I'm just curious, cause different ppl have their own approach on this, some ppl prefer to stretch their term to longest possible so their monthly commitment on car will not take out so much of their quota for housing loan especially for those middle income category

While some other would just stretch their loan period to longest possible so they can afford a bigger car for show off/ enjoy luxurious life.

I can't say any of these were wrong, because everyone have their own approach on this.

Your first point shown that they CANNOT actually afford the car, hence needing to "stretch" it out.

Just like I'm waiting to buy a new truck for my hobby use now, I plan to take a 3 yr loan, sure I can pay cash but I dont want to stir the LHDN and also I dont want to tied up too much of my cash pool. I dont need to "Stretch" it out to 9 yrs cause I can clearly afford the truck easily.

Those who needs to "show off" well.. its up to them, again, those clearly cannot afford those cars. For eg, I hang around with ppl who have 2~3 porsche, AMGs, etc... how am I suppose to "impress" anyone by selling my kidney to buy a porsche myself?

Just cause you can eat maggi and buy a car with 9 yrs loans... doesnt mean you can AFFORD the car...

off topic a bit...
actually what is the range of income for middle class in kl nowadays?

honda jazz..took yesterday my new card and pay 690 monthly

Yes you are right. Different people different approach. Some people might think the interest is low, the interest is around 5% or higher for second hand car, if they can get better return from investment that the interest rate, just loan max amount and max period.

Subaru XV

Wow... Buy new truck for hobby

However, you may have your point here, but sorry... I still couldn't agree that we can simply judge someone's affordability to own a car by only based on the term of their car loan, there are more factors that contribute to their affordability, or else there wouldn't be any car loan approved by bank beyond 5 years term.

I think its a matter of how one manage and plan for their wealth. For those who got their fancy car taken back by bank, they have to blame their way of managing their wealth, bank trusted them based on what they have submitted, but they screwed it. But still, buy a car that fulfill your basic requirements, not be a slave for it.

7k per month, BUT it depend on your down payment from your SAVING on previous effort.

subaru wrx
put a 100k downpayment, then monthly just RM2000 for 6 years loan at 3% rate- example.

still left RM5000 to play and save.....

This post has been edited by fong928: Jun 26 2015, 02:49 PM

My basic salary are 2.5k minus EPF but commission is up to 5k plus consitent. I would like to down payment around 60k for a car but I looking forward Ford Mustang 2.3 liter ecoboost. I would like to know when this car launch in malaysia.

kerete tuh 350k kan?

proton accord

kereta mewah tuh, sudah keluar dalam market?

suda la noob potong perdana / accord

you pakai lambor / koenigsegg ker bro?

saja gurau..

Hi bro,
Sorry to burst your bubble of dreams,

But I think it's best you better use this calculator

Car Loan Repayment Calculator

and use this another calculator:

Car Loan Affordability Calculator

if you really wanna go for that RM 350K Mustang, of which, you probably would definitely pull back your ideas after using the calculator.

Be thankful you are still single and available. Unlike some of us, married with kids.

Have to agree with metoo.. If u cant afford a 5 years loan.. U cant afford the car. Its not mean that u have to take 5 years.. Can take 9 years. But 5 years installment as a reference. Why? Because stuff start to fall apart after 5 years.. The installment money will have to uae for maintenance later. I personally wont buy anything that i cant afford in a five years loan. Yea.. You can says every year got increment.. U also need to consider if dont have..somemore u need to consider money devalue. Anyhow. Its ur money.. 9 years loan for a car.. Is a big no for me.

Bank approve the loan becoz they earn more money.banks are not charity house.. If u cant pay the loan.. They will tarik.. Beg n cry also no use.. All they want is ur money..

This post has been edited by K3nnYkl82: Jun 26 2015, 07:31 PM

I basically agree with you. For me personally, I will only buy a car if I have the money to pay cash for it. Does not mean I won't take loan but it means I would not have any problem to settle the loan anytime if I want or if necessary.

Maybe TS can book new Ford Mustang...


For 7k. Just allowed rm1.5k mak for montly car maintainece including bank installment

Hahaha. Thank for the calculator bro. Not planning so fast to get in relationship or even marry. Since I'm 21. Still more way to go brotha! 😁

save lot of money then buy second hand car cash