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 Car Loan Interest Rate

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speed7791
post Jul 11 2008, 01:55 PM

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Joined: Dec 2007


QUOTE(DigitalTech @ Apr 9 2007, 03:13 PM)
Let me ask you are this question:

What drives you? You drive your car or your car drives you?

If you struggle just to maintain a car, then the car is driving you and you will be working for the bank.

Don't be a labour for your car and bank. You work for yourself.
If you have this mindset, you will never be rich.

Struggle now and be patience. Your chance will come. But you need to take necessary step now.

Take a freaking 9 years loan. Feed petrol to car and pay salary to bank every month. To me, it seems like you are working for them.

You will enjoy the car maybe 1 year. Then your car deterioates in apperarence and performance, and you begining to get bored. What's next? you still have to pay another freaking 8 years instalment.

Don't want to pay? Too bad, if you sell the car now, you will have to fork out huge sum of money, because you put in a little downpayment. You will be STUCK! Don't know all these years you work for what? Ask yourself again. Be true to yourself now, before it's too late.
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you're not wrong... also not correct

i believe this subject is very subjective... how much to pay up front, loan tenure and so forth. It boils down to each individual's needs.

for those who pay more deposit, you r actually paying depreciation upfront. ya...ya...ya... u save on interest but that doesn't change the fact that u r paying depreciation upfront. if someone is very calculative, buy the whole car in cold hard cash without any loan lo. those who put minimum deposit on their purchase could use the extra to invest elsewhere also right... can also compensate for the loss in interests paid to the bank on their hp loan...

its understood that when u buy car u buy something that depreciates in value. so calculative then take bus no. 11. pay more early or pay more later makes a difference differently to different people.. thats y it really depends on the individual's personal needs. those who pay more deposit may want to change car after 3-4 years or that they have higher disposable income, and of course they could be very good accountants too.

conclusion: if u r buying a car, do your own planning n seek advice if u r unsure. your needs and goals may not be the same as others. tailor your budget according to your financial standing

DigitalTech
I do admire what u said cos it shows very determined attitude... wink.gif nod.gif

This post has been edited by speed7791: Jul 11 2008, 02:05 PM

 

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