I would like to know what you guys think. I just turned 20 last month. Currently im earning a basic of 1.5k (before EPF deduction) + other allowances, monthly i rake in about 2.3-2.5k.

Im interested in purchasing a saga blm 1.3 m-line which is 42k. My downpayment 10%. The proton car dealer keeps saying no problem for me and I don't need a guarantor. Im a bit skeptical on the no guarantor part. Could it be true.

About the guarantor: wouldn't you find this out once you apply the loan from the bank? But yes, I've heard that banks usually prefer people under age 25 to have guarantors. It's all on a case-by-case basis though. 2.3-2.5k sounds reasonable to purchase a 42k car.

Kuhan,

1) Everything is possible as long as you are willing to do a 9 years car loan and pay a lot of INTEREST in the process...

2) What is the monthly payment and interest rate that they are quoting?? We can tell you what is the actual interest rate that you are paying with those information...

3) Welcome to the debt hell...

Dreamer

Well they are quoting an interest rate of 3.99% for a 9 year loan.

That's quite standard. The interest rate is higher for national cars cos the banks deem the target market for these buyers fall under the "high risk" category. To be honest, it's better that you start off with a good pre-owned car as your first car, drive it for six years until your insurance NCD reaches a max of 55%, then go for a brand new ride. There are lots of good used Kelisas or if you prefer more space, a Wira that goes for a song these days.

Kuhan,

Car price = 42K

10% down payment, So car loan = 42K *0.9 = $37,800

At 3.99% and 9 years,

Interest = $37,800 * 3.99% * 9 years

= $13,574

Monthly payment = ($37,800 + $13,574)/ ( 12 * 9) = $475.68

From Excel

=RATE((12*9),(-475.68),($37800))

= 0.596% per month

= 7.15% per year

Dreamer

no wonder people say teenager boys nowadays think with their penises, not with their brains.

using half the salary to pay for the car loan just to court girls.

randoll,

Then, what can you say about his dad?? Without his father acting as guarantor, he could not get that loan. So, like father like son.

Age does not necessary improve intelligence.

Dreamer

Dreamer,

My phrase is directed at TS, not his father. I agree that the financial intelligence of his father is not high, but we don't know the reason behind his support for TS to buy the car. If he too thinks that only with a nice car can he get a nice looking and great body daughter-in-law (you know, for his own savory), then my phrase must be changed to "men nowadays only think with their penises, not with their brain".

randoll

Don't judge too quickly. You don't really know TS or his father, what the father has or doesn't have in terms of intelligence or wealth. How would you like it if someone said something about your dad based on your behaviour (good or bad) on a forum?

cut the crap out,
hey TS, borrow some money from ur father n mod like this.

Tumpang Thread TS

Hi, Im 23 years old, just start working for 7 month, planning to buy secondhand kelisa RM 27000 . My nett salary is RM 2600, is it ok, my work nature need me to travel alot. Plan to take PBB loan with interest 3.55 % for 7 years. Downpayment would be RM 7000 . Need opinion here, any other good used, low fc car out there. Thanks

gregy,

A) I am a FATHER. If I help my son to do this kind of stuff, I DESERVED this kind of statement.

B) Let me REPEAT one more time because you do not GET what I am saying. Anybody with BASIC FINANCIAL INTELLIGENCE know that it is a BAD IDEA for someone to take a loan more than 50% of their income. So, besides not helping the son to learn BASIC FINANCIAL INTELLIGENCE, this FATHER help him break the rule. Breaking this rule makes a lot of people BANKRUPT.

So, what do you CALL the father that help the son to go BANKRUPT??

<<if someone said something about your dad based on your behaviour (good or bad) on a forum?>>

Perhaps you are NOT Asian. As per Asian culture, your PARENTS are FULLY ACCOUNTABLE and RESPONSIBLE for your BEHAVIOR. So, bear this in mind when you have children. You better set a good example for your children.

Dreamer

Wow, based on that maybe I should call your father a caustic, self-righteous, pompous loud mouth with a penchant for raising his voice in forums LOL..... How well do you know TS? How do you know how many sources of income he has? That 2k or so is just his basic salary. If you're a salaried employee with no side income then perhaps you wouldn't understand. And please refrain from your condescending tone. Unless you want to meet up and trash it out according to the tone of your replies.

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Added on July 6, 2009, 10:16 pm

aikss dude TS oredi got his loan la...you advertising here issit...

With increasing NPL nowadays...
pls don't make the economic worst as it already is.
RM 2k to buy a 2nd car

Maintainance fees?
Petrol RM 300-RM 600
(My own petrol expenses is RM 1k+-)(50% of ts salary)
Battery RM 200
Tyre RM 500
Each 5000km/RM 100
spare part break down, RM 100-RM 3000
Road tax.
Car insurance.
Pls take all of this into consideration.

Seriously with 2k salary and buying 40k+ car is really not a wise decision.
The economic is unstable, since ts don't have saving habits, its easy to become npl.

Even if you did get a girl, your expenses go ups,you'll be living in stress.
your blood pressure go ups, you'll be sick, chances of getting heart attack inc, your work performance drop, you might lose a job. Welcome to world of NPL. Blacklisted. End of your good life.

My method in buying car is, prepare 24 month of installment.
30% - 50% DP.
tenure 3-5 years. max 6-7 years.
Less interest, and more security.
Even in situation with bad cash flow, at least you still have 2 years time to solve.
Work hard, invest smart, Save hard, spend wise.
Don't try to impress girl with car, no point.
you'll get a decent girl when your pocket is loaded. (automatic)
Girl are also smart, do you really think they let you get into their pants, just bcos of a car?

gregy,

<< i a hairdesigner salary basic Rm1200 EPF Of course report rm1200 but i got comission so my salary its rm1800 to Rm2200++but me not much saving every month,>>

<<How do you know how many sources of income he has? That 2k or so is just his basic salary.>>

Please read through all the posts before responding...

Dreamer

i think it's allrite to buy the kelisa. U have a nice salary if compare with the price of the car.

This is one of the worst non-sequiturs I've ever read. Who says an Asian person must follow "Asian culture". So a Chinese person cannot eat Western food? An Asian person need not conform to arbitrary values advocated by any culture. In any case, I don't believe any human being is fully accountable/responsible for another adult (the TS is after all already 20).


You're speculating that the son will indeed go bankrupt. However there is insufficient information as to the monetary wealth of said father. There are many spoilt children who did not go bankrupt.

true, but most of the spoil child become NPL, or ppl with serious ccris records. Might even got CTOS problem.
Deal with these ppl everyday, and they still wanna lie. bluffing their financial record. When i open system and check, OMG!!! haiz...
3 of my friend, NPL already. Spoil by their family. income 2.6k+ with 3 to 5 c.card, drive 100k+ car.

Economic need recovery. Must educated more people with discipline in financial.