You are currently viewing our forum as a guest, which gives you limited access
to view most discussions and access our other features. By joining our community, at no cost, you will have access to start new topics, reply to conversations, privately message other members (PM), respond to polls, upload content and access many other special features. Registration is free, fast and simple, so please join RX8Club.com today!
I need help in how to work out financing calculations for RX8 purchase in Singapore. For instance, if I am loaning 100k at 2.2% for 7 years..how do I work out the mthly installment payments?
Appreciate any feedbacks.
Cheers.
This ad is not displayed to registered and logged-in members. Register your free account today and become a member on RX8Club.com!
Its a fixed rate interest, so 2.2% p.a. of $100k for 7 years = $15.4k of interest. Add that to the principal of $100k gives you total repayable amt of $115.4k. Divide by 84 instalments = $1,374 per month.
Otherwise check out various banks' websites, I believe they have a loan calculator for these computations.
Originally posted by donaldc I paid AUD$68,000 for my leather pack RX-8.
Donald
That's pretty high for a car down there. Remembered couple of years back when I was there, most basic 1.6 sedan was going for around $15-$20k, did the price of cars went up so much higher since or was it just for certain unusual cars?
__________________ Type S Titanium Gray • Black/Red Leather • Rotary Accents • Strakes • Start Button • MazdaSpeed 4 Pt Strut Bar
RacingBeat Spring • RacingBeat Sway Bars • RacingBeat Revi Intake • GoodRidge Stainless Steel Brake Lines • MS Style CF Wing • Neova AD07
lease the bastard, take a residual value off the principal of at least say 15% if not up to 40%, factor a higher interst rate, find a bank or finance broker that will allow bulk payments without penalties if you want to pay out faster, and make sure you can novate the beggar if you should need to - don't be paying it off over 7 years if you crash and burn and don't get insurance cover.
the amount you need to finance should be:
0 - start with $0
1 - add principal cost of car i.e. $70,000
2 - add on road costs i.e. $1,500
3 - add 3rd party insurance
4 - add comprehensive insurance
5 - sub total all and factor by interest rate
6 - throw total in a blender and slice by number of years leased multiplied by 12
7 - you'll end up with a higher number than you might have anticipated
don't factor the lease as cheap as possible and then get lumbered with **** loads of spurious costs that you have to fork out from your own pocket - thats the whole point of finance really - oh, and the fact that you may not have the amount to buy the car I guess.
and if you have a deposit, let's say $1,000 down to order the car, get that back as your own money, don't reduce your principal by $1,000 for the finance, use their money, not yours.
and be real about handing the car back and just getting a new on in 3, 4 or even 5 years tops!
don't panic about needing to pay out the example say of 40% residual value at the end of the lease, just hand it back, claim against your tax 100% of the lease each year, and tell them [ the finance provider ] to "go get me another one oh them fast cars and now!" and do it all over again!
++dez;
__________________
.sig's are lame,
life's a game,
if you're in,
then play to win,
winning blue,
it's the only hue,
not sure if this is prose,
too tired to truely compose!
lease the bastard, take a residual value off the principal of at least say 15% if not up to 40%, factor a higher interst rate, find a bank or finance broker that will allow bulk payments without penalties if you want to pay out faster, and make sure you can novate the beggar if you should need to - don't be paying it off over 7 years if you crash and burn and don't get insurance cover.
the amount you need to finance should be:
0 - start with $0
1 - add principal cost of car i.e. $70,000
2 - add on road costs i.e. $1,500
3 - add 3rd party insurance
4 - add comprehensive insurance
5 - sub total all and factor by interest rate
6 - throw total in a blender and slice by number of years leased multiplied by 12
7 - you'll end up with a higher number than you might have anticipated
don't factor the lease as cheap as possible and then get lumbered with **** loads of spurious costs that you have to fork out from your own pocket - thats the whole point of finance really - oh, and the fact that you may not have the amount to buy the car I guess.
and if you have a deposit, let's say $1,000 down to order the car, get that back as your own money, don't reduce your principal by $1,000 for the finance, use their money, not yours.
and be real about handing the car back and just getting a new on in 3, 4 or even 5 years tops!
don't panic about needing to pay out the example say of 40% residual value at the end of the lease, just hand it back, claim against your tax 100% of the lease each year, and tell them [ the finance provider ] to "go get me another one oh them fast cars and now!" and do it all over again!
++dez;
I'm not good with numbers, those will take me awhile to digest.
But to address your point no. 1: the RX-8 over here in Singapore cost around AUS$120,000. That's why the 7 years loan. Let say I pay up $20k on first payment (so as to reduce the amount to loan) and get a 7 years loan, monthly I'll be paying $1,320 plus interest. All nos in AUS$.
We have a pretty complex system here for ownership of a car.
__________________ Type S Titanium Gray • Black/Red Leather • Rotary Accents • Strakes • Start Button • MazdaSpeed 4 Pt Strut Bar
RacingBeat Spring • RacingBeat Sway Bars • RacingBeat Revi Intake • GoodRidge Stainless Steel Brake Lines • MS Style CF Wing • Neova AD07
Car costs in Spore is very high, such that if you lease, your monthly payments will be a fair bit higher than taking out a loan. Basically, its a cashflow consideration. Also, I don't think we can claim lease payments against our taxes here.
Linear Mode
