Originally posted by ryann24:
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??
a) The interest rate which you are paying is 2.965%, which mean total interest you will be paying is about $11,550.
b) At 2.6%, which was quoted by DBS, your installment will work out to about $785 per month, and total interest payable is $10,323
- The total difference between a and b is about $1226.93, which I believe must have been used to cover for the transfer fee.
Since you are taking 100% financing with inflated interest rate, you are actually owning a car with negative value. I would suggest that you take care of your car properly and make sure you drive it for at least 5 years. it is important for you to read about RULE78 and find out when is your breakeven point, ie. when your car value (resale market or scrap value, which ever is higher) = oustanding loan amount.