downpayment for toyota

• julian_lim

  19 Oct 04, 08:06

  hi to all out there,
  i intend to get a toyota vios, can anyone tell me what is the minimun amount to pay for the first downpayment for a toyota car for a 10 years loan?
  
  thanks in advance.
• LCL

  19 Oct 04, 12:02

  U gonna drive the car for a FULL 10 years? Else, screw the 10 years loan. U will land up with a negative equity. When u sell, u will have to top up as market price for the car is lower than what u owe the bank.
  
  DP? rule of thumb is usually 20% of car sale price.
  
  

  Originally posted by julian_lim:

  hi to all out there,
  i intend to get a toyota vios, can anyone tell me what is the minimun amount to pay for the first downpayment for a toyota car for a 10 years loan?
  
  thanks in advance.

• julian_lim

  19 Oct 04, 13:31

  thanks but i cant afford the 20% downpayment.what is the minimun sum i have to come up with to purchase a new toyota vios?
  thanks again.
• LCL

  19 Oct 04, 14:00

  Ask Borneo Motors dude.... i cant help on this one ....
  
  

  Originally posted by julian_lim:

  thanks but i cant afford the 20% downpayment.what is the minimun sum i have to come up with to purchase a new toyota vios?
  thanks again.

• forumtsungchian

  19 Oct 04, 14:28

  Originally posted by julian_lim:

  thanks but i cant afford the 20% downpayment.what is the minimun sum i have to come up with to purchase a new toyota vios?
  thanks again.

  not to splash cold water but what lcl advice is quite good...try not to take 10 year 100% loan. Amt of interest payable in ridiculous. If you cannot pay the 20% as dp, then you might want to rethink if your finances can afford the car.
  
  just my advice.
  
• julian_lim

  19 Oct 04, 14:50

  thanks for all valuable advices.
  have a nice day.
  julian.
• LCL

  19 Oct 04, 17:12

  Dats direct to the point bro. I din wanna be so direct. For this dude, its better to go 2nd hand.....its dirt cheap now!
  
  

  Originally posted by forumtsungchian:

  not to splash cold water but what lcl advice is quite good...try not to take 10 year 100% loan. Amt of interest payable in ridiculous. If you cannot pay the 20% as dp, then you might want to rethink if your finances can afford the car.
  
  just my advice.
  

• Blacknite01

  19 Oct 04, 18:03

  U have to pay a booking fee of $6300, which will include yr minimum payment of 10% downpayment. Besides if its a 10year loan and if it is still in 1.9% interest rate you will be paying around $552 per month. Don't forget u still will have to cough up yr first year insurance and the first month installment when the SE calls to when the shipment arrives (lets say if the $6300 booking fee is more than the minimum 10%required than the balance will be minused here)
  
  Oh.. anyway the waiting period for a vios can be 2 to 2.5 months(AT Transmission) and 3+months for manual.
• julian_lim

  19 Oct 04, 20:29

  thanks once to all.
  if have to wait 2.5 mth for a auto vios i think i most probably get something else.
  used vios dirt cheap...?ok maybe i shuold go look around soon.
  
  regards,
  julian.
• Danisdead101times

  19 Oct 04, 20:30

  Originally posted by julian_lim:

  hi to all out there,
  i intend to get a toyota vios, can anyone tell me what is the minimun amount to pay for the first downpayment for a toyota car for a 10 years loan?
  
  thanks in advance.

  maybe few thousands dollars? me also not sure wor...
• Blacknite01

  19 Oct 04, 21:08

  Why not wait? Anyway alternate will be Honda City Vtec(Auto) abt $67000, was told by the Kah motors SE can pay downpayment as low as $2000 & the waiting period about three weeks to a monthwhen I was looking 4 one a few weeks ago. Guess was tempted, but settle for vios instead' just felt the overall package of Vios was better (Barring the obnoxious and idiotic SE of Borneo Motors)
• blacktortise

  19 Oct 04, 23:42

  Originally posted by julian_lim:

  hi to all out there,
  i intend to get a toyota vios, can anyone tell me what is the minimun amount to pay for the first downpayment for a toyota car for a 10 years loan?
  
  thanks in advance.

  0% downpayment ai mai?
  special arrangement...
• Saggice

  21 Oct 04, 08:33

  Julian.. do keep us or rather me informed of any value information... im tinking of getting vios too...... i like the design....
  
  last month almost got a hyundai getz but lucky never.... hahah
• plugie

  21 Oct 04, 11:19

  Hey guys...
  
  If I'm to take out a $50k loan @ 1.9%... interest payable after 7 years is $6,650 while interest payable for a 10-year loan is $9,500. Other than the $2,850 that I'll pay in excess for interests, what are the downsides for taking up a 10-year loan? True... I may not drive the car for 10 years and will probably sell it after 3-5 years... What are the 'consequences' I'm looking at? Please advise. Thanks a million!
• kops21

  21 Oct 04, 11:24

  What are the T&C of breaking a contract? Eg selling the car or even refinancing in the future? There is a cost impact which you should be aware of.
• Koon King

  21 Oct 04, 14:45

  Originally posted by julian_lim:

  thanks but i cant afford the 20% downpayment.what is the minimun sum i have to come up with to purchase a new toyota vios?
  thanks again.

  No intention to dowse your enthusiasm, but you might want to save up till you can fork out a decent deposit like 20%. Just be patient and it won't be long. Don't want to be a slave to the bank, right? My 2 cents. Good luck!
• plugie

  21 Oct 04, 16:01

  Hi KK,
  
  That is my intention. Current price of a vios is abt 62k and taking up a 80% loan is $49,600. I've round-up to 50k for easier comparison.
• huoye

  11 Nov 04, 21:55

  1 thing to say. if u cant even afford 20% downpayment den dun get a car. Use public transport. I am working in a finance company and i only can say most of those dat has 10yr loan will haf problems wif servicing their loans.
• elfhunter

  12 Nov 04, 08:38

  Originally posted by plugie:

  Hey guys...
  
  If I'm to take out a $50k loan @ 1.9%... interest payable after 7 years is $6,650 while interest payable for a 10-year loan is $9,500. Other than the $2,850 that I'll pay in excess for interests, what are the downsides for taking up a 10-year loan? True... I may not drive the car for 10 years and will probably sell it after 3-5 years... What are the 'consequences' I'm looking at? Please advise. Thanks a million!

  Look at the OMV of the vehicle and u can get a estimate of how much u can get back from the scape value of yr car.
  
  Eg
  
  Car cost $63,000. with COE of 22.5K and OMV 12K, downpayment 13k
  Loan of 50k with Interest for 10 year at 1.9%
  Total Loan amount + Interest = $59,500
  Mth Installment = $496
  Let say u scrape car at end of 5 Years
  
  COE rebate may $22,500 divide by 10 year Times 5 years = $11,250.
  Parf Rebate = OMV times 82.5% = $9,900
  Therefore scarpe value of car will be $21,150 at year of 5 years
  
  Installment Paid after 5 Year = 29,750
  
  Oustanding is 59500 - 21150 - 29750 = Amt you have to pay or get back when u sell yr car. Interest rebate and body of car is not calculated in.
  
  Used this rough guide to plan yr finance.
  
  So if u wan to get back more money or break even fater, buy a car with a high OMV, pay more downpayment or loan less no. of years.
  
  If there is anything wrong in this guide, please let me know.
  
  Cheers!!!!!!!