HA HA HA HA... 10 years?

my god


the only reason why i didn't get a car loan less than 5 years is the interest rate gets higher

i asked for a car loan a few months back

9 yr - 3.5%

7 yr - 3.2%

5 yr - 2.9%

3 yr - 3.5% <--- WTF?

bank says not making enough money....

true story.

i'd have paid in cash, but that would raise LHDN alarm bells.

Ha ha I'm quite interested to know about 100k
Value of car loan.

Let said lah.

100k -10% DP = 90k and your monthly installment should at around Rm1000 for 9 years.

1. Car installment at Rm1k
2. Road tax Rm280/12 mths
3. 1st year car Insur. At Rm2.9k -NCB 20% or deduce from old car insur at 55% then the cost at around Rm1400/12 mths.
4. Petrol for 100k car should be more higher than small CC car at Around Rm450-500 pet mths.
5. Personal insurance Rm150-200.
6. Makan for breakfast + lunch time at Rm15 per day.
7. Plaza Toll at Rm50 per mth.
8. Every 3 mths servicing at Rm250-300.
9. Ticket Moving if you have gf already
10. Bills etc at Rm100-150 per mth.
11. If stay out side not stay with parent then have to standby another Rm500
12. If you saw the car accessories your friend have, then you also need and get additional Rm200.
13. If you have merokok keke additional again.
14. If you wanna eat additional good food with gf and standby another Rm200
15. Buy iPhone, iPad or new laptop & PC then the cost will be additional for you credit card installment
16....To be continue....

If you have more commitment and better don't buy an very expansive car end up do not have pocket money and monthly saving.

If you can afford right now and just go ahead to your current afford car.

u would faint when some ppl tell u y they need a big car.. the most ridiculous one i've got is 'to get a gf'.. i was speechless when i hear tat..

42 bankrupts under the age of 40 a day in Malaysia. That is the statistic.

Credit card debt being the main cause.

Good la, earn 3k buy 100k car some more. Then drive like you own the road. You guys deserve it.

need to discourage them.reason being, once they default the payment, the bank's non performing loan increase = cost of loan increase. the cost is spread to all of us who are taking loans.

My current university is full of nice car(by student)vios,city,mazda 3 all these is very common,yes,local cars is getting less at least in my school.

What I know is that some of my friends just graduate and father already give them nice car,and full cash settle,which they dont need to pay any installment for that.Yet,every month his father still give him pocket money because his salary can not cover his expenses."What a good son."

For my case,my father bought me a car,myvi,but the installment my father reduce from my monthly expenses,once I start working,I am the one continue the loan.

After read thro comments,I think I know what I should do and dont.
Money in pocket is much important than driving liability on road.

I believe they is a lot of people driving normal car but is a millionaire.

Thank you for the comments.

I believe they is a lot of people driving normal car but is a millionaire.

well said. money in pocket is better than money loaned.
its bad spending that murdered greece's economy.

thanks guys for those critic,I appreciated it.

The best survival method is, car price < annual salary. That way you should be safe. Assuming your car costs rm100k, your annual salary should be more than your car price. this formula should be safe if you have gf / pay rental / own food / own maintenance etc etc. Just my opinion.

This is something that wow me.
If dirext divide which mean each month need to earn 8k something.

Thanks!

think carefully, as this is a long time commitment...

for me, if i can arrive safely and comfortably, then it's just fine...
better save your salary for the future plans and emergencies, we don't know what will happen in the future

i just work as an engineer with 3k++ salary but i drove a secondhand waja which cost me around 28k....
monthly almost RM400 only.. but still can go up to 190kmh easily....
the good thing is i don't have to eat instant noodles and salted fish everyday....

just be grateful of what we have bro...

Hah? So salary rm5k only can get myvi only la... If using ur formula. Hehehe

But I'm also want to know, what is the minimum salary to submit for loan to buy 100k car?

Is it many or not people that earn </= 5k buy 100k car in Malaysia?
Tq

just to be safe, with tons of money more to spend for your other commitments + savings. if you're buying a myvi with 7 years loan, monthly installment should be about 700~900 i think, you have about 4k to spend on your other expenses + savings, isn't that good?

well this applies to people who 'as long as got car drive, can already'... this is how i think though, so for me, property > cars. as someone said previously, cars = liability, not asset.

I want and wish to become those people that "have car,ok already"

---

Added on October 24, 2011, 2:49 amSomeone above mention rm3k something?minimum requirement.

This post has been edited by rest: Oct 24 2011, 02:49 AM

should be around 3k++.. banks don't consider your maintenance, ins, petrol and so on.. what they usually do is divide your salary by 3.. even if that is not enough, get a guarantor.. everything settled

Hi, rest

For who ppl own the car at 100k, they minimum income should have Rm6k per monthly income.

If your salary is ard 4-5k and got do something part time I don't think you cant afford the car.

For normal ppl who have the car 100k maybe is the 2nd unit of car at for normal days just drive the small CC car such as proton & perodua.

One more tips here for you to calculate the car monthly installment.

For 3k -11% of EPF = Nett Rm2670/3 = Rm890 this is the answer you can afford the car installment

This post has been edited by kimsim: Oct 24 2011, 06:49 AM

4.5k minimum enough said.
5.5k to be safe

rest,

if this is a sincere question that you have asked, then my sincere reply is:-

(pre-condition: you do not have rich parents who will pay for your car installment/maintenance/repair/fuel etc, should things go wrong)

"total amount of annual spending on the car (installment, fuel, road tax, insurance, repair, maintenance, upgrade, mod etc) must be less than 1/3 of your total annual earning. Failing which, you will not have a life for many years to come."

Life is NOT about CAR ONLY.
There is HOUSE, HOLIDAY, CHILDREN, RETIREMENT, INVESTMENT etc...

to some ppl . life is about washing, waxing, fueling, showing, his/her car ma ... :-P

serious one - shd balance up and do ur own financial planing.. Car shd be the least piority .. get wat u can afford.. try to be independent.. parents are not ur ATM.. spending parents money wont make u look good

some people are born that way...