weeks ago... regarding the interest rate, i was told it is 2.2% if i take a loan of 70% of the car value ($47000) for 7 years and get a rebate of 3k.

 

after some caluation i found that the interest come to around 1.3% to 1.4% which is quite low..

 

wat u guys think???

[Looneytune]

there are lots of promo nowadays. watch out for terms & conditions listed in e fine prints, like penalty for early redemption, lock-in period, etc. yep, the interest rebate is a popular gimmick!

[Ghost]

hmmm, the lock in period is 3 years, but where to find a low interest rate after 3 year to refinance..

Edited October 15, 2004 by Ghost

[Looneytune]

dun think u can refinance after 3 yrs. most banks/finance companies wld want to tempt u wif refinancing for less than 1 yr old car. anyway, interest rate envt now very benign, at e historical lowest. likelihood it will creep up. so in 3 yrs time, even if they allow refinancing, u may not wanna do so, cos the i/r then wld definitly be higher.

car loan is diff from mortgage loan. so usually pple dun refinance after few yrs.

[Peal_red]

Which bank did you get the loan from?Me interested in getting the loan too. Do you know got which bank offering 1.6% or not . The DBS offer is already over. Thanks

[Caaa]

Latest.............:

 

Car Loan interest rate is going up, 7 years @ 2.5% and 10 years @ 2.75%