QUOTE(Zoo Howl @ May 18 2022, 02:16 PM)
1. Your nett income deduct your current bank loan / cards debts
2. The balance then divide by 3, this figure will show u the monthly instalment that the bank will approve to u
3. Then your new car, find out the instalment amount
If the instalment amount for new car is less than or almost same figure in the step 2, then u are eligible and safe to apply. But if your new car instalment amount is more than the figure in step 2, bank wont approve and u need to top up your downpayment, meaning loan lesser
This is how it works, bank only allow u to spend 1/3 of your salary on car loan. Dont care what other say u need annual salary of bla bla to buy certain level of car. Just live your life and buy your dream car. This is my advice on whether u are eligible for that amount of car loan
Just done calculated and yes I can cover the instalment but just got called from banker this afternoon ask me if I got FD or Saving. Most of my saving gone to investment and left only few thousand in bank and she said she will try but if fail need to have saving at least 40k in bank lol...
QUOTE(solstice818 @ May 18 2022, 08:44 PM)
Basically, your business only started doing well/ consistently in profit since November 2021. Last May, you have already committed yourself in a housing loan. Would be wiser to wait up for a longer period before committing yourself in another loan.
Things can change really fast in the space of a few months.
Yup, understood what you meant but actually I have another business running which can cover up incase something gone wrong with my current business