[nikleica]

hi all....

please note that most car loans offered in singapore are "hire purchase loans" and as such are administered under the hire purchase act.

it operates differently from a reducing balance loan which applies to home mortgages.

5.3% APR is considered cheap if you use the Prime Lending Rate as a comparative benchmark.

however, if one uses the deposit rate as a benchmark, you will realise that it might be better to borrow less and use more cash for a car purchase.

sadly enough, most car owners are more likely to be "hirers" than owners. it is almost equivalent to a lease than ownership.