Hi folks,
A little background. I'm from Malaysia and for uni grads who's just started work, we can barely afford a very basic (and not to mention crappy; no airbags, ABS, etc. Basically zarroo security features) car (http://www.perodua.com.my/our_cars.php?sub_page=kelisa&sub_nav=price). That's priced around RM40k (approx USD10k).
Most would usually take a 5 year loan to pay off this car (and most cars; unless they have huge savings). If 5 years seem long, the banks have just introduced a 9 year loan for cars
Anyway, would like to find out how long it takes for folks here to pay up their car installment and most importantly, what car you're paying off and what's the % of your monthly income you're using to make the payment.
Note: No poll coz there's just too many possible answers
Thanks!
A little background. I'm from Malaysia and for uni grads who's just started work, we can barely afford a very basic (and not to mention crappy; no airbags, ABS, etc. Basically zarroo security features) car (http://www.perodua.com.my/our_cars.php?sub_page=kelisa&sub_nav=price). That's priced around RM40k (approx USD10k).
Most would usually take a 5 year loan to pay off this car (and most cars; unless they have huge savings). If 5 years seem long, the banks have just introduced a 9 year loan for cars
Anyway, would like to find out how long it takes for folks here to pay up their car installment and most importantly, what car you're paying off and what's the % of your monthly income you're using to make the payment.
Note: No poll coz there's just too many possible answers
Thanks!