Sommore 90k car...superhero....

the equivalent reducing interest rate is around 10.54% per month or 11.06% per year
hope i got the numbers correct...

My guess
Loan amount RM42000
Hire purchase rate 5.75%
Year = 4

Interest = 42000 * 5.75 % * 4 years = 9660

Total loan (face) value = 42000+9660 = 51660
Year = 4 years = 48 months
Monthly payment = 51660 / 48 months = 1076.25 (near as TS's figure)


Annual rate (from excel)
Nper = 48
PMT = 1076.25
PV = -42000

Calculated rate = 0.87873% per month or 10.54% per annum ( BLR + 4.99% !!! )


Please correct if I am wrong - not a pro here.

Seriously, should ask them and the neighbour thread to buy NEW accord instead. Lagi best!

BANKS R NOT STUPID, SINCE NOWADAYS BANK ALSO SCARED TO LEND MONEY EASILY... A LOT OF COMPANIES SHUT DOWN, NO MONEY RETURN TO BANK.. THAT Y NOW WILL BE MORE STRICT A BIT..

This post has been edited by x132755: Jun 30 2009, 03:22 PM

5.75% its high i know now new toyota just 2.38% but now if bank can lend me i pay high a bit(why not)?? if i buy proton also need 3.88% them also same like..them its stupid malaysia proton! i am designer sure drive toyota,if not how can i chasing girl???

designer with so decent salary:
RM1200 <-- Salary
RM2000 <-- With Commission = not committed income

1200 - 1100<-- installment left 100
2000 - 1100<-- left 900

fyi - for my entertainment every month is more than RM900
not include with others, eat, pay bill home loan etc.....

drive a nice car and no money inside a pocket = unless

no wander so many youngster going to bankrupts now aday..

DRIVE NICE CAR CHASE NICE GIRL IS GOOD..
NICE GIRL NEED NICE DRESS, NICE FOOD, NICE CLUB, EVERYTHING NICE..... THEN I DUNNO U NICE OR NOT IF UR POCKET MONEY NOT NICE ENOUGH..

Yah don't buy car now, save up for like 5 years or more. Better yet don't buy car at all, save up and invest

that is the mentality of some youngster in our country
designer is just merely a name, it doesn't require u to drive a nice car or what ever, my auntie's husband working as a GM in a MNC and he didn't drive a luxury car(BMW or Mercedes), when he drive a Toyota Wish, nobody thought he working in such a high rank, in fact driving those luxury car will lure those robber "COME AND ROB ME, I'M RICH ENOUGH"

and Proton car isn't that bad as u think, their QC improve tremendously for the past few years, stop those mentality of "Proton car is not good"

Speechless....

Later girl find you with no money in pocket will leave also.

So what do you do then? Ask your dad to become guarantor again and loan money from bank to 'chase girls'???

Since you're on it, why buy Toyota at all? Should just go buy a Porsche. Sure you can get laid on first date.

Then maybe you mortgage your mom to loan more money from bank. No problemo.

This post has been edited by Matrix: Jun 30 2009, 04:47 PM

yes it seems correct 10.54% per annum when calculated in the monthly way.
for the yearly its ((((10.54/100/12)+1)^12)-1)*100 = 11.06%

the words in my previous posting are a bit misleading... hehheh

5.75% of interest for car loan is really scary. When my mom bought her Proton Waja back in the second-half of 2005, the interest rate was only 2.8% (EON Bank was having a promotion then). Then i bought my own Proton Persona in January last year and the interest was 3.7%, also from EON Bank. And our monthly repayment for each car is LESS THEN RM400 with a loan tenure of 5-year.


Yeah. Public Bank is very HSBC-like.

This post has been edited by MilesAndMore: Jun 30 2009, 05:02 PM

should buy more of their stocks
might give some nice dividends...

FYI,

For those who had taken a car loan in the mid to late 90's, the rate in those era is around 6 ~ 7%. In 98 during the crisis, was told by my colleague that his loan was 8.75%.

So, 5.75% while it is high by today standard, is still cheaper than those days.

I pay 7% HP rate in 1997 for a 3 years car loan.

Public Bank is known to give very good dividend, as published on the newspaper. But they are too expensive.

Public Bank is the third largest Malaysian company in terms of market value to be listed on Bursa Malaysia, behind Genting and Resort World.


That was because the time deposit interest rate was 10%+ during the 98 meltdown.

This post has been edited by MilesAndMore: Jun 30 2009, 05:31 PM

how could we compare the interest rate on the past? we are now at mid of 2009
but anyway, doesn't matter, i dont mind paying 10% extra interest fee, if i have alot of money. meaning, total earning - total spend = saving
but i do mind if the interest rate was give even it's just 1% but i spent everything, at the end left nothing.

this is what we concern.

This post has been edited by Walbur: Jun 30 2009, 06:27 PM

haiyo money i can find side imcome mah!!! sure need have a car 1st!! other thing find money again lohh!!! important its find more money nia nowaday

There's a very good "Effective Interest Rate" calculator in http://www.bebas-hutang.com Scroll down and look under Useful Tools. When I input the figures for TS' case, the effective annual interest rate came up to 11.07%! So you're quite accurate.

---

Added on July 1, 2009, 1:58 amHere's some info that I know. Banks usually favor hp loans for newer cars, especially cars that are considered hot cakes. Getting loans for those will be easier than for a "cold" car cos in case of default, it's very hard for them to dispose of it, summore, the value drops so fast that the bank may end up losing money. Chasing after a bankrupt may mean not getting their money ever.

A 98' model car is more than 10 yrs old, naturally the interest is sky high and the repayment period is short. Short repayment means high monthly payments; if it means more than 1/3 of your salary, then very hard to approve unless your record is clean and you have a guarantor.

Anyway TS, good luck on your new ride. Don't forget to put aside some cash every month for maintenance and repairs. The Nadia is not common on our streets, so don't drive fast and pray hard that no one bumps into your car, otherwise the parts can be pricey or have to wait dunno how long from Japan. My cousin's hubby who drives a Mazda 6, waited almost 6 mths for his front bumper.... Also, no chick will be attracted to a guy who drives a nice car, but with knocks and dings everywhere and car not functioning well cos no money to maintain

If I were you, honestly, sell it within a year and get a Gen 2 or Neo. Not bad wat, for a 20-something hotshot

This post has been edited by gregy: Jul 1 2009, 01:58 AM

No point discuss so much for the guy who thought he is very smart.

We need those "smart" fellas to revive the banking industries (HIGH HP Rates)

Morris1127,

Given that I am a PBBank share holder, I thank you for making me rich.

Some people work for the bank while others get the bank to work for them.

If people CHOOSE to be STUPID, I would make money out of them.

11% interest rate..... What can I say??

Dad as guarantor -> No wonder. The father is not very smart financially either.

Dreamer



This post has been edited by dreamer101: Jul 1 2009, 08:17 AM