Kokster Neutral Newbie November 30, 2009 Share November 30, 2009 Hi fellow forummers, Please advise: How can I break even on my car loan faster? Took out a car loan with GE Money but 4 years into the loan, would like to break even faster due to improved financial conditions. What is the best way to go about doing so? Tried looking to refinance loan but this is no longer popular with current interest rates. Anybody here can offer expert advice? Thanks! ↡ Advertisement Link to post Share on other sites More sharing options...
Woonyang Clutched November 30, 2009 Share November 30, 2009 On 11/30/2009 at 2:24 PM, Kokster said: Hi fellow forummers, Please advise: How can I break even on my car loan faster? Took out a car loan with GE Money but 4 years into the loan, would like to break even faster due to improved financial conditions. What is the best way to go about doing so? Tried looking to refinance loan but this is no longer popular with current interest rates. Anybody here can offer expert advice? Thanks! change car Link to post Share on other sites More sharing options...
Kokster Neutral Newbie November 30, 2009 Author Share November 30, 2009 Thanks bro but how to change car when car not yet break even? Link to post Share on other sites More sharing options...
Friendstar Supercharged November 30, 2009 Share November 30, 2009 agreed. change car Link to post Share on other sites More sharing options...
Woonyang Clutched November 30, 2009 Share November 30, 2009 On 11/30/2009 at 2:48 PM, Kokster said: Thanks bro but how to change car when car not yet break even? in truth, you will never "break even". Link to post Share on other sites More sharing options...
Pigkachu Neutral Newbie November 30, 2009 Share November 30, 2009 huh? how does change car help? Link to post Share on other sites More sharing options...
Bugsbunny Neutral Newbie November 30, 2009 Share November 30, 2009 Change to toy car? Link to post Share on other sites More sharing options...
Xspace 1st Gear November 30, 2009 Share November 30, 2009 Haven't break even on paper, change car, means one has to pay the differences wor... Link to post Share on other sites More sharing options...
Kungming 1st Gear November 30, 2009 Share November 30, 2009 Unless you wanna change car, else may not be worth it. If you redeem your loan in full now still gotta bear the rule of 7 charges from the bank. In short, why not make your money work harder for you meanwhile until you want to change car? Link to post Share on other sites More sharing options...
Enduro25 Clutched November 30, 2009 Share November 30, 2009 the best way is to continue driving the car ... Link to post Share on other sites More sharing options...
Ithunk 1st Gear November 30, 2009 Share November 30, 2009 ya change car to break even faster Link to post Share on other sites More sharing options...
Kokster Neutral Newbie November 30, 2009 Author Share November 30, 2009 i still don't get it how changing car will help cos I will need to pay the difference between outstanding loan and actial value of car...pls help me understand how that would be a better option anyway..since full settlement is out of the question and GE money will not re-adjust my installment amt even though i am willing to pay more...should i make advance payments - say my loan now is 600 and I pay additional 600 eveny month - will dat be viable? Link to post Share on other sites More sharing options...
Nicholasl Neutral Newbie November 30, 2009 Share November 30, 2009 On 11/30/2009 at 4:13 PM, Kokster said: i still don't get it how changing car will help cos I will need to pay the difference between outstanding loan and actial value of car...pls help me understand how that would be a better option anyway..since full settlement is out of the question and GE money will not re-adjust my installment amt even though i am willing to pay more...should i make advance payments - say my loan now is 600 and I pay additional 600 eveny month - will dat be viable? Yep. U can do that. but the extra you pay for interest is still the same. So what's the point of paying more? This is not housing loan le.. u tink suka suka can change the contract terms? My advice is just carry on driving and pay the same. The extra just pay more for ur housing or other stuff or save up more. Link to post Share on other sites More sharing options...
Waffenss Neutral Newbie November 30, 2009 Share November 30, 2009 Re-invest your excess $ that you have now, that's the only way. For car loan, early redemption have penalty & it's not worth. When you buy the car, you should pay the maximum down payment within your affordability & take minimum years on the loan. Link to post Share on other sites More sharing options...
Takumi21 2nd Gear November 30, 2009 Share November 30, 2009 I agree, to change car will break even in the fastest way, cause you need to top up the remanding. Link to post Share on other sites More sharing options...
Leepee 1st Gear November 30, 2009 Share November 30, 2009 I guess the only way is to somehow make you car WORTH more than the loan. Wait for 2010 April, when the COE is further reduced and the economy boomz upwards, the demand for properties and cars will shoot up the sky. By that time the COE will hopefully cost $50k, that will effectively means that you have technically broke even. All thanks to the efficient gov and its strict car policy. So just support the current gov and tell them to impose more strict rules....not only your car will break even sooner....your properties will shoot up high and all Singporeans will be at least Half-millionaires (assuming average HDBs cost $500k and above)! Link to post Share on other sites More sharing options...
Nt30 Neutral Newbie December 1, 2009 Share December 1, 2009 On 11/30/2009 at 2:24 PM, Kokster said: Hi fellow forummers, Please advise: How can I break even on my car loan faster? Took out a car loan with GE Money but 4 years into the loan, would like to break even faster due to improved financial conditions. What is the best way to go about doing so? Tried looking to refinance loan but this is no longer popular with current interest rates. Anybody here can offer expert advice? Thanks! To break even on your car loan it is is depend what model, how much loan and how long you took when you bought your car. If you took full loan or over loan with 10 yrs, thats no way to break even. Link to post Share on other sites More sharing options...
Rickster 5th Gear December 1, 2009 Share December 1, 2009 On 11/30/2009 at 6:45 PM, Waffenss said: Re-invest your excess $ that you have now, that's the only way. For car loan, early redemption have penalty & it's not worth. When you buy the car, you should pay the maximum down payment within your affordability & take minimum years on the loan. Agree on that. Re-invest or just save the extra cash for liquidity. ↡ Advertisement Link to post Share on other sites More sharing options...
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