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 The Effective Interest Rate of Crapcar Loan

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TSS3phiroth
post Jul 18 2019, 10:19 AM, updated 5y ago

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Many drivers thought the interest rate is 10% because this ahlong only tell the loan amount and the total repayment. They never say a word about the interest rate and simply just let the less informed preys punch the number in their calculator.

Let's take the below offer for example,
user posted image

In this case, the daily repayment amount is RM27.50 for total 56 days. If I plug the number into loan amortization calculator then the actual effective interest rate is 124%!!! shakehead.gif shakehead.gif shakehead.gif

user posted image
Source: https://www.calculatorsoup.com/calculators/...nt&action=solve

So wake up my fellow lembu, it is already pathetic to let them squeeze your driving income, please think wisely not to let them to squeeze every drop of blood out of u.

This post has been edited by S3phiroth: Jul 18 2019, 10:21 AM
yhtan
post Jul 18 2019, 04:42 PM

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this is ah long rate liao, even license money lender giving out rate about 18% per annum, in which effective interest rate about 32%
YoungMan
post Jul 18 2019, 07:44 PM

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Which is why if you can't get your own car, don't drive. It makes the masters go rich.
forever1979
post Jul 19 2019, 07:20 PM

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karma will come after crapcar bosses and top management


TSS3phiroth
post Jul 19 2019, 09:57 PM

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QUOTE(yhtan @ Jul 18 2019, 04:42 PM)
this is ah long rate liao, even license money lender giving out rate about 18% per annum, in which effective interest rate about 32%
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I wonder if bnm allow them not to disclose the interest rate. Or worse, no license at all.

It is not the 1st time they ignore and manipulate the law. Just like how they manipulate the words to bypass max 20% commission rule and continue to ignore it despite the stern warning from Ant Loke recently.

This post has been edited by S3phiroth: Jul 19 2019, 10:07 PM
andrwss
post Jul 20 2019, 06:09 PM

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QUOTE(S3phiroth @ Jul 19 2019, 09:57 PM)
I wonder if bnm allow them not to disclose the interest rate. Or worse, no license at all.

It is not the 1st time they ignore and manipulate the law. Just like how they manipulate the words to bypass max 20% commission rule and continue to ignore it despite the stern warning from Ant Loke recently.
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How come they are not getting fined or anything until now? It is a week past 12 July and we're still getting 25% commissioned. Seems like Anthony Loke is none of a threat at all to our tech giant.
TSS3phiroth
post Jul 20 2019, 06:55 PM

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QUOTE(andrwss @ Jul 20 2019, 06:09 PM)
How come they are not getting fined or anything until now? It is a week past 12 July and we're still getting 25% commissioned. Seems like Anthony Loke is none of a threat at all to our tech giant.
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Proof that crapcar doesnt give a fck about max 20% commission rule.

user posted image
andrwss
post Jul 20 2019, 08:10 PM

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QUOTE(S3phiroth @ Jul 20 2019, 06:55 PM)
Proof that crapcar doesnt give a fck about max 20% commission rule.

user posted image
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Oh, minister speech and news portal doesn't sounds official enough for them. I hope someone tag Anthony Loke with that screenshot.

Guess crap wouldn't give it up easily, they ain't paying their legal team for nothing...
skylinelover
post Jul 24 2019, 11:31 PM

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QUOTE(andrwss @ Jul 20 2019, 08:10 PM)
Oh, minister speech and news portal doesn't sounds official enough for them. I hope someone tag Anthony Loke with that screenshot.

Guess crap wouldn't give it up easily, they ain't paying their legal team for nothing...
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Including the ah long lending

If BNM sees sure fire machine gun liao laugh.gif rclxub.gif
birdman8
post Jul 30 2019, 11:30 PM

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Translated from attached chinese FB comment:

I believe a lot of driver received loan offer from grabcar office. For example, offering loan RM800 and the repayment is RM880 (Interest is RM80). A lot of driver think the interest is a good deal since the interest is only 10% but in fact they are wrong. blink.gif

The loan interest percentage in the market is usually calculated based on yearly basis.

For example, loan amount is RM1,000 and driver need to pay back RM1,100.

Settled the loan in 12 months โ€“ Interest 10%
Settled the loan in 6 months โ€“ Interest 20%
Settled the loan in 3 months โ€“ Interest 40%
Settled the loan in 2 months โ€“ Interest 60%
Settled the loan in 1 months โ€“ Interest 120%

The financial market and banks loan interest calculation is based on the yearly basis (12 months). dry.gif

This post has been edited by birdman8: Jul 30 2019, 11:32 PM


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bmt261a
post Jul 31 2019, 10:24 AM

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its kinda tough choice nowadays to get money.. some desperate people do what they have to do..

since no choice
life is tough when wearing other people shoes
TSS3phiroth
post Aug 1 2019, 01:33 AM

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QUOTE(birdman8 @ Jul 30 2019, 11:30 PM)
Translated from attached chinese FB comment:

I believe a lot of driver received loan offer from grabcar office. For example, offering loan RM800 and the repayment is RM880 (Interest is RM80). A lot of driver think the interest is a good deal since the interest is only 10% but in fact they are wrong.  blink.gif

The loan interest percentage in the market is usually calculated based on yearly basis.

For example, loan amount is RM1,000 and driver need to pay back RM1,100.

Settled the loan in 12 months โ€“ Interest 10%
Settled the loan in 6 months โ€“ Interest 20%
Settled the loan in 3 months โ€“ Interest 40%
Settled the loan in 2 months โ€“ Interest 60%
Settled the loan in 1 months โ€“ Interest 120%

The financial market and banks loan interest calculation is based on the yearly basis (12 months).  dry.gif
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This is not true because u service the loan on daily basis, which also means your principal reduces everyday.


 

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