High Loans & Full Loans - What they are, How they work and What you should know

[@jianoob]

Recommend you just shrink the box vertically instead of moving it downward. Then no need to scroll and you have visibility of what you're about to show. Interesting sharing!!

[@weenemone]

The biggest downside to taking a full and high loan is the total amount of interest you pay! Using the 100k car example (using 2.5% interest rate), you pay a total of 10k interest for a 60k loan. If you take a 143k loan, you'll end up paying more than 25k of interest (or even more considering you'll probably never get 2.5% for a full loan)

[@alexc1846]

Very informative. Thanks. How about doing a video to explain how the Rule of 78 works in auto financing? I'm surprised that a lot of people are uninformed when they take up car loan and receive a rude shock when they terminate their loan early.

[@keanetan2439]

thank u for the informative video. great job bro!

[@CarLifeSG]

welcomed ! 🙏🏻

[@dennisgoh5485]

high loan implies the amount of interest paid will be based on a bigger denominator and thus alot more ..

[@NathanielLimGJ]

Thanks for the video, very useful information. I’ve got a question for you. As a self employed freelance creative, is it better to buy a car under my sole proprietor company name? Or personal name? Will I be able to claim the expense and payment as tax deductible if I use it to travel for my business?

[@CarLifeSG]

Good question! I don’t think so? www.iras.gov.sg/irashome/Businesses/Self-Employed/Working-out-your-taxes/Deductions-to-Save-Tax/Business-Expenses/ (CTRL-F and search for “private car expenses”) . There’s a paragraph there which says that expenses incurred for private cars are disallowable (can’t claim), but best to check with those more experienced in this

[@NathanielLimGJ]

@@CarLifeSG thanks for the reply and link. So I guess there’s no benefits of registering the car under business name... Any idea why some companies can have car expense?

[@keanetan2439]

if u buy under company, better to lease the car than buying on ur own name then can claim as expenses/company benefit

[@salmanmarican7139]

hi can i ask a opinion do you buy a car that is left 2-3 years left or should you buy a car the coe is renewable

[@DawnVengeanceX]

With all these info, what care are u driving op?

[@xsalt123]

can you do a video about changing your car. Eg. Trade in and the value

[@PJWALL89]

Trade in you need to break even first to settle your loan and the balance you can bring forward to new car. Trade in car works the same like sell and buy.

[@123admini2r]

what the dealer is doing, is legal or not ah?

[@CarLifeSG]

To be honest, I have no idea 🤷🏻‍♂️

[@thefungi7795]

DP got what extra meaning ah hahaaha

[@CarLifeSG]

🧐🧐🧐🧐

[@deathism]

11:02 $9k more like $13-14k, bro. hahaha.

[@CarLifeSG]

Hi, at 10:51 I mentioned that you sell your car to a dealer at 60k, and loan outstanding is 69k 😁

[@deathism]

@@CarLifeSG Ahh okay. my bad then. Cant multitask. hahaha,