I have some doubts over my car loan and hope that someone can explain to me. I took over a COE car (1992 registered) this year April. The COE will expire in 2011. According to my log card, the COE value is $18444 and the OMV is $11403. The total amount payable to the bank is about $21600, inclusive of interest and less my downpayment and the repayment period is 75 months.
In this case, if I want to scrap the car and bought a new car. How is the loan of the first car and the second one going to be calculated? How much do I need to pay the bank for the scrap car? Anyone can advise? Thks.
I have some doubts over my car loan and hope that someone can explain to me. I took over a COE car (1992 registered) this year April. The COE will expire in 2011. According to my log card, the COE value is $18444 and the OMV is $11403. The total amount payable to the bank is about $21600, inclusive of interest and less my downpayment and the repayment period is 75 months.
In this case, if I want to scrap the car and bought a new car. How is the loan of the first car and the second one going to be calculated? How much do I need to pay the bank for the scrap car? Anyone can advise? Thks.
Total Payment amount is $21600 over 75mths
Mth Installment is $288
From April 2004 till Jan 2005 is 9mths
Have paid up 9 x 288 =$2592 for yr car.
Total Outstanding for the car is abt 19k.
if you settle the amount eariler, it will be less then 19k cos of interest rebate.
Get a quote on how much yr car will get from the dealer. Should be around paper value.
Outstanding loan minus away the car selling price is the amount you have to fork out to get ride of yr car.
Ask yr dealer on how they can help you regarding that amount.
If you are interested to get a new car, can feel free to call me.
I am selling new parallel imports car.
If you need to know more, feel free to ask me.
will try my best to help
Cheers