I was thinking to reduce the outstanding amount of other cc too.

also, if I take personal loan RM50,000 for 5 or 7  years, how much should I pay monthly to pay back the loan? would it be below 3k?

Like for those 3 cc in a month I will spend almost 3k (1000 each card but as for citibank it does not reduce the amount because I have monthly deduction of 1000 each month like insurance, astro, internet)   

My monthly expenses is the same as my take home salary. Paying off 3 housing loans + car.   

How do you survived?

Still surviving la. 

Come share out how you managed it

Background:

I just graduated. Waiting for my turn to be a government servant in 2-3 months' time (or longer than that, who knows?). Currently working in a commission based company. First month of working raked a healthy 10k+ salary. (no bs) Second month around 3k+ and it's only mid of April.

Problem:

I don't have my own transport to work. My mum would need to get up early to send me to work which I feel it's a bit tiring for her. And sometimes she will have things to settle and in the end I'll be late for work. She doesn't allow my to drive her car. I was thinking to get a 40k+ car for the time being. Previously I tried to apply for loan with my mum as my guarantor but it wouldn't go through as her business is kinda bad these few years.

Question:

1. What should I do? Unless I earn another 20-30k (factoring in car price, maintenance, emergency etc) to buy the car in cash, I will need to take loan.

2. Can I take personal loan for used car?

3. I can try applying a car loan under my own name but I was told that I need 6 months payslip since my job currently is commission based.

I'm planning to get the car before I start working with the government cos by then I'll be too busy to even view the car I'm about to buy!

Please advise.

Background:

I just graduated. Waiting for my turn to be a government servant in 2-3 months' time (or longer than that, who knows?). Currently working in a commission based company. First month of working raked a healthy 10k+ salary. (no bs) Second month around 3k+ and it's only mid of April.

Problem:

I don't have my own transport to work. My mum would need to get up early to send me to work which I feel it's a bit tiring for her. And sometimes she will have things to settle and in the end I'll be late for work. She doesn't allow my to drive her car. I was thinking to get a 40k+ car for the time being. Previously I tried to apply for loan with my mum as my guarantor but it wouldn't go through as her business is kinda bad these few years.

Question:

1. What should I do? Unless I earn another 20-30k (factoring in car price, maintenance, emergency etc) to buy the car in cash, I will need to take loan.

2. Can I take personal loan for used car?

3. I can try applying a car loan under my own name but I was told that I need 6 months payslip since my job currently is commission based.

I'm planning to get the car before I start working with the government cos by then I'll be too busy to even view the car I'm about to buy!

Please advise.

Hi guys,

Hope I'm not posting in the wrong place. This is to get some financial advice right? Not too much info on 1st page ... sorry if I'm doing the wrong thing yeah. Little background of myself

Age: 30 this year
Work experience: 7years+
Annual income (according to EA form): about 100k

What I have:
A car - Paying RM900 monthly, will finish in 1.5 years time
Emergency fund - 20k in FD (not touching this)
Savings - 20k

Investment:
Not sure if I should call this investment but I've joined a plan by PB bank last year (dunno got kena con onot =.=)
It's called the PB Advantage plus. Basically need to pay about 6k every year for 10 years then after 25 years can get about 100k+ something like that ... So far pay 1 year only .. anyone investing in this? If is con I think better take out my money now 

That's all. No house no gf no family yet I really dunno what to do with my money. How am I doing as a 30 years old? Quite bad ?  I have read something about REIT stocks, not too risky and just eat dividend, any comment on this? I'm not a high risk taker and also worried about buying properties for investment purpose.

Thank you for all the input. With the help from my wife I will pay off MBB cc and  CIMB cc and terminate both cards. Will pay half of outstanding balance and will still be using CITI as it has the lowest credit limit.

Investment:
Not sure if I should call this investment but I've joined a plan by PB bank last year (dunno got kena con onot =.=)
It's called the PB Advantage plus. Basically need to pay about 6k every year for 10 years then after 25 years can get about 100k+ something like that ... So far pay 1 year only .. anyone investing in this? If is con I think better take out my money now 

According to your annual income, you shall earn around 8 k per month, wonder besides the car installment and the PB investment, can you break down your other expense ? so we can help you in more detail .

It's not a con la. But it's not a pure investment product. Basically it's an insurance product, geared towards savings coming from investment with some payouts that are guaranteed. While I don't know the actual figures, i do know how it works. Please note that part of the money you expect to get is non-guaranteed. Though i think that the investment fund under aia, should perform according to benchmark la.

Also, because it is an insurance product, you need to understand that the returns will not be fantastic since insurance company do provide you insurance coverage along with potential investment return.

My situation:

Own a car, thinking to sell of and will have around 25k on hand. Am planning to put the 25k into current house loan and buy a new car with 25k loan.

Is this feasible? My simple thinking is since house loan interest is higher (>4%) and car loan interest (<4%), I should save some money on interest. And also the house loan reduction of 25k will save me more interest in the long run since interest is calculated daily.

Bro, your interest rate concept is wrong. House loan is reducing balance, while car loan is straight line.

So, car loan interest is roughly 2 time the quoted rate. If the bank say is 3.5%, then the effective interest is around 7%. House loan is always cheaper than car loan, personal loan and the like

Your plan is not a good plan.

another one conned/misled by flat-rate interest VS effective rate interest
these financial institutions should be made to comply with certain marketing & communication standards.
urgh

Somebody must complain the BNM. And I nominate our wong seafood