Read before you loan: Balloon Scheme

[ftorres]

Credits to the writer for going down to the details.

Good write-up on the balloon scheme that is used to attract ppl into buying cars at a lower monthly installment. Pls read before you decide to take up this loan.

Morale of the story: Live within your means.

Enjoy reading!

http://www.tzlee.com/blog/?p=1417

[spyder]

Thank you for sharing Bro.

On top of such schemes, $0 down payment, 'rebates' are ways to entice owners to buy the vehicles too bah..

Similar to the ways banks recommend you to take credit loan, take up to 4 times your monthly income and repay over 6-12-24 months, that is where they earn your interests, and they wait for you to default on 1 month and they can slap the minimum penalty and interests..

Whenever possible, make sure always prepare at least additional 10-15% extra monthly on top of your budget when owning a car, servicing, breakdowns, wear and tear sometimes can turn up to a sum too if not prepared.. :)

[OreoChips]

Thanks torres gor for sharing.. yes there is still many chaps out there happily taking up ballon loans without.. errmm.. i like this sentence

"Sorry to burst your balloon! Truth hurts but it’s for your own good."

LoL