View Full Version : Financial question: Pay off housing loan?
Hi, I am bad in financial planning and thus would like to hear some advises.
I have 310k cash.
My condo outstanding loan is 283k, 3 year fixed coming to an end and I will need to refinance in Feb 2016.
My car will scrap in Mar 2016, and I need to buy a 2nd hand or new car.
If you are me, would you:
1) Pay off housing loan and buy a car later (after enough money saved)
2) Buy a car and refinance housing loan in Feb 2016
And why?
Thanks for your help.
You know the answer but your heart think otherwise, think with your brain not your heart.
If I will you, I need to ask myself the car is a need or want. What is the. RO I.
Very individual, depending on lifestyle. Thrifty or lavish. I will buy new car and refinance my loan.
Yes really up to the individual and remember cash is king.
But at loan of $200k+, dun think (might be wrong) the banks will be too keen with refinancing, suggest you check with the banks for repricing and refinancing
My suggestion, get a car and do a partial repayment
Anyway, really it is a good problem to have.
Hi, I am bad in financial planning and thus would like to hear some advises.
I have 310k cash.
My condo outstanding loan is 283k, 3 year fixed coming to an end and I will need to refinance in Feb 2016.
My car will scrap in Mar 2016, and I need to buy a 2nd hand or new car.
If you are me, would you:
1) Pay off housing loan and buy a car later (after enough money saved)
2) Buy a car and refinance housing loan in Feb 2016
And why?
Thanks for your help.
My Honda civic 1.6L was due to scrap in Jul15. I want to extend for another 10 yrs as my car mileage was only 155km
as I seldom drive long distance. Pay COE $58k + some servicing 5k+. But my wife insists she needs to buy a new MAZDA car.
Finally, I agreed as I do not want to quarrel with her. We paid $133k. We paid $73k for down payment & car loan @58k.
If I will to extend my COE + car servicing. I just pay $63k. The $73k which I use to pay the Mazda car down payment . I can contribute
the $73k into my sons CPF. In ten years time. $73k in my sons CPF will grow to 100k (estimate).
But the $73k I pay for my Mazda car down payment become a "TOILET PAPER" in 10 years time.
Hi, I am bad in financial planning and thus would like to hear some advises.
I have 310k cash.
My condo outstanding loan is 283k, 3 year fixed coming to an end and I will need to refinance in Feb 2016.
My car will scrap in Mar 2016, and I need to buy a 2nd hand or new car.
If you are me, would you:
1) Pay off housing loan and buy a car later (after enough money saved)
2) Buy a car and refinance housing loan in Feb 2016
And why?
Thanks for your help.
if u are single, do anything u want. but if u are married/with kids and always need to car to fetch ur wife/kids ard.. get car first.
My Honda civic 1.6L was due to scrap in Jul15. I want to extend for another 10 yrs as my car mileage was only 155km
as I seldom drive long distance. Pay COE $58k + some servicing 5k+. But my wife insists she needs to buy a new MAZDA car.
Finally, I agreed as I do not want to quarrel with her. We paid $133k. We paid $73k for down payment & car loan @58k.
If I will to extend my COE + car servicing. I just pay $63k. The $73k which I use to pay the Mazda car down payment . I can contribute
the $73k into my sons CPF. In ten years time. $73k in my sons CPF will grow to 100k (estimate).
But the $73k I pay for my Mazda car down payment become a "TOILET PAPER" in 10 years time.
:) my car is around 100km only, i dont use the car everyday, mainly to fetch mum during weekend to brother's house or bring her somewhere to eat. the car is for appointments and go shopping and marketing. i have friends suggesting this to me too. but... my car's condition:
1) wind screen scratched
2) headlight problematic
3) LED lights on radio panel spoilt
4) leather seat 1 big hole and cracking
5) dents
6) paint touch up needed
to buy a new mazda now is around 110k i think... to renew coe and make good 7k this adds up around 62k. so i think not so bad... given that i have less problem and trouble in future...
new honda vezel is around 100k? i saw ads on sgcarmart... or maybe i should buy 1 year old car... that is a lot cheaper...
My Honda civic 1.6L was due to scrap in Jul15. I want to extend for another 10 yrs as my car mileage was only 155km
as I seldom drive long distance. Pay COE $58k + some servicing 5k+. But my wife insists she needs to buy a new MAZDA car.
Finally, I agreed as I do not want to quarrel with her. We paid $133k. We paid $73k for down payment & car loan @58k.
If I will to extend my COE + car servicing. I just pay $63k. The $73k which I use to pay the Mazda car down payment . I can contribute
the $73k into my sons CPF. In ten years time. $73k in my sons CPF will grow to 100k (estimate).
But the $73k I pay for my Mazda car down payment become a "TOILET PAPER" in 10 years time.
1. Your wife's happiness value the most
2. You have just saved 10 years of nagging...
Worth it...
:) my car is around 100km only, i dont use the car everyday, mainly to fetch mum during weekend to brother's house or bring her somewhere to eat. the car is for appointments and go shopping and marketing. i have friends suggesting this to me too. but... my car's condition:
1) wind screen scratched
2) headlight problematic
3) LED lights on radio panel spoilt
4) leather seat 1 big hole and cracking
5) dents
6) paint touch up needed
to buy a new mazda now is around 110k i think... to renew coe and make good 7k this adds up around 62k. so i think not so bad... given that i have less problem and trouble in future...
new honda vezel is around 100k? i saw ads on sgcarmart... or maybe i should buy 1 year old car... that is a lot cheaper...
If you have no children. The best is not to buy a car. U got Uber , Grab taxi etc service. Why need a car if U don't drive often?
Build up your reserve more & wait for next year opportunity to buy equity or retail bond etc. If possible self contribution some excess cash into your CPF.
I see the next 10 to 20 yrs will be tough. Don't anyhow buy your "WANT". Only your "NEED". If U screw up your money management. You will
see your financial trouble will come to haunt U in next 10 to 20 yrs time.
1. Your wife's happiness value the most
2. You have just saved 10 years of nagging...
Worth it...
I acknowledge her contribution to this family. So I agree to her "demand".
:) my car is around 100km only, i dont use the car everyday, mainly to fetch mum during weekend to brother's house or bring her somewhere to eat. the car is for appointments and go shopping and marketing. i have friends suggesting this to me too. but... my car's condition:
1) wind screen scratched
2) headlight problematic
3) LED lights on radio panel spoilt
4) leather seat 1 big hole and cracking
5) dents
6) paint touch up needed
to buy a new mazda now is around 110k i think... to renew coe and make good 7k this adds up around 62k. so i think not so bad... given that i have less problem and trouble in future...
new honda vezel is around 100k? i saw ads on sgcarmart... or maybe i should buy 1 year old car... that is a lot cheaper...
Look at the oil price & world economy. By now u should know why it is important not to anyhow buy your "WANT". That is your new car.
Permanent Job securities is a problem for the next 10-20 yrs. Your cash is not enough at all.
Look at the oil price & world economy. By now u should know why it is important not to anyhow buy your "WANT". That is your new car.
Permanent Job securities is a problem for the next 10-20 yrs. Your cash is not enough at all.
Always REMEMBER.
Your company PROMISE a job for you TODAY ONLY. But they NEVER PROMISE you a JOB for you TOMORROW.
So Be prepared for rainy days (CRISIS) . No matter how well you’re doing, you’ve got to be prepared.
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