A noob qns about car loan

[The_Bear]

i'm 20. Finished ns and pending overseas university study.

 

http://www.mycarforum.com/topic/2695912-p-plate-car-rental-in-jb/?p=5270429

 

Are you 18 or 20? Some how, you don't come across as completely honest with the information.

 

Drive up North often? How? You don't even know where to rent a car on 8th Sep 2014. Suddenly you are a seasoned road warrior on the NSHW. You the man!

 

Blew your savings in investments? You might pull that one off with your peers, some of them might not believe you even if they don't show it. Some people are just so hypocrite.

 

Seems like you never learn the most important lesson in NS - Wake Up Your Idea.

[Kusje]

 

 

mcf are far too serious on this, too many uncle dun understand what the youngter think nowadays, they waste time come here for advice. rather go HWZ or Blacklist who are more supportive, can ever advice you on how to zhng your car and curse TP

 

MCF also has people cursing TP/parking aunties.

[Jman888]

 

http://www.mycarforum.com/topic/2695912-p-plate-car-rental-in-jb/?p=5270429

 

Are you 18 or 20? Some how, you don't come across as completely honest with the information.

 

Drive up North often? How? You don't even know where to rent a car on 8th Sep 2014. Suddenly you are a seasoned road warrior on the NSHW. You the man!

 

Blew your savings in investments? You might pull that one off with your peers, some of them might not believe you even if they don't show it. Some people are just so hypocrite.

 

Seems like you never learn the most important lesson in NS - Wake Up Your Idea.

 

 

he say JB only never say NSHW, everyday drive in and out JB to eat and shop lor.....

 

i think you 对他有成见

[Hussaini20]

TS when I was your age, 10 yrs ago, now already young uncle liao, it was cheap to buy a car.. If you can commit la. But your commitment to a car for one yr is too far fetch.. You wanna take loan, by all means go ahead.. But you must factor in fuel costs, parking, cashcard, and at least 2x servicing within that 1yr of usage.. Insurance is still ex if you're under your parents name.. Should you choose to go ahead being 'uninsured', prepare the risk of cannot claim if tio accident. Your folks will be blasting your butt off!

 

My advice, do with what you can afford. If you go around show boating with a rx8, now in sg, truthfully speaking is a waste of money. Have you even considered the maintenance of a rotary Engine? Get the compression wrong you're off to a workshop spending your supposedly ballooned parf value in repairs.

 

Get a coe car, or a cheap korean. Depr is least of my worries if I were you.. Why even bother? Depr is almost the same thruout what..

[Galantspeedz]

cough up $10k? Why?

______________________________

 

Actually, since the excess would be very high for unnamed driver <26 years old, I can just sign on a third party only coverage under my parents name instead right? Would be cheap right?

 

you can only get 3rd party if the car is free from loan

[The_Bear]

 

 

he say JB only never say NSHW, everyday drive in and out JB to eat and shop lor.....

 

i think you 对他有成见

Hor hor 没有 lor.

 

我只是对他的智商有偏见和他的人格有意见。

除了这些，我什么都看不见。

[Galantspeedz]

 

http://www.mycarforum.com/topic/2695912-p-plate-car-rental-in-jb/?p=5270429

 

Are you 18 or 20? Some how, you don't come across as completely honest with the information.

 

Drive up North often? How? You don't even know where to rent a car on 8th 4th Sep 2014. Suddenly you are a seasoned road warrior on the NSHW. You the man!

 

Blew your savings in investments? You might pull that one off with your peers, some of them might not believe you even if they don't show it. Some people are just so hypocrite.

 

Seems like you never learn the most important lesson in NS - Wake Up Your Idea.

 

 

why you so heated up... lol is 4th Sept lar..

 

he asking for rental in JB..... truth be told.. i also dunno where to rent car in JB....

[M3e92]

TS when I was your age, 10 yrs ago, now already young uncle liao, it was cheap to buy a car.. If you can commit la. But your commitment to a car for one yr is too far fetch.. You wanna take loan, by all means go ahead.. But you must factor in fuel costs, parking, cashcard, and at least 2x servicing within that 1yr of usage.. Insurance is still ex if you're under your parents name.. Should you choose to go ahead being 'uninsured', prepare the risk of cannot claim if tio accident. Your folks will be blasting your butt off!

 

My advice, do with what you can afford. If you go around show boating with a rx8, now in sg, truthfully speaking is a waste of money. Have you even considered the maintenance of a rotary Engine? Get the compression wrong you're off to a workshop spending your supposedly ballooned parf value in repairs.

 

Get a coe car, or a cheap korean. Depr is least of my worries if I were you.. Why even bother? Depr is almost the same thruout what..

oh because depre = actual money spent on car, bar insurance and road tax petrol etc. Ya, probably not maxda rx8 but mazda 6...and actually since its left with just 1 year would I be naive to think that I will be able to drive till scrap without servicing the car? The seller said he just serviced and replaced wear and tear for mazda 6. For coe car i'm afraid it'll break down on nsh and tbh not much coe cars left on the road nowadays, unless its sports model like civic sir which has very high depre/year. I dont mind cheap korean, the price is cheap but if i factor in the 55% OMV I can get back at scrap, or enter it into the balloon scheme loan, then its higher depreciation than mazda 6 or ralliart turbo.

 

you can only get 3rd party if the car is free from loan

thanks for clarification.

[Galantspeedz]

TS,

 

if you are going overseas study, i guess your parents should be doing ok.

 

why don't get them to pay in full, then you pay them back in installments.... you can use (purchase price - PARF after 10 years) divide by number of months the car is left = monthly installment. then when the car is scraped they can get the balance amount left

 

 

being a p plate, i think you may have issue with insurance

 

for 1 year, not may banks may lend you the amount because amount is too small and interest earned is too little...

Edited September 8, 2014 by Galantspeedz

[Sunny]

i'm 20. Finished ns and pending overseas university study.

 

 

Go get a car (1 year nia, nothing much to lose also).

Can practise driving here locally first before you go overseas.

Once in overseas, chiong liao..can date babes with your ride (cheaper car price than sg also)

not enough money nevermind, cos your parents, helping you with your overseas studies, surely they'll help you with your car also.

go get it fast.

 

above nice to hear hor

[Galantspeedz]

oh because depre = actual money spent on car, bar insurance and road tax petrol etc. Ya, probably not maxda rx8 but mazda 6...and actually since its left with just 1 year would I be naive to think that I will be able to drive till scrap without servicing the car? The seller said he just serviced and replaced wear and tear for mazda 6. For coe car i'm afraid it'll break down on nsh and tbh not much coe cars left on the road nowadays, unless its sports model like civic sir which has very high depre/year. I dont mind cheap korean, the price is cheap but if i factor in the 55% OMV I can get back at scrap, or enter it into the balloon scheme loan, then its higher depreciation than mazda 6 or ralliart turbo.

thanks for clarification.

 

got 1 very important question, your car left 1 year... let's say for some reason your car need repair, the amount is $2k.

 

Do you repair or scrap the car?

[Ilikegirls]

IMO, I think is pointless to go for balloon scheme for one yr car.

 

Now ppl who take one or 2 years cars are only waiting for COE to drop in 2015 / 2016. And that's a maybe only. And usually they aim for cars with higher OMV & COE value as they are able to take back when they decide to scrap the car when the time is right for them to buy a new one.

 

Furthermore buying a 9th yr old car definitey has its own issues and trouble. Prepare around $800 ~ $1K for servicing and repairs. Don't be surprised if there are many wear and tear parts.

 

The way I see if u are getting a 9th yr old car from dealers, the sellers are usually the one who ditch the car cos of too many problems and it doesn't justify the repair cost to driving term, so they replaced. So in the end, new owner (which is u) kanna the cost.

 

Suggest u rent a car for time being and test out first the "real cost" of the car.

 

- monthly fee

- insurance / road tax

- parking fee

- ERP / Cashcard

- petrol cost

- treats from govt sometimes

- repair cost.

 

This is assumed u drive swee swee no accident from others or from urself. Minor scratch repair start from $150 - $200 onwards.

 

Normal BnB car now need estimated min $1000 - $1200 monthly everything in. I am driving one myself so I know.

 

See if u cope first from renting then decide. U got $$$, no scare ppl no sell u.

 

 

Edited September 8, 2014 by Ilikegirls

[M3e92]

 

got 1 very important question, your car left 1 year... let's say for some reason your car need repair, the amount is $2k.

 

Do you repair or scrap the car?

scrap. Taking a huge risk especially under balloon scheme. If repair then i will find another way to loan money and extend the car for another 5 years.

IMO, I think is pointless to go for balloon scheme for one yr car.

 

Now ppl who take one or 2 years cars are only waiting for COE to drop in 2015 / 2016. And that's a maybe only. And usually they aim for cars with higher OMV & COE value as they are able to take back when they decide to scrap the car when the time is right for them to buy a new one.

 

Furthermore buying a 9th yr old car definitey has its own issues and trouble. Prepare around $800 ~ $1K for servicing and repairs. Don't be surprised if there are many wear and tear parts.

 

The way I see if u are getting a 9th yr old car from dealers, the sellers are usually the one who ditch the car cos of too many problems and it doesn't justify the repair cost to driving term, so they replaced. So in the end, new owner (which is u) kanna the cost.

 

Suggest u rent a car for time being and test out first the "real cost" of the car.

 

- monthly fee

- parking fee

- ERP / Cashcard

- petrol cost

- treats from govt sometimes

- repair cost.

 

See if u cope first from renting then decide. U got $$$, no scare ppl no sell u.

 

 

actually I'm looking at this one, owner says he replaced wear and tear although i dunno how true it is. I did contact him and manage to bring the price down a bit. I dont mind renting la, but it does cost quite a bit more than if i take this car up under balloon scheme. The only trade off is repairs and servicing.

http://www.sgcarmart.com/used_cars/info.php?ID=418855&DL=1000

TS,

 

if you are going overseas study, i guess your parents should be doing ok.

 

why don't get them to pay in full, then you pay them back in installments.... you can use (purchase price - PARF after 10 years) divide by number of months the car is left = monthly installment. then when the car is scraped they can get the balance amount left

 

 

being a p plate, i think you may have issue with insurance

 

for 1 year, not may banks may lend you the amount because amount is too small and interest earned is too little...

tokyo does allow 1 year loan for balloon scheme, nah I dont wanna take loan from parents. Recently had a fall out with them, family issues la :(

Edited September 8, 2014 by M3e92

[Bacteria83]

Please check whether you are buying with direct owner as well. If you buy from direct owner don't think lemon law can help u during future dispute

[M3e92]

Please check whether you are buying with direct owner as well. If you buy from direct owner don't think lemon law can help u during future dispute

omg yes you reminded me of the existence of lemon law! If i buy a car with 1 year left from a dealer, I am entitled to 'free' repairs should the car break down right? That means I can drive without service and in the event that it breaks down, claim from dealer right?

Edited September 8, 2014 by M3e92

[Galantspeedz]

scrap. Taking a huge risk especially under balloon scheme. If repair then i will find another way to loan money and extend the car for another 5 years.

actually I'm looking at this one, owner says he replaced wear and tear although i dunno how true it is. I did contact him and manage to bring the price down a bit. I dont mind renting la, but it does cost quite a bit more than if i take this car up under balloon scheme. The only trade off is repairs and servicing.

http://www.sgcarmart.com/used_cars/info.php?ID=418855&DL=1000

tokyo does allow 1 year loan for balloon scheme, nah I dont wanna take loan from parents. Recently had a fall out with them, family issues la :(

 

but you only here for 1 year then go overseas... than you renew 5 years and let car rot in carpark?

 

the person can only repair wear and tear when it is spoiled but if it is not spoiled who will go repair.... thus if once you buy than is spoil, you also have to repair it

[M3e92]

 

but you only here for 1 year then go overseas... than you renew 5 years and let car rot in carpark?

 

the person can only repair wear and tear when it is spoiled but if it is not spoiled who will go repair.... thus if once you buy than is spoil, you also have to repair it

extend 5 year then maybe try to sell it? Or use it as replacement for existing family car lor. My family car COE ending in 2017. Btw, this repair issue is covered, since someone brought up and reminded me the existence of lemon law. It means I would be 'without warranty' for only the last 6 months of car ownership

Edited September 8, 2014 by M3e92

[Ilikegirls]

Say he sell u $18,000.

 

Less OMV @ 55%: $10,450.55

 

Loan sum: Estimated: $7560

 

 

interest rate say 3.5% for one yr, loan figure: est $7850

 

Car loan: $7,850

Road Tax: $1,212

Insurance: Est $2000 (under ur parent name/ u named driver)

Petrol: $500 * 12 = $6000 (mazda 6 super drinker as not much power, body too heavy, so u tend u step more. My colleague driving one)

Repair and servicing for one yr: assumed $1000

Parking: MSCP $90 * 12 = $1080

ERP / Cash card: $50 * 12 = $600

 

Assumed no accident no summons.

 

 

Total cost: $19800 estimated

 

This is just a estimated figure. Actual figure can ask MCF bro who is driving a mazda6.

 

 

Correct me if I am wrong or left out anything..