Do you mean that as long as our children don't go bankrupt, we just let them to waste and spend money in any ways they want???

And example, try ask any bank friend you know, what is the rate and age of NPL in their bank. you'll be surprise with the answer.

TS just made my day, can't stop LOL while reading his post. I guess TS have more potential to become an entertainer than stylist. Try to consider career change?

btw guys do look at his positive side, our economy do need such consumer, without his unlimited disposeable income, our economy would be stagnant.

and public banks employee please at least PM him some thank you words

WTF! ALL !! ALL ITS LOSER! U PEOPLE LIKE DRIVE MALAYSIA CAR FOR WHAT!? WHY DONT USE 42K BUY 1 TOYOTA NADIA??

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Added on July 9, 2009, 10:57 am42K JUST CAN BUY NEW VIVA ONLY

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Added on July 9, 2009, 10:57 amIF MY 2K SALARY STILL CANNOT BUY 1 VIVA?

This post has been edited by Morris1127: Jul 9 2009, 10:57 AM

Morris1127,

It is VERY SIMPLE. Come back and report to us in 6 months or a year. Let's see whether you can survive with this car payment. Anyhow, your father is the guarantor. He will bear YOUR PAIN.

Why argue now?? Time will tell..

Dreamer

frankly speaking bro, your basic salary is too low for the bank to approve your loan.. last time when i fresh graduate from U, my basic salary is RM 1.8k. however got allowance up to RM 2.5k, i apply loan for RM40k also need guarantor.... nothing we can do rite..

lol this thread is still going strong

Just drop it la guys, TS has already bought the car so it's not like anything you say will be able to change anything (TS doesn't seem open to discussion either).

Anyway just my 2cents that some of you (dreamer, lcl, etc) also need to understand that not everyone shares your emotional attachment to long-term financial stability. You feel happy & fulfilled knowing that you can be jobless & still survive for 3 years. But you can't expect that everyone else values this as highly as you do.

So what if TS decides to risk his long term finances to get a nice car? Cos that is what is important to him. It's obviously a different set of values from yours (and mine, incidentally), but is it necessarily a wrong set of values?

Somewhat similarly to a skydiver/BASE Jumper who decides to risk his life to get the emotional fulfillment he craves when jumping out of an airplane. Is that necessarily wrong?

No. All I'm saying is that we can't say with reasonable certainty that he will go bankrupt because we don't know the full story. But do I feel he's wasting money? Yes.
Nobody is saying you can't buy a Toyota Nadia. Just that you seem to be doing it for a high interest rate (5.75%) and high monthly payment (1000+). And for silly reasons like chasing girls. Also you don't seem to be able to articulate your position well.

I agree with you that ultimately it's his life. But all the criticism towards his choices was kind of expected really.

You make it sound like 2k is alot of money Btw, you are LOANING, NOT BUYING....your salary can only buy u a kapchai (assuming you have money to pay for that in full).

Like what dreamers says, come back and boast your ahbeng-ness five years from now, or better yet, get a new car by then. You mum can also be a guarantor yes?

You're right, to each his own I say. Ultimately, the less smart ppl there are, the more money goes to the smart ones, so why change it LOL

I think he would have received less flak if he had asked the following:

Nadia - 42k, 5.75%, 4yrs repayment = RM968.26/month, total interest paid = RM8,694.00. Car residual value after 4yrs = 25k, total cost of ownership sans maintenance is (42,000 + 8694) - 25000 = 25,694.00 *or*

Viva - 42k, 4%, 5yrs repayment = RM756/month, total interest paid = RM7,560.00. Car residual value after 5yrs = 18k, total cost of ownership sans maintenance is (42,000 + 7560) - 18000 = 31,560 *or*

Viva - 42k, 4.2%, 7yrs repayment = RM582/month, total interest paid = RM11,113.20. Car residual value after 7yrs = 15k, total cost of ownership sans maintenance is (42,000 + 11113.20) - 15000 = 38,113.20

Assuming a flat rate of approx. 1st yr depreciation 30% and 2nd yr 15% (for a new car) and 10% from 3rd yr onwards.

If he really can afford it, taking the shortest loan possible means less interest paid and faster ownership. But if it means having no money for maintenance and other incidentals then he's being penny wise, pound foolish.

I went to Perodua last month and their interest is between 3.5% - 3.7%. 4++% is a few years ago.

guys give ts a break...see how he can afford a girl...

TS is young, still fresh in working world. He may want to enjoy life to the fullest. Short term thinking and plans for now only.

Those of us who give comments, sarcastic or not, are trying to give old-man advise. Try to wake the young people up. Try to teach them about financial. Instead of them learning through the hard way and waste years of life/savings.

If only TS would take the advise and take some time to think thoroughly about it, for long term.

my nadia loan 4 years just 986 1month?? i count its rm1076...

anyway when i get my car i will put photo here!!

yeah please post your car pic here please, you should take a pic together with the car really

cant wait for another LOL.

btw guys i have a question here, why are we paying higher interest rate for our own country's car? i just can't see the logic behind.

This is what a friend of mine working in the used car industry told me. Banks regard buyers of local cars as a potential high risk group with a higher chance of NPLs Hence the higher cost of giving out loans to this segment (cost being the number of NPLs versus the number of good borrowers). Don't ask me, I didn't set the rules lol

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Added on July 11, 2009, 5:50 amDownpayment = 42,000 x 10% = 4,200.00

Loan interest = 5.75% x 4yrs = 23%

Loan amount = 37,800 x 1.23 = 46,494.00

Monthly installment = 46,494.00 / 48 = 968.625, round up to RM968.65

Unless you're not paying any downpayment, then yes it's RM1,076.00

This post has been edited by gregy: Jul 11 2009, 06:03 AM

Andrew Lim,

1) SOMEONE is earning around $2K now and not saving much money.

2) Then, the person commit to spend / pay additional around $1K per month for car loan.

3) What are the chances for person to be in DEEP TROUBLE with at least 33% increase on monthly expenses??

4) What are the chances that the person can increase the income by 33% in short order??

Yes, we could not say with CERTAINTY that the person will go to hell for sure. But, the cards are definitely staked against him.

Now, if you are the FATHER of this kid, are you ACTING RESPONSIBLY by guaranteeing his car loan??

The FATHER could

A) Refuse to guarantee loan and stop all this problem

Or

B) Help pay the down payment or buy the car. In either cases, the monthly payment will be lowered to sustainable level.

But, instead, the FATHER help him to get a loan with unsustainable monthly payment. The FATHER help him to get into DEBT HELL.

Unfortunately, I had seen enough of this kind of BS to know that it is NOT uncommon. The PARENTS had failed.

Dreamer

@dreamer101

You have stated down your reasons which I personally view as good points but keep the comments about other people's parents out of the discussion. You are not the father or the person getting the car loan. You are in no position to criticise the father/parents at the very least. Its not like the parents encouraged him to go sell drugs to make a living

well i think Ts is much better then 1 of my friend what he told me. my friend told me his brother go and get personal loan to go travel!! and the bank give him credit to spend...wow

well this would be better haha

kelvin_tan,

1) Are you or are you not a parent??

<<You are not the father or the person getting the car loan. You are in no position to criticise the father/parents at the very least.>>

2) Why not?? People that are FRUGAL and try to raise the children the RIGHT way get plenty of criticism from those that SPOILED their children. So, it is a FAIR GAME to return the favor.

3) Ditto on people that spend themselves into debt hell.

You EITHER agree or disagree with me. But, if you DARE NOT say whether it is RIGHT or WRONG or you DARE NOT take a stand, you could just keep QUIET.

But, do not tell OTHERS to keep quiet because you DARE NOT take a stand.

So, is the FATHER doing the RIGHT thing??

A) Yes or No.

B) You DO NOT CARE

C) You DO NOT KNOW

Either answer (A), (B), or ©. I have a STAND. Do you have ONE??

Dreamer