My 5 Rules of Taking a Car Loan as a Car Enthusiast | EvoMalaysia.com

If you’re a car enthusiast like me, and you wish to enjoy as many cars as possible, here are some rules that I follow when getting car loans to finance my cars. I hope this video helps the car community, and feel free to contact me anytime if you wish to talk more about this!
01:39 - Rule 1: Understanding how interest rates REALLY work
06:41 - Rule 2: Maximum % of your Net Income allocated to finance cars
10:10 - Rule 3: Plan how to sell the car (if you need to let it go)
14:18 - Rule 4: Have a 3 months buffer
15:45 - Rule 5: Have a passive income to finance your cars
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[@jamesongsweehin115]

Always managed my finances well, however, after listening to you and the rest of the gang, I look at car as a sense of enjoyment now, rather that a point A to point B thing. What you share is really good so that people think through you loans...and be prepared for rainy days....

[@ThomasYap]

Yep! It can be a balance between enjoyment and being responsible! Glad you allow yourself to enjoy! After all time cannot be bought with money. So it’s good to spend your time doing what you love too!

[@amirmambo]

Awesome stuff Thomas, information that not everyone have access to especially the younger gen or new car buyers. Keep the good stuff coming man

[@ThomasYap]

Thanks! Hopefully it opens up different angles for others!

[@tommykaira8775]

Something grounded and practical from a car guy.

[@poovaneswaransupramaniam19]

Awesome video thomas... definitely it is the school of thought that i adhere to

[@mystvearn83]

Can you please make a followup video on best strategies on when to displose/sell a car?

[@limpei94]

This is great ! The second points, which many dont follow. 🤣

[@dingweiguan8674]

nowadays, few banks did offer reducing balance method of car loan-variable rate, it can be another better option as well for car enthusiasts.

[@ThomasYap]

Ahh I didn't know that. Nice to know that such solution exist!

[@jarofclay762]

Yeah, just took a loan for a new car with 2% monthly rest loan with RHB. So, if have more money to put in, save even more. Furthermore, there's no lock-in period.

[@waionnw]

Hey Thomas! Like to hear from you about car ownership and tax savings, which may be helpful to some small business owner/ Sole prop.Regards, Jon.

[@hotpeppermovie]

Yo i love this series keep it up and subbed!

[@shahrozekhan2438]

Bro Make some videos For Budget cars also ... Like those who're earning around 5k or below ... The poor ones 😅

[@amirmisnan6211]

Thank you Thomas

[@pratishwarankumaran2444]

An eye-opening vid 🔥

[@dealman3312]

Your hair is really cool 🤙

[@Kujam88]

Buy a m series car. Risk aversion by buying into collectibles :D

[@batosaiken283]

So honest, i love car but car is liability. Focus more on investing on assets such as gold, silver, property, etc.

[@ThomasYap]

Yep.. But it really depends on one's goal. Some people amass so much wealth but never got to enjoy their hobbies or passion. Some people enjoy their passion and hobbies so much they don't have any plans for the future. IMO the key is knowing what you want and finding a balance. AND being happy with whatever you choose.

[@HandsomeBoy99999]

That's the reason ppl do sambung bayar which is "illegal"😂

[@xSoShi]

and mostly sambung bayar, they end up paying 50% more than the car's market value

[@PatrickMariadass]

What do you think about car rental apps like Trevo?

[@gezza1739]

The problem in MY is that you need to be earning a lot in order to own a car

[@ThomasYap]

But it's also not impossible. In the beginning, I used to see RM10k as a lot. Then after I worked hard and take steps to get there. I realize it's not impossible. It gave me the 2nd 3rd 4th wind to go to the next level. Keep dreaming and keep working!

[@ect8565]

racun friends and salesman : 9 yrs loan. buy now, think later. me in my head: its me that's gonna pay the loan not you. enjoy nugget motoring, have fun without giving any shit

[@nlbb373]

U borrow rm100k... Rm2500x9 = rm22500 is your total interest, no more no less. Small amount of rebate if u can repay earlier. So you can't say you're paying 5-8% on the 5-6 years since you make the loan on the first year. Wanna save interest on car loan? Buy cash😂😂