The current interest rate for a new national car is 3.88% for 9 years.
I was calculating whether to get a full loan or pay the minimum downpayment, that is about 5k.
After calculating, the difference is not much. If I pay 5k downpayment, I need to pay the installment of $515 a month. If full loan, it's $565 a month. The difference of only $50, my one time night out meal. (meaning, no expensive night out meal anymore, if I buy the car). :P The difference in the interest rate payable is only $1500...not much of 9 long years.
So I guess, I will get the full car loan and use my downpayment money to get the PVC car seat, I have small children, this is a must. The balance of the downpayment must be kept for the insurance. Insurance for new car is very costly leh..$1350 a year; more than $100 a month! My own life insurance is only $888 a year!