car downpayment or house loan?

[Creazee]

Unless its an RV or motorhome designed by BMW. Imagine if BMW designed something like this:-

BTW this RV is the Marchi Elemment and it's built in Germany.

Salut

lol good one....

 

[tankteam]

as mentioned in my 1st post, my home loan is blr - 1.9%. I think blr now is 6.6%. this means my home loan interest is 4.7%

I think 2nd hand car interest is 4%. according to ur effective rate which is double of the flat rate, does this means the home vs car interest is 4.7% vs 8% ? so I should put as much downpayment for car as possible?

Tq.

 

[bmw7833]

Smart boy.

 

[EL118]

as mentioned in my 1st post, my home loan is blr - 1.9%. I think blr now is 6.6%. this means my home loan interest is 4.7%

I think 2nd hand car interest is 4%. according to ur effective rate which is double of the flat rate, does this means the home vs car interest is 4.7% vs 8% ? so I should put as much downpayment for car as possible?

Tq.

if other things remain the same (ceteris paribus) , that is right!

 

[wobbles]

I agree with all the bros over here - wise words. As it's the end of the last financial year, I received the nice statements from the banks concerning my outstanding house/condo/property loans - only one word to describe the feeling: sakit!

Luckily, the F02 is fully paid for, but I'm biting the bullet cos I'll start paying for the F13 soon! But for that, only one word to describe the feeling: syiok! Hehehehe

 

[EL118]

I agree with all the bros over here - wise words. As it's the end of the last financial year, I received the nice statements from the banks concerning my outstanding house/condo/property loans - only one word to describe the feeling: sakit!

Luckily, the F02 is fully paid for, but I'm biting the bullet cos I'll start paying for the F13 soon! But for that, only one word to describe the feeling: syiok! Hehehehe

Wow bro, u paid off your F02 in 1 year. i understand Singapore int rate is quite low, why dun u use your fund to do more investments?

 

[wobbles]

Err, I only managed to pay off the F02 as quickly as I did because (thanks to the COE) I hardly lost any money at all when I traded in my old E65. From start to end (2 years), I only lost less than $15K on the depreciation - and since that was also a fully paid off car, the difference really off-set the purchase price of the F02. And, Performance Motors also gave me a generous overtrade of close to $20K, which actually meant that I 'made' $5000 when I sold the E65 back to them. Possibly, they were chasing quota, so they were being so generous.

All in all, I was left with only an approx $60,000 loan to settle, after trade in, after overtrade, after deposit ($35,000), so I took out a one year in-house loan at 1.88%.

If I put the $60K in a time deposit, I would have earned only 0.8% interest. If I put the $60K in the stock market, the STI dropped 17% in 2011 - but in any case, I don't play stocks at all (absolute no no for me). So, I thought I'd 'earn' by clearing out the loan ASAP (so to give me more ammunition to buy the F13 mah).

But, honestly, the F13 will be a very different story - I don't have another car to trade in, and at nearly $385,000 - $35,000 deposit = $350,000 more to go, I'm definitely looking at a much longer loan this time!

 

[EL118]

wow u got a good offer to upgrade!

if u r not a financial man for the stock market, didn't u invest in property? I heard Singapore property shot thru the roof over the last 3 years. now Govt has to impose extra stamp duty for seller also rite?

 

[tankteam]

thanks for all of ur great advice. appreciate it very much.