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About Chang3f_2

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  1. Chang3f_2

    Balloon Scheme loan

    Here's a detailed information that I got from Speed Credit, a car financing company here in Singapore. They said that the balloon Scheme is a loan scheme whereby a higher interest rate is applied to the primary loan amount and then the minimum PARF rebate is deducted before dividing the loan into monthly installments. With the Balloon scheme, you can only loan 90% of the purchase price. Only vehicles registered from 2003-2008 is eligible for this scheme, where the interest rate is 2.68%. And yes, only Century Tokyo Leasing currently offers this scheme. Here's the example they gave me: Car's selling price - $56,800 Loan Amount - $51,120 (90% (allowable loan) of 56,800) PARF - $12,100 Car's Vehicle Date - May 2007 Interest Rate - 2.68% Loan Period - 70 months Given the above figures, under a normal loan with a 1.88% interest rate, monthly installment will be $810.37. But under the balloon scheme, it will only be $671.60. Here's the detailed computation: Balloon Scheme Calculation: Loan x Interest Rate x Loan Period (Months) / 12 + Loan - PARF __________________________________________________________ Loan Period (Months) = $51,120 x 2.68% x 70 / 12 + $51,120 - $12,100 (Total - $47,011.76) ______________________________________________________ 70 = $47,011.76 _____________ 70 Monthly Instalment - $671.59 So in short, under a balloon scheme, your PARF will be gone but you get the advantage of paying a lesser monthly installment. In the end, i turned down the balloon scheme and just asked them to apply me for the usual 1.68% and 1.88% loan. But of course, it's always a case by case basis, others might find balloon scheme better, some won't.
  2. Chang3f_2

    Where to get cheap car rentals

    Hi Saag, I just booked a cheap 7 day CNY package yesterday, the company was referred by my friend who usually rents a car from them. I'll pm you the company name and details.
  3. Chang3f_2

    Wedding Car rental

    Hi Soyammmilk, I wonder if you already found one? I managed to find one BMW 5 series at Ace Drive. I will pm you the link. I hope that this can help you and your friend. Cheers!
  4. Chang3f_2

    Mini Cooper S

    I definitely agree that Mini Cooper is one fast car despite its cool and fashionable look!
  5. Chang3f_2

    BMW 640 Convertible launched in Malaysia, RM868,800

    BMW 640 Convertible has already been launched in Singapore. I just saw a black one in Ubi, and oh boy, it's one cool convertible type!
  6. Chang3f_2

    Porsche Cayenne VS Audi Q7 VS BMW X5 VS MB GL450

    Go for Audi Q7. It's spacious but has this sport look. Besides, there are just a few in Singapore who owns one.
  7. Chang3f_2

    What is your view of getting a Audi A4 or bmw 320i

    Audi A4 is definitely a batter choice than BMW 320. Better brand, better look and better specs.