Hi Folks,
I would appreciate if you guys can help me to clarify my doubts.
My brother will be getting a 2nd-hand car, Honda City, 01, Aug, 1.5L (Auto) with PARF value of $12,955(130%). He is buying the car at 50K, but with $0 driveaway. Road tax until August 04.
So the car dealer proposed the car loan to bank about $53,500(included the 1st instalement, transfer fee & insurance which amount to $3500) for him. The insurance is abt $1800 from NTUC (cos he has not been driving for the past two years, so no NCB).
So my bro will be paying abt $730/mth with interest 2.82% for the period of 7years 4mths.
Do you guys find it worthwhile to get this car...?? Hope to receive genuine advice. Thanks!