first time buying car

• eyal

  30 May 05, 09:35

  
  can any1 advise me whether it is advisable to take a 100 percent loan to buy a new car?
• tailslide

  30 May 05, 09:58

  no. unless u plan to drive the car for the entire 10 years which most ppl probably would not or be prepared to fork out cash in order to sell it off.
• pqr

  30 May 05, 10:27

  Originally posted by eyal:

  can any1 advise me whether it is advisable to take a 100 percent loan to buy a new car?

  as tempting it is to get car nowadays, but u should consider the future...
  
  do u & can u afford to be in debt for the next ? years of loan?
• wbucket

  30 May 05, 11:54

  Originally posted by eyal:

  can any1 advise me whether it is advisable to take a 100 percent loan to buy a new car?

  The rule I used:
  
  Calculate the amount you can comfortablely afford for installement per month. Try to down enough to get you to the point where by the loan is less than 7-years and still within that installation amount you calculated.
  
  7 years because the interest rate used to be the same from 1 to 7 years. Now, I think it has reduced to 1 to 6 years.
• OMG!!!

  30 May 05, 13:29

  Originally posted by eyal:

  can any1 advise me whether it is advisable to take a 100 percent loan to buy a new car?

  100% cash is the best.
• erxingui

  30 May 05, 14:17

  100% loan is not advisable...unless u r earning alot like at least 5k per month and u dun hav other committment. Getting a 60+k car isnt much problem. But ur life will change alot. Less spending power already.
  
  Best is pay 100% cash if possible.
• heluim

  2 Jun 05, 10:21

  i tink is better to take up 7 year loan the interest is lower than 10 years... u save up quite abit for the car 1st la.. like maybe 30-40%.. then the rest loan.. or borrow from parents.. haha