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> CAr Loan, Burden

zihao1214
post Oct 19 2012, 10:22 AM, updated 7y ago

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Hi All,

I have a stable monthly gross basic salary of RM3,500.
Also minimum 5K commission but not declare into EPF nor PCB

Current Burden:
Myvi: RM600 / month
House : RM1000 / month

Can I still buy 2nd car under my name, let's say a RM150K car.
What is the down payment I need to prepare?
Can I transfer my current car NCD to new car, and let the current car pay 100% insurance, as It will also be cheaper for a Myvi.

Appreciate all sifu advise.
BuFung
post Oct 19 2012, 10:52 AM

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RM3500 - RM1600 = RM1900...

RM1900/3 = RM666.66<-- this much u can commit monthly....

first solution.. settle ur MyVi by cash first.. then u have higher nett income..

2nd solution.. pay bloody high downpayment..

assuming ur new car RM150k as u said... to pay 9 years Loan (worst case scenario), u can only get about RM60K Loan... so u have to folk out RM90k cash... rclxub.gif rclxub.gif

another solution.. declare ur commission.. maybe part of it.. then u have higher loan power..

car loan calculator.. http://www.autoworld.com.my/v2/tools/loan_payment.asp
6UE5T
post Oct 19 2012, 11:17 AM

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QUOTE(zihao1214 @ Oct 19 2012, 10:22 AM)
Hi All,

I have a stable monthly gross basic salary of RM3,500.
Also minimum 5K commission but not declare into EPF nor PCB

Current Burden:
Myvi: RM600 / month
House : RM1000 / month

Can I still buy 2nd car under my name, let's say a RM150K car.
What is the down payment I need to prepare?
Can I transfer my current car NCD to new car, and let the current car pay 100% insurance, as It will also be cheaper for a Myvi.

Appreciate all sifu advise.
*
You mean you're current monthly income is around 8.5K, is it? Not to bring you down, but if I were you, I would not even dare to think about buying a car 150K with such level of income, especially if you have a family to support or intending to have one later! Wait until you can double your current income then only start to think about buying at that price range. Better save to buy properties, they serves as investment, not like cars which depreciates every time. If you really do need to buy a 2nd car, then just get those under 80K!

This post has been edited by 6UE5T: Oct 19 2012, 11:18 AM
cruzeiro88
post Oct 23 2012, 11:09 AM

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Posts: 7

Joined: Sep 2012


QUOTE(zihao1214 @ Oct 19 2012, 10:22 AM)
Hi All,

I have a stable monthly gross basic salary of RM3,500.
Also minimum 5K commission but not declare into EPF nor PCB

Current Burden:
Myvi: RM600 / month
House : RM1000 / month

Can I still buy 2nd car under my name, let's say a RM150K car.
What is the down payment I need to prepare?
Can I transfer my current car NCD to new car, and let the current car pay 100% insurance, as It will also be cheaper for a Myvi.

Appreciate all sifu advise.
*
NCD can be transferred..

Why need to buy 2nd car? Car is liability and will depreciate in value... better invest to earn dividend or buy properties and save some cash for emergency use... By doing that in the right way, your money will work for you... rclxm9.gif
masao343
post Oct 23 2012, 11:13 AM

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Joined: Mar 2009
From: Melaka
QUOTE(zihao1214 @ Oct 19 2012, 10:22 AM)
Hi All,

I have a stable monthly gross basic salary of RM3,500.
Also minimum 5K commission but not declare into EPF nor PCB

Current Burden:
Myvi: RM600 / month
House : RM1000 / month

Can I still buy 2nd car under my name, let's say a RM150K car.
What is the down payment I need to prepare?
Can I transfer my current car NCD to new car, and let the current car pay 100% insurance, as It will also be cheaper for a Myvi.

Appreciate all sifu advise.
*
careful. if possible dont use your name for the car.
income-tax might see your declared 3.5k salary n audit you.
then you will regret.
zihao1214
post Oct 23 2012, 12:43 PM

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QUOTE(masao343 @ Oct 23 2012, 11:13 AM)
careful. if possible dont use your name for the car.
income-tax might see your declared 3.5k salary n audit you.
then you will regret.
*
HAHA, this is what i was told too!

Anyway, I need 2nd car because my sister is buying a car, so I was thinking why are you buying from someone else, i would rather you continue paying my myvi loan, right?
cruzeiro88
post Oct 23 2012, 01:57 PM

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Posts: 7

Joined: Sep 2012


QUOTE(zihao1214 @ Oct 23 2012, 12:43 PM)
HAHA, this is what i was told too!

Anyway, I need 2nd car because my sister is buying a car, so I was thinking why are you buying from someone else, i would rather you continue paying my myvi loan, right?
*
For me, better ask your sis to buy that myvi from you... make a new loan under her name and request from bank to settle the loan under your name and transfer the car to her.. So, this HP will not appear under your CCRIS anymore.. but need to wait for one month (if I not mistaken) for it to update..
kidmad
post Oct 23 2012, 02:00 PM

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If you are really having the extra undeclared rm5k i don't see what's the problem man. Use back the bank which you have your saving with. For example Maybank. If you have rm30 - rm40k in your saving. You pay 10% only for the downpayment which is rm15k for the car. I'm pretty sure you can get a loan for it.

But again like what others were saying.. Your Myvi you need to kuasa it first to your sister, use back the same back to get your name cleared off from CCRIS that would take some time.

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