Help me calculate the car loan stuff.....

• ryann24

  31 Jul 04, 21:17

  i brought a second hand car...... paying $55650... OMV is 1800plus
  
  Monthly Installment is around $800 for 100 % car 7 years car loan which is $67200
  
  How much is the interest rate?? Is it worth it??
• sgboy2004

  31 Jul 04, 21:19

  use the PMT function
• ryann24

  31 Jul 04, 21:20

  Originally posted by sgboy2004:

  use the PMT function

  huh?? dun know leh////newbie here
• loudmonkey

  31 Jul 04, 21:31

  depends on how much downpayment u make.
• ryann24

  31 Jul 04, 21:34

  Originally posted by loudmonkey:

  depends on how much downpayment u make.

  oh....i took 100% loan...so no down payment
• loudmonkey

  31 Jul 04, 21:39

  seems u are paying close to 20% in interest.
• ryann24

  31 Jul 04, 21:44

  Originally posted by loudmonkey:

  seems u are paying close to 20% in interest.

  oh....is that normal or a bit high??
• sgboy2004

  31 Jul 04, 21:44

  if mi calculation no wrong:
  
  PMT(0.001/12, 12*7 , 67200 )
  
  the amt is abt $802.84, which means is only 0.1 percent interest rate
  
  dunno if mi calculate correct or not
• sgboy2004

  31 Jul 04, 21:45

  check out here : http://www.bellaonline.com/articles/art8020.asp
  on how to use PMT function in EXCEL
• ryann24

  31 Jul 04, 21:45

  for a 01 car..... the loan at most is 7 years loan right???
• loudmonkey

  31 Jul 04, 21:46

  Originally posted by sgboy2004:

  if mi calculation no wrong:
  
  PMT(0.001/12, 12*7 , 67200 )
  
  the amt is abt $802.84, which means is only 0.1 percent interest rate
  
  dunno if mi calculate correct or not

  u using financial calculator?
• loudmonkey

  31 Jul 04, 21:46

  Originally posted by ryann24:

  for a 01 car..... the loan at most is 7 years loan right???

  any car loan is max 7 years, no more.
• sgboy2004

  31 Jul 04, 21:47

  Originally posted by loudmonkey:

  u using financial calculator?

  Excel
• ryann24

  31 Jul 04, 21:47

  Originally posted by loudmonkey:

  seems u are paying close to 20% in interest.

  So the interest is high or normal for my loan?
• sgboy2004

  31 Jul 04, 21:50

  if it is 20%, it is definitely v high
• ryann24

  31 Jul 04, 21:53

  Originally posted by sgboy2004:

  if it is 20%, it is definitely v high

  like that.... then how much % is consider acceptable
• loudmonkey

  31 Jul 04, 21:54

  Originally posted by sgboy2004:

  if it is 20%, it is definitely v high

  if u have made a downpayment, ur interest would have been lower.
• sgboy2004

  31 Jul 04, 21:54

  Period Interest Rates Effective Interest Rates
  1 YR 2.40% P.A. 5.2275
  2 YRS 2.50% P.A. 5.1480
  3 YRS 2.50% P.A. 5.0555
  4 YRS 2.60% P.A. 5.1532
  5 YRS 2.60% P.A. 5.1067
  6 YRS 2.60% P.A. 5.0488
  7 YRS 2.60% P.A. 5.0104
  
  tat is by DBS
• ryann24

  31 Jul 04, 21:58

  Originally posted by sgboy2004:

  Period Interest Rates Effective Interest Rates
  1 YR 2.40% P.A. 5.2275
  2 YRS 2.50% P.A. 5.1480
  3 YRS 2.50% P.A. 5.0555
  4 YRS 2.60% P.A. 5.1532
  5 YRS 2.60% P.A. 5.1067
  6 YRS 2.60% P.A. 5.0488
  7 YRS 2.60% P.A. 5.0104
  
  tat is by DBS

  how come my loan so high huh?? izzit normal for a 100% loan?
• loudmonkey

  31 Jul 04, 22:02

  Originally posted by ryann24:

  how come my loan so high huh?? izzit normal for a 100% loan?

  No lah, its not 20%, mistake mistake
  
  take 20/7 = 2.85% forgot to divide by 7
• sgboy2004

  31 Jul 04, 22:03

  Originally posted by ryann24:

  how come my loan so high huh?? izzit normal for a 100% loan?

  ask your agent to calculate again for u lor.... should be use the PMT function mah. last time mi friend taught mi one...
  
  
• ryann24

  31 Jul 04, 22:07

  Originally posted by loudmonkey:

  No lah, its not 20%, mistake mistake
  
  take 20/7 = 2.85% forgot to divide by 7

  i see.... dun scare me.....
  
  so it's normal car loan scheme??
• loudmonkey

  31 Jul 04, 22:10

  Originally posted by ryann24:

  i see.... dun scare me.....
  
  so it's normal car loan scheme??

  i know nuts about car loans, but the interest seems to be on the higher end though..............
• cadaver_sg

  7 Aug 04, 02:17

  If I didn't calculate wrongly, is about 2.9% which is strangely high. Which financial institute is financing your loan? What did you not include in the pricing? I when to source for a new car today, 10 years, 0 downpayment is on the average 2.3%. I don't think 2nd hand interest is very far off as I did ask about I few 2nd hand cars previously.
• GLX

  7 Aug 04, 08:54

  2nd hand cars loans' interests are higher. And it is compounded on the front value throughout the years...