Ppl been talking about housing loan rate how low how low..
So what about car loan interest now? Didn't really update myself but the last I know was 1.88% for most of the new or even pre-owned car loan
Has it been adjusted downwards??
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Ppl been talking about housing loan rate how low how low..
So what about car loan interest now? Didn't really update myself but the last I know was 1.88% for most of the new or even pre-owned car loan
Has it been adjusted downwards??
According to my banker friend, the volume for car loan has been very low. Interest rates will fall if demand continues to be low.
If car cost only few tens of thousands, no need to take loan lah. If can't afford that few tens of thousand, basically the person can't afford driving a car.
Not really, but..Quote:
Originally Posted by Regulators
1. there are ppl just can afford the downpayment still want to own car
2. there are ppl who is rich enough to pay all but choose to take up full loan
3. etc
Unless you are talking about resale.. otherwise a normanl new 1.6cc now cost almost $100k loh.. not everybody can afford not to take loan
Now is the wrong time to buy a car, otherwise can stick to second hand two or three year old car that offers better value. Just not too long ago, $100k can buy an evo, with that can only buy a mazda 3 now. I am against taking car loans coz it is not worth letting banks earn interest on itQuote:
Originally Posted by Rysk
The reason why I say if a person can't afford to pay off the car not to buy a car is because in the event your car is totally damaged and unusable and for some reason insurance don't cover you, how then will the person be able to pay back the finance company? One be must always be prepared for the worst, not saying the worst will happenQuote:
Originally Posted by Rysk
I agree that a person must be able to pay for the car in full (or at least 80%) before buying it. Loan rate at 1.88% is low. If you are confident of getting at least 3% per annum yield on other investments, then it's alright to take a loan.
Car loans are hire purchase, very different from housing loans. Hire purchase calculates interest based on principle amount over loan tenure (say 10 years). It is really a lousy way to lose your money to the banks. A 1.88% car loan interest is unlike a 1.88% housing loan interest. During today's climate, difficult to be assured of consistently 3% annual yield for investments! If possible, avoid car loans totally. :pQuote:
Originally Posted by evergreen
Pay off.....
Keep spare cash...
Dun buy gold....
Wait for crash...
So easy right?
Car loan r bad debt, as car r libility.
Agreed w regulator, that car loan better dun take.
House loan, if not over stretched r gd debt as house an asset .
I did say it is ok only if the person is confident of getting better yield. If your view is that it is better to pay the cash upfront than for a confident investor to invest it, then it should also apply to housing.Quote:
Originally Posted by ysyap
Different lah....historically, car loan always at least twice higher den housing loan....currently nearly 3times more:scared-3:Quote:
Originally Posted by evergreen
COE is dropping. If there is any news of retrenchment in Singapore, it will send car prices dropping. This will be a better deal than a lower interest rate.
just wait patiently lor....bio 2nd hand market by den:DQuote:
Originally Posted by hyenergix