how much?
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hi pals, just doing a survey, you think a person earning $1.7k per/m can afford to pay $800 p/m instalment for cars?
am thinking whether to buy a car as it really convenience. but i afraid not enough.
so pal out there with cars, can tell me how much is enough?
i know it depends on individuals but just like to know.
best appreciated if ppl can stated how much u earned and instalment cost. -
1.7K basic pay? I assume it is.... so 1.5K
normal sukuki swift, toyota starlet.... nissan pressa or a normal reduced COE car will fit best into ur buget... if not get a new 1L or 1.3 L car..... shld be able to.... of course the fuel wise.... mhhhhh 3 -4 days $40 shld be enuff.... from work to home....
go and test drive cars first... but dun commit urself..... ask the dealers abt the loan rates and maybe work out the amount urself.... -
erm dat many cars where u pay only ard 500 to 600 per mth mah.. buy hose coe car or wad lor.. anyway u say it 4 transport nt 4 outlook or racing rite? hmmmOriginally posted by blowfish:hi pals, just doing a survey, you think a person earning $1.7k per/m can afford to pay $800 p/m instalment for cars?
am thinking whether to buy a car as it really convenience. but i afraid not enough.
so pal out there with cars, can tell me how much is enough?
i know it depends on individuals but just like to know.
best appreciated if ppl can stated how much u earned and instalment cost. -
Is it 1.7k/month gross or after CPF cut.. If you are to pay 800 p/m, you still have to think of Fuel, insurance, road tax, parking, ERP.. Fuel alone can cost you 200 dollars per month. For insurance, it will have to depend on how old you are and how long you have driven.. and parking maybe at least 100 per month..Originally posted by blowfish:hi pals, just doing a survey, you think a person earning $1.7k per/m can afford to pay $800 p/m instalment for cars?
am thinking whether to buy a car as it really convenience. but i afraid not enough.
so pal out there with cars, can tell me how much is enough?
i know it depends on individuals but just like to know.
best appreciated if ppl can stated how much u earned and instalment cost. -
why not think about 2nd hand cars or cars lower than 600 p/m? if you buy first hand, you'll definitely lose quite a lot if you cannot afford anymore (due to other commitments etc)...also, take this time to see if having a car really suits your lifestyle and expenses...it is not cheap to have a car but definitely worth every cent you pay for your own transport.
don;t hurry....consider and work out your sums first.
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comfirm can own a car with $1.7k/mth.
but the problem now lies in which how much u left with.
eg. $1.7k-pay $500-installment $200-petrol $100-parking
u left with $900 to spend.
but not forgetting u need to eat, other bills and entertament fees.
and road tax, insurance every year.
but if $1.7k is what a single guy is earning, he sure can support a car. but if let say u have a family to support i would rather u take BMW-buses, Mrt and walking -
don't buy it... i once heard that you should only spend 1/3 of your pay on a car... this is to cover for any emergency that might happen during the ownership of your car... *touch wood* if smth happen and u have to sell ur car your financial status would not be affected so much.
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where did u hear tt from? and isit 1/3 of gross or take home?Originally posted by bmw_lover:don't buy it... i once heard that you should only spend 1/3 of your pay on a car... this is to cover for any emergency that might happen during the ownership of your car... *touch wood* if smth happen and u have to sell ur car your financial status would not be affected so much. -
take home...becos that's the money u can use wat.Originally posted by wuming78:where did u hear tt from? and isit 1/3 of gross or take home? -
yep 1/3 of the take home pay....
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i think your bank loan cannot be approved as well.. think your loan amt cannot exceed 1/3 of your basic salary....
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I think if you need a car purely for transportation purposes, then I would suggest you go for a second hand, 1.0cc car. You don't have to go for those new, expensive cars. As already mentioned here in this thread, you would still have to allocate for insurance fees, road tax, season parking fees, maintenance and petrol. Do consider all these factors before you sign on any agreement to purchase a car. The deals advertised nowadays definitley look 'affordable' but you reallly have do do your sums to ensure you don't find yourself in a sorry financial state later on.
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One of my friend who is working as new car agent also told me that the bank will generally loan up to 1/3 of your gross salary.
You will be scan in the central bureau at the MAS on whether you got any bad debts. Heard from him that if you got bad debts or court case, the chances are slim. As such, you have to pay more d/p.
If you calculated loan amount of installment is less than $650 per month, chances is you will be approved of your loan. -
u mean the loan repayment amount per mth shouldnt be more than 1/3 of the mthly take home?Originally posted by flash9933:One of my friend who is working as new car agent also told me that the bank will generally loan up to 1/3 of your gross salary.
You will be scan in the central bureau at the MAS on whether you got any bad debts. Heard from him that if you got bad debts or court case, the chances are slim. As such, you have to pay more d/p.
If you calculated loan amount of installment is less than $650 per month, chances is you will be approved of your loan.
ok.. tts not so bad. -
The "1/3 of gross salary" is commonly use by the banks as a gauge, not a mandatory rule like in application of credit card. Some bank will also give higher loan and it all depend on your financial status. In the central bureau, the banks will know your financial status. It is at their risk to loan you an amount that is more than you can cope, which is unlike finance company which can give you high loan at higher interest and some required guarrantor.Originally posted by wuming78:u mean the loan repayment amount per mth shouldnt be more than 1/3 of the mthly take home?
ok.. tts not so bad.