Originally posted by Ah Wei:
Hi,
Its always great that you chase your own dream, and i really admire those who can give up their job for their dreams nowsaday, good luck to you in your business.
Anyway, its not advisable to loan a car for 10yrs, as you can calculate, the interest will kill you! You might be paying as much as 25k-30k interest for a 100k car, if you loan 10 yrs. And maybe save abt 8-10k if you loan for 7 yrs (Just a very very rough estimation).
Also, I feel that since you are into business now, and the risks are there, maybe you can opted for a cheaper and smaller car. The rd tax and insurance etc for a 2l car is not a joke. Just my opinion. Of cos, the final decision is up to you. Alternatively since you are into business, why not get a panel van for use, might be a better way out.
Thanks and will consider your advise.