Hi..i need help getting loan to buy car..de problem iz i nt sure what is de current car loan rate nw..
when i go to the proton car dealer center de sales guy said that all de interest car loan rate is fixed by bank negara..(3.75% for 9 years loan ,3.65% for 7 years loan and 3.5% for 5 years loan)
he also said that all interest rate is same for all national type cars ( brand new car)..
is he telling the truth? y some my friend can get lower interest rate??
can anybody give me some advice on getting the best loan car with lower interest rate?
Thanks...(sorry for my bad english)

i get my car loan last year for second hand car @3.75 for 5 years....
this year drop 0.25

both interest rates for national car n other car makers are totally not same..

No. He is not.

Back in 2005 when my mom bought her Proton Waja, we visited 4 different Proton dealers here. Most of the dealers offer us 3.7% for a 7-year loan. There was one offered us 3.2%. Luckily we visited one more dealer and they offered us 2.8% only from EON Bank.

It is advisable that you check out the interest rate yourself by visiting every banks. You should start with the bank you have an account with.


You should check out all the commercial banks in Malaysia. But please note that only local banks offer car loan. Foreign banks do not.

Look out for EON Bank and AmBank. Both are leaders in the hire purchase market.

thanks for the information as well i come here tumpang thread i also findding out the interest of buying a new car

thanks alot MilesAndMore for ur info..it seems that getting the best loan is the 1st priority..
but can we go direct to the bank to get the loan 1st and then go to car dealer 2 tell them we already get the loan approved by the bank?
Wad is the best procedure to ensure that we get the best deal?

Well, I'm not sure back in 2005. But if I'm not mistaken, currently the car loan for NEW National cars are fixed. Not sure the rate though, but I do hear forumers getting better loan rate. Even few bankers from different banks (all of them are doing loan) say it is not possible. So, I do actually believe the rate is fixed.

Miles, the EON bank loan can be used to buy any car?
It's not necessary to buy the national car with this loan right?
Sorry, I'm new in cars..

This post has been edited by solsekuin44: Jan 12 2010, 09:31 PM

Refinance car loans is the solution to get rid of the high interest rate, which the person might be paying on his current car loans. It is a means through which the borrower can shift from his high interest rate debts to low interest rate debts.

http://refinance-car-loans-2.blogspot.com/
http://refinance-car-loans-2.blogspot.com/

The interest rate for national cars loan is always higher than foreign cars. So if you intend to buy a Toyata or Honda, you should be able to get an even lower rate

Any reason why?

Is it bcos the depreciation value higher.
or the assumption that default will be lower for national car buyer?

Isn't car interest rate control by bank negara?

i guess national car have the most npl so dat makes it have a higher interest then other ...correct me if im wrong..

coz foreign car more expensive. even lower interest rate, the TOTAL profit that bank gets is higher . back in 2004, u can get 1.38% loan for BMW, but the actual interest amount your pay is

e.g. proton RM50,000. interest 3.5% = bank get RM1750 per year

bmw RM300,000. interet 1.38% = bank get RM4140 per year

---

Added on January 13, 2010, 2:31 amsorry, u're wrong. correct answer is my post above

This post has been edited by saiga: Jan 13 2010, 02:36 AM

so which is a more better advice?
Should we go for local car or should we get foreign car?
foreign car = expensive= lower interest
local = cheap = high interest

just go for the medium like city or vious

This post has been edited by DarReNz: Jan 13 2010, 04:13 AM

HI,

I'm planning to buy a Honda Civic 1.8
What is the lowest car loan interest right now?

anyone know??

Just go for the car type you can afford. Higher interest is one thing. Less expensive car is another thing. Interest rate for national car might be higher but it is also cheaper. If one doesn't make a lot of money, it is advisable that he/she just settle for a national car.

currently using proton as this is my first car after graduate. REALLY REGRET. if u cannot afford brand new japanese car, second hand japanese car is way better than new proton . I actually want to buy used honda civic but my wife said give bad impression to her parent , so no choice but to buy new car.

after finished paying this car I will buy recond estima (hopefully la )

---

Added on January 13, 2010, 9:08 pmagreed

This post has been edited by saiga: Jan 13 2010, 09:08 PM

Thanks Miles.. Am thinking of getting a manual transmission car.
Kena simpan duit, ai..

Yup. Stick to something that can be afford. End of the day, car is just another liability

Totally agree. You spend so much initially, and the price will drop. Might as well invest your money wisely.

True. Not to mention it will not appreciate in terms of its value.

Am thinking of getting a Kenari as my first car. Should I take longer or shorter period loan payment?
Usually, how do you guys do it?

But buying Honda Civic 1.8 may means that you have to spend out like 2.5k per month, including instalment, roadtax, insurance, service and petrol?

Really for big spending liao?

What don't you get a new car instead ? Lower maintenance ... Such as VIVA or SAGA.


It depends, try to take the shorter period one if possible.

@epalbee3,
Eh. but the Honda Civic will last at least 7 years!

Agreed.

If it is me, I will buy the best car I can afford.
and keep long long, rather than change car often and lose much more on depreciation.

2.7%

Hm, no new Kenari available this year? I don't know that I thought Kenari is still on sale?
Viva? Tak minat.. Saga? I prefer Perodua cars.
Ai..

Shorter period? Noted. Thank you..

Solse,

My personal advice, lengthen your installment period, pay a good initial downpayment, minimize your monthly installments.
This will eventually make your monthly cashflow better and you will have the extra to spare every month rather than having tough times making ends meet every month.
You can always nego with the bank for a pay up to your loan sum middle of the way through your tenure with a sum of ard 8k or 10k. The bank will be happy to restructure the loan for you.

Save up to invest. As some of the above said, Car is just another liability. Spend wisely, Invest even more wisely.


**Kenari still on sale since they're still having on their website. I guess la. haha...

This post has been edited by cheez: Jan 18 2010, 10:42 AM

Ok.. I will consider this too.
Thank you cheez!

However, I don't quite understand this part:

nego with the bank for a pay up to your loan sum middle of the way through your tenure with a sum of ard 8k or 10k. The bank will be happy to restructure the loan for you.

?? What does that mean ya?
Ya, I saw it at the website too.. I want a Kenari

OK. Let's say you took up a loam sum of 40k for your car. You applied for a 9 years installments.
Let's say after 1 year, you got an extra cash amount of around 8k to spare.
Then you go to your bank and tell the bank: 'Hi bank, I want to pay off the RM40k of my loan with this RM8k. Kindly restructure the loan for me. Thanks'

You can always call any P2 agent to find out whether they still sell the kenari.

Ahaha.. "'Hi bank, I want to pay off.." This is good.
Ok.. Understood. So, when I restructure the loan, means I'll pay less for next payment?

@solsekuin44,
But for car installments you aren't gonna get much discounts even if you pay them off. You should also work out the total interest you'll be paying then you'll decide if you really *want* that car.

My advise, don't take a 7/9 year loan; anything more than 5 is ridiculous!

Not really. It depends on how you nego with your bank.
Some might be lower monthly installments, some might be shorter tenure.
So it's totally case by case basis.

My 2 sen, remember that monthly cashflow is very important for someone that wishes to make a good start to an investment portfolio.
Because normally someone that starts working will tend to have lower nett income to spend (which i assume you are).
Some advice might not be applicable from others if they start to advice from their POV.

In conclusion, you take control of your finances. Plan and calculate according to your needs.
Work on your finances else it won't work for you.

IMO, anything more than 4 years is ridiculous.

If got extra money, DON'T DUMP INTO UR CAR LOAN. Waste money only. If you have a housing loan, DUMP IT INTO THE HOUSING LOAN coz car loan is flat and doesn't decrease the total amount you have to pay, while house loan interest is based on the balance of the principal loan.

To a certain extent, I agree with you BUT that is IF you have the spending power which permits you to do so.

IF I have the cash, I'd buy the car in full settlement and need not to apply for a loan.

So it still depends on individual's spending power.
E.G.: If a person earning RM2k a mth, and decided to take a loan of 5years, paying a monthly installment of near RM800, that would take up almost half of the earnings. This haven't include the petrol and other expenses related to the car.

Still I'd say it depends on individual's financial situation and not be so definite on our opinions.
In the end of the day, the one that understands the most about oneself is the individual themselves.

@cheez,
If TS is just started out; I personally feel he shouldn't be looking at a Honda Civic 1.8 - at the kind of prices, it's not meant for a freshie; seriously!

@Matrix,
Lol. I definitely agree with U and personally, I wouldn't take a car loan which is more than 3 years.

i've been reading this thread and i just want to put in my own experience here..

true.. started with 2k a month.. pay off 800 a month is really gonna suffer.. but then do not forget that your income will increase.. and sooner, u will be thinking u wanna pay more for ur car loan because u want to get rid of the car loan as soon as possible and invest in other things.. i know i am..

but then u can say that u need money for maintenance etc etc.. but if u need money for maintenance, then u cant save up money for ur restructuring.. and then dun forget, u might want to get something u like that will take up ur savings.. or go to a trip with ur frens or families somewhere between that 7-9 years.. 7-9 years is a long time.. and by that time i think u will be earning more than 2k..

all in all is do u know how to manage ur cash flow..

I agree with you. That's why i bold the word 'extra' for her.

In my case, i'd set aside the money for my investments then only i bother about my debts.
I'd get the return from my investment to cover the interest of my debt.

Tinker, the TS is another guy. The Honda civic guy is a cut-in.
As for Solse, she's also a cut-in. She wants to buy a P2 Kenari and I was just sharing my opinions with her.

Why is it ridiculous? Now I'm confused..

Ok, you are right. Ai.. have to plan a lot. Consider everything.

Thanks.. But for this early stage, I'll invest on car first la..
Senang bergerak. Thank you for the reply.

Yes. I agree.

Quoting on what you've mentioned, u will be earning more than 2k in the course of 7-9 years. So can I say that you start with 2k?
Since you have to pay the car loan since year 1, you're not gonna pay it 7 years after right?
So you plan on what you can afford by now. As of present date.

I'm sure my earnings will be more than RM50K a mth after 5 years, but i plan my cashflow as of now.


You got your point.
all in all is know how to manage your own cash flow.

---

Added on January 18, 2010, 12:27 pmCar is never an investment. At least for me.
Property is.

If your car can produce extra income for you, then it's a good vehicle.

This post has been edited by cheez: Jan 18 2010, 12:27 PM

Whoa.. Many opinions here. 50k a month? What is your job ya? Orang kaya ni..
I'm new in this kind of things, to discuss about cars, loans, investment.
Will have to evaluate the plan again for sure.

just plan where u are now .. and where u are in 5 years time..
can u cope with paying a car loan at the moment + petrol and maintenance..
how big a spender are u <-- this sentence sound weird to me.. lolz
ok .. how much will u spend monthly on other stuffs..

buying a car is probably ur biggest investment now.. the truth.. 2nd biggest investment behind your property..

I laughed at that too.. Hm, I seriously think I should start change my habit in spending.
Been quite boros. Is it ok for newbie to take on house loan?

On what purpose you wana take on a house loan? For own stay? For investment?

When you don't have a proper plan before investing, I'd advice you don't.
Investing should be based on evaluations and analysis because by the end of the day, you decide how much money your current money will generate. It should not be based on emotions.

Investments come with risks, but if the risks are well calculated, It'll be less risks.

Hi, just wanna find out the best interest rate in town my my 2nd hand car purchase as below,

Made/Model: Honda Accord 2.0
Year: Registered year 2005
Car price: RM86,000.00
Wish loan amount: 90%
Year of loan: 5-7 years depends on the rate

Can anybody know what bank can offer the best rate? As heard from my friend, Public Bank and Maybank are offer 3.75% for 5 years and 3.85% for 6 years - 7 years and it's control at the fixed rate by Bank Negara. Is it true and this consider very low rate in town?

Thanks in advance.

Interest rates for new local cars are fixed by the BN.

As for 2nd cars, i think it depends.
Best you call up to ask the HP loan dept at the banks.
Best to start with the banks that you have accounts with.

Be informed that the rate that they quote you might not be the final rate you get.

Hope it helps.

Some people can pay in cash but most of them don't do that because they are afraid of LHDN come knocking their doors


I've been hearing many people saying this but i kind of doubt if it is true because last time when my mom bought her Proton Waja, the interest rate was around 3.70% with the exception from EON Bank. It also seems to me that every dealers will quote you different interest rate. Mom finally took the offer from EON Bank (just 2.9%).

Miles, but your case is 2005 wor. Right?
Now is dy 2010. Somemore we had economic depression (If there were any) last year.
So it wouldn't be a surprise if they're fixed.

it was changed last year..
when i almost get another car.. forgot what date..
the salesman told me that on Monday they will changed the rate to higher ones.. he said not to force me to put a booking or something.. at that time was a sunday..
anyway.. on monday the rate did changed to higher.. 3.xx% .. that was just after exora launched i think..
dat's y after that lotsa ppl bash that the gov want to protect national car again..

so conclusion.. i think it's mid 2009..

Yes. That was back in 2005 But we bought another car again in 2008. This time we bought a Proton Persona and RHB Bank offered the lowest at 3.40%. All others quoted us 3.75%.

How many years?
Myvi for 9 years i knw is 3.75%.

Hi, I have checked with PBB and Maybank HP dept and both banks also offer me 3.75% rate for 5 years loan. No more negotiation. For AMBANK, it's 3.9% according to the HP dept.

I have applied the loan with 2 banks which I will see if which bank can approve the loan earlier.

Thanks anyway, bro for the information.

Well, the rate that you get i think is quite good gua.
2nd hand car aged 5 years. Foreign car somemore.

Btw, 2nd hand car are not fixed that's y diff bank offer diff rate.

5 years.

my father's plotong wira last for 15 years

new foreign car for now is 2.5 %

I'm irritated by how everyone is lamenting how a car is a liability etc etc in the past few pages. Don't be stupid. Its an investment alright. Its an asset in its own right.

Just because it doesn't bring in cashflow directly doesn't mean it doesn't bring you benefits indirectly. Its just like saying "My factory workers are liabilities.. I'm paying them but they don't bring in money for me. Only my sales department is bringing in the revenue". Padahal if you have no factory workers, your manufacturing collapses, and therefore your business dies.

So don't be stupid. A car will transport you back and forth to and from work. Having a car will open up your career options, employment options. Having a car will increase your customer outreach if you are doing your own business.

PS : Having a car might even score you a partner that is looking for someone that can provide. And that, is a lifetime investment in its own right! :@

PS2 : But how big/expensive/fancy a car you are willing to get is up to individual desires.

the problem is not many people see it that way...

i dont know about you guys but the very best rate you could probably get is to take the money from your flexi housing loan. if you have squeezed your bank, you are paying a good amount below 4% p.a. right now and that beats any offer above 2% from hire purchase for durations of 5 yrs and above. furthermore you can pay back as you can which is a lot nicer than the hire purchase.

personally i never buy cars on loan. but that is a different story.

Grimm, gotta agree with you on this. I still remember there were a lot of comments saying that car value depreciate over the time...etc, but none of them think
But, 100% agree with you on this. I know of a lot of people, not getting a car and giving me advice try to stay as close as they can to the work place. None of them think out of the box that with car, you have the flexibility to choose a place to stay, you have the flexibility to work over night (discussion for freelance job, etc).

Grimm,

<<Just because it doesn't bring in cashflow directly doesn't mean it doesn't bring you benefits indirectly.>>

Benefit <> $$$

Hence, it is a LIABILITY. Simple as that. If you want to LIE to yourself, go ahead. But, don't spread the LIES.

<<So don't be stupid. A car will transport you back and forth to and from work.>>

Ditto on public transportation and so on. If you NEED a car to take a job but the job do not PAY enough for car, do not take the job. It is a net loss of $$$$.

<< Having a car will open up your career options, employment options. Having a car will increase your customer outreach if you are doing your own business. >>

How much $$ does that translate into?? What is the ROI?? If you CANNOT quantify it, it does not exist. If you could, you could figure that how much a car that you can afford.


T630,

Who say so?? Most people LIE to themselves and buy car that they CANNOT afford.

How do you KNOW that they cannot afford it?? It is VERY SIMPLE. If a person CANNOT SAVE 10% to 15% of their gross income consistently. they spend TOO MUCH.

Dreamer

---

Added on January 22, 2010, 9:16 pmjasontoh,

<< None of them think out of the box that with car, you have the flexibility to choose a place to stay, you have the flexibility to work over night (discussion for freelance job, etc).>>

Or, do not buy a car so that you do not have to work that hard to maintain the car.

ROI. Return on investment.

If you do not spend that much, you do not have to earn that much.

So, how many people EARN ENOUGH to justify the car?? On the average, not many. So, those people will be working for me and making me rich through my PBBank share.

Dreamer

This post has been edited by dreamer101: Jan 22 2010, 09:16 PM

Why limit our earning capability? If you have a car cost you about 1K for maintenance, insurance, installment, while you can earn few times extra, I do not see why we should limit it? Are you going to tell me that factories that buying more machines and expand to produce more output aka more revenue and profit is wrong?

I guess now the problem is about which type of car you afford..

rule of thumb: don't over-squeezed yourself..

but don't worry, many have learnt through hard ways..

you want to luxurious, you work like a cow and get empty bank account.

i always say moderate, don't look too high or too low on yourself.

for even a wira with 7 years, expect to pay about RM1k permonth..

---

Added on January 22, 2010, 9:30 pm I guess it is about whether you have the free money to do so..

if let's say 1K is you have to squeeze here and there (e.g. tight financial), then no point buy big car.

if you really still without debt and have little savings (10-15%) after that, you can do so..

---

Added on January 22, 2010, 9:32 pmwell.. buying a car is not a problem.
in fact, all people who afford can buy.

Just don't buy a car that make yourself difficult.
If you are not financially good, buy a viva please, don't boost yourself and owe credit card..

This post has been edited by epalbee3: Jan 22 2010, 09:32 PM

hmm, thats why till now i still driving co.'s car...

jasontoh,

Let's stick with CAR. Unless, you are in a car rental business, CAR is not an asset.

<< If you have a car cost you about 1K for maintenance, insurance, installment, while you can earn few times extra, I do not see why we should limit it?>>

So, have you ACHIEVE this??

Using a car to multiply your earning?? Or, this is purely theoretical??

Give a REAL example and lets examine the number to see whether it is TRUE.

Or, it is TRUE in less than 0.0001% of cases. Then, it is NOT a good advice for GENERAL PUBLIC.

<<Why limit our earning capability?>>

The CORRECT statement is DO NOT SPEND the money that you DO NOT HAVE.

Unless and until you EARN ENOUGH, do not justify a car.

Dreamer

This post has been edited by dreamer101: Jan 23 2010, 06:24 AM

Let's take in the perspective from accounting. The reason why you said so is because it can be classified as an asset because it can be sold for cash and thus it is perceived as an asset? However, please keep in mind that it is a depreciating asset, in that the car loses value the moment you drive it off from the showroom.

Regards, Joey

p.s: On a normal circumstance, it does generate a number of expenses and liabilities ( You may want to factor in the maintenence, loan payments, petrol, insurance, and road tax) thus it is classified as a liability for me.

I thinks its all depend on what job are you doing....

If you are a clerk i don think you need a car for you to travel around and most probably the salary is low....

If you are a General Manager or a sales manager yes of course you need a car to travel around and i believe by holding these type of position you can afford to have a car.

darkknight81,

1) I used to be a sales manager. The company provided a car. I do not have to buy my own car. Ditto for many people in GM level.

2) In those cases, you DO NOT have to buy your own car. Ditto for many businessmen. They have company car.

Dreamer

Yup. Achieved it. Use the car for discussion and also tuition service.

My point of view: if you are a sales people , to own a car which contributing you a sales commision of above 10k is not a liability which i had fully utilise the car of purchase to earn me the commisions. If to a car that rarely utilise and stagnant rest under the shed, perhaps a big time of liability to the users.

There are companys that offer different benefits for their sales employees. Either providing a company car or car allowance.

jasontoh,

Okay. Show us the number.

1) How much you pay for the car every month??

2) How much do you earn from tuition every month??


Dreamer

1.) I allocate 1K for everything, fuel, maintenance and installment.
2.) Per lesson of 2 hours, RMxx-RMxxx. At least 4 lessons per week (x00). My other freelance currently requires less traveling. Total income from other jobs, cannot be revealed, as I do not need to prove anything. Just tuition enough to cover the car, not including others.

I do not need to reveal everything to you actually, whether you believe or not, still up to you. Because even if I tell everything, you can still choose not to believe.


Most people choose to be constraint by the box, only some will choose to think out of it.

This post has been edited by jasontoh: Jan 23 2010, 09:24 PM

jasontoh,

<< 2.) Per lesson of 2 hours, RMxx-RMxxx. At least 4 lessons per week (x00). My other freelance currently requires less traveling. Total income from other jobs, cannot be revealed, as I do not need to prove anything. Just tuition enough to cover the car, not including others.>>

1) So, do you earn a few K per month for your free lance plus tuition?? Yes or no. That was YOUR CLAIM. It is as simple as that.

2) How many hours per week do you spent on your freelance plus tuition??

3) Do you have a full-time job at this moment??

<< I do not need to reveal everything to you actually, whether you believe or not, still up to you. Because even if I tell everything, you can still choose not to believe.
Most people choose to be constraint by the box, only some will choose to think out of it.>>

4) I have WAYS to figure out whether you are telling the TRUTH.

5) I just want to establish your circumstances.

A) A few times of your car expense?? True or false. More than 2X or less than 2X.

B) How many extra hours per week to support those expenses??

C) Do you have a full-time job now??

I do not need exact number.

This will let people KNOW whether they are willing to put in the SAME AMOUNT effort for your so called think outside the box.

Dreamer

This post has been edited by dreamer101: Jan 23 2010, 11:38 PM

1) Can't reveal much.
2) Tuition + freelance, maybe just about 8-12 hours
3) Full time job yes. Why waste time when you just work 8 hours in the office. How are you going to spend your other 8 hours, assuming 8 hours rest.
4) Actually whether you believe or not, really up to you. I don't mind. Just like when my colleagues asked me how come I'm still ok although I need to pay car loan and education loan, at the same time tithes, tax. In fact I can only use about 30% of my full time job salary due to expenses + force savings. Without my extra income, I cannot enjoy Starbucks over the weekends and other lifestyle.
5) Car expenses include everything although should be lower than my budgeted amount, as I'm still sitting on top of pile of cash for car expenses. So, whether 2x or more don't really matters actually.


PS: Think out of the box is not just about the freelance and working extra hours. There are many ways to earn extra money as sky is the limit of your earnings. If you're good at something, never do it for free.

This post has been edited by jasontoh: Jan 24 2010, 12:15 AM

jasontoh,

<< PS: Think out of the box is not just about the freelance and working extra hours. There are many ways to earn extra money as sky is the limit of your earnings. If you're good at something, never do it for free.>>

That is YOUR WAY. However, people in my group CONCENTRATE our efforts in OUR JOB/ PROFESSION. And, we earn a few times more than normal people. For people in our group, as long as we are FRUGAL, we ONLY have to SAVE and INVEST to reach our goal.

So, in our case, we SPENT our free time on learning how to invest and how to do our job.

Think in the box or out of the box is IRRELEVANT. There is NO BOX. The QUESTION is how to maximize your ROI on your time and effort.

Dreamer

P.S.: I had seen many people that earn less than 5K per month has the same kind of thinking like you. This is very common. Now, whether it works or not, I have no idea. This is not the kind of path that I choose.

This post has been edited by dreamer101: Jan 24 2010, 03:07 AM

Yup. Not everyone can do that. To maximize your ROI, think out of the box is in fact relevant. There are many ways to earn without spending much effort and time (MLM not included), just how you choose to to think. Investment in stocks (some say properties) is one of them. I do invest in stocks, if you realized in all my posts. Just that I also have other source of income.

I have colleagues who are saving about 90% of his/her net salary monthly (no cars, ptptn payment at the most minimum, and worst of all don't even think of getting a better life for parents). But to me, what is the point of skimping your meals and lifestyle while you do not enjoy it and share it with your love ones?I rather run the extra miles, so that I can share the happiness with others.

my car loan is from AmBank for 7 years for 3.65%

why some say can get less than 3%??

why ar?

jasontoh,

<< I have colleagues who are saving about 90% of his/her net salary monthly (no cars, ptptn payment at the most minimum, and worst of all don't even think of getting a better life for parents). But to me, what is the point of skimping your meals and lifestyle while you do not enjoy it and share it with your love ones?I rather run the extra miles, so that I can share the happiness with others.>>

You are in the under 5K group. So, you cannot even imagine or understand about people that make

A) 5K to 10K

B) Above 10K

For people that make a lot of money from their salary,

A) They can enjoy a middle class life style as long as they are NOT too luxurious

B) They can save a lot of money

C) They can invest a lot of money and be rich in the process.

I know a couple. Both husband and wife make above 10K per month. Wife drive a Proton Wira. Husband drive a 100K car. They live a a reasonable life style. They eat at GOOD RESTAURANT. They are FRUGAL. They lived a middle class life style even though they could afford a lot more. They spent their money on European vacations.

1) Husband has 2 millions alone in the company pension. So, even if he saves NOTHING, he retired with 2 millions. But, he probably has more than 1 millions or more in current asset.

2) Wife alone probably has 1+ million in savings and assets.

So, DO YOU THINK that they care about free lancing and side income?? They spent more time on investing their money and doing their job.

But, they are FRUGAL. Most people in above 10K level spent a lot more in car, house and other luxury stuff. For them, they took vacation to Europe regularly. You could not tell from the house and car that they have. They are the quiet millionaires.

My POINT is this. Some people can be RICH within their box.

Dreamer


This post has been edited by dreamer101: Jan 25 2010, 12:52 AM

Well, as you have already mention, I'm still in the <5K group. So, earning more money and getting more source of income is inevitable.

Btw, I do not believe living FRUGAL will make us RICH. We can just can go through the life without much problem, but the upside is limited. Another thing is 1M or 2M nowadays are peanuts compare to the olden times. So 1M or 2M doesn't make people RICH, at least RICH in my context.

jasontoh,

<<, I do not believe living FRUGAL will make us RICH. We can just can go through the life without much problem, but the upside is limited. Another thing is 1M or 2M nowadays are peanuts compare to the olden times. So 1M or 2M doesn't make people RICH, at least RICH in my context.>>

1) If a person has 1M to 2M of investment, the person is a lot richer than just going through life without problem.

<<Another thing is 1M or 2M nowadays are peanuts compare to the olden times>>

2) Sour grapes....

<<but the upside is limited. >>

3) Dependent on how a person invests....

My definition of RICH is as per RDPD's definition. If a person can live off their investment, maintain their life style without working, the person is rich. This couple is about at that stage. So, they are RICH.

Ditto, in my definition, a FRUGAL person can become RICH faster than a non FRUGAL person.

Dreamer

lately saw many new cars on the road, is there a fall in the car loan interest rate that "instigate" people to buy new cars?

anybody noe what is the interest rate for 2nd hand myvi??? loan 20k and duration 4 years. The dealer told me is 3.75% but just wondering issit all the same for all banks

hi guys ..i m planning buy new myvi next mth ....i m planning to loan for 7 years ( my salary is about Rm2k , so 7 years instalment is the best i can do ) ....

can i know what is the interests rate in market now ? for the loan processing, the dealer will help me to process it or wat ? sorry i m new n really noob in car field...

hope anyone can advise me or offer any suggestion

Bro, talk about interest rate ler, forget about who isrich or you earn more i earn less thingy,

be it 2k, 5k or 10k if you think with 1k you're rich then enjoy it, enjoy your life ......

if you think invest in prop, stock, forex, gold, made you rich, happy - please continue.

i'm getting 2.79% from Pbb for Nissan 5 years.

any idea wat is the rate for 2nd hand toyota car ?

ok woR....for 5years
i quote a fren of mine at eon bank for 5years is 2.85% while 2.8% for 7years honda city