Payment for a new car...

[ugh]

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!

 

[bhanson]

It took me 0 months to pay for my car, I paid in full.

I don't think I'll ever make payments on something that depreciates so quickly.

 

[farmercal]

In my case for my car I paid $3500 USD and bought it outright. On the other car, my wife drives, we financed it for 4 years on a 3.5% APR loan through our credit union. Payments are around $400 USD a month. That is roughly 10% of my monthly salary.

 

[Engineer]

In the past, usually 2 to 2.5 years to pay for my cars. Will take 3 years on the current two as I've decided to pay my mortgage off first (Should be gone in Feb. or March 2006). After these, assuming no problems and the idea that I'm not going to go "hog wild" and purchase something super high in price, I'll never have another car payment as I'll buy them outright.

As for % of income, both my cars currently are around 6% of my monthly "pre-tax" monthly income (depends on year as I get paid OT).

Rates were 4.75% APR @ 5 years for both.

 

[RossMAN]

Our car loan was 5 years but we'll have it paid off within 3.5 years.

 

[SilentZero]

35k down, and financed 20k @ 3.9% APR (3 years) for the BMW E46 M3
15k down and financed 10k @ 3.9% APR (4 years) for the Subaru WRX wagon
9k down and financed 3k @ 4.9% APR (3 years) for the acura legend

 

[LS20]

my finance is for 4 years, but i plan to pay additional once all my spending sort themselves out (car not delivered until march... on order)

 

[ugh]

Seems quite short BTW, what's APR?

 

[LS20]

...

 

[RossMAN]

Originally posted by: ugh
Seems quite short BTW, what's APR?

APR = Annual Percentage Rate

Basically APR is the "interest rate".

 

[The Stigenator]

haha.. the perodua.. in jeremy clarksons latest video, he buys one for <5K pounds and then destroys the darn thing right in front of the dealership with a sledge hammer. I might say, pretty well built.. ofcourse in the end he blew up the car with dynamite, that after he hung 1000 pounds on one end of teh car and the other end hooked to a crane.. the cars transmission and engine fell off!

 

[DrPizza]

paid cash for one car (used)
The other car (grand caravan) payments are around 10% of our income.

 

[compuwiz1]

A 9 year loan for a car that might last 5 years? Well, hell, why not just go grab a 10 or 15 year second on your house? At least the house might appreciate, the car isn't gonna.