how to calculate the initial 1st car payment
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Hi Guys.
Need your advice...on buying a new car.
Say going to buy a car worth $70,000. May i know how much do i need to prepare for the initial buy?
Will it be like some deposit (like $2K) first, then pay up the 1st month of instalment+tax+..etc..
Hope anyone can share his buying experience.
And lastly, can we ask for a discount? or they normally dun give but can throw-in free accessories?
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2K is is downpayment is rather too little coz the amount u have to pay will be 68k + interest and all add up will be at least 1k per month which is not advisable... unless u earn alot per month ...
As the normal downpayment in car will be 10% of the car price
But for me I advised to put at least able to put 40 % downpayment of the car or else dont buy cause in near future every month installment will make u mad haha .. Juz my advise here .. hehehe
anyway wat car u looking at?? -
This is how u can calcualate the 1st payment.
Let take this example
Car Cost : $70,000
Let say: Downpayment 10%=$7,000
Road Tax is usually free for 1/2 year, therefore no cost.
Insurance estimated to be $1,000.
Interest rate is 2.5% for 10 year.
Deposit of $5,000 when u book the car.
What u have to pay up usually is as follows:
Downpayment : $7,000
1st Installment: $ 657
Insurance : $1,000
Total : $8,657
Deposit : $5,.000
U will then have to pay up $8,657 - $5,000 = $3,657 before the car company will register the car with LTA.
U will have to check with the seller if there is any other cost, eg GST, registrations fees, admin, coffee $$, haha. -
looking at Mit. Lancer...looks like a good decent car to owe..and it is abt $50+ K
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Last time my plan was, down until you are left with the loan amount which allow you to pay 500 per month for 7 years. This is the max I will go and would be save if you intend to hold the car for 10 years.Originally posted by r-sport:looking at Mit. Lancer...looks like a good decent car to owe..and it is abt $50+ K -
like that more comfortable hor? wont be like slave to car.Originally posted by wbucket:Last time my plan was, down until you are left with the loan amount which allow you to pay 500 per month for 7 years. This is the max I will go and would be save if you intend to hold the car for 10 years.