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Vehicle Refinancing: Sample Report

This is a sample of the report you will receive.

Vehicle & Finance Information

Registration Month & Year : 4 / 2003
Starting Month & Year of Existing Finance : 4 / 2003
Loan Quantum : $58000
Total period of loan : 84 months
Interest Rate (Fixed Rate) : 2.3 %

From the above information, we have computed the following :
Remaining period before vehicle COE expires : 101 months
Note: we assume that COE expires 10 years AFTER the Registration Month & Year of the vehicle
Number of months of Loan paid to date : 19 months
Effective Interest Rate (ie monthly rest) : 4.44 % (converted from nominal Fixed Rate of 2.3 % )
Number of remaining months to pay : 65 months
Existing Monthly Installment = : $802

Estimated ** Full settlement amount = $46,496
** You are STRONGLY advised to confirm this amount with your finance company. This calculated amount is derived from the standard case when the loan redemption is based on the common market practice using MAS Rule of 78.

The following projection (See Table 1) shows the various loan periods you can choose in refinancing your vehicle loan

Based on the following 4 factors (projection INVALID otherwise):
1. Existing Remaining Months of Loan : 65
2. Existing Monthly Installment : $802
3. New loan amount : $46,496
4. Interest Rate for new loan : 1.6 %

# Existing Monthly Installment ($802) LESS New Monthly Installment : a POSITIVE number means you pay LESS monthly.

* Existing Remaining Total Installment ($52,107 ##) LESS New Total Installment. A POSITIVE number means there is savings.
## Existing Monthly Installment ($802) x Remaining Months (65) = $52,107

Table 1

S/N	New Months of Loan	New Monthly Installment ($)	Monthly Installment Savings # ($)	New Total Installment ($)	Savings * ($)	Remarks
1	53	939	-138	49,782	2,325
2	54	923	-121	49,844	2,263
3	55	907	-106	49,906	2,201
4	56	892	-91	49,968	2,139
5	57	878	-76	50,030	2,077
6	58	864	-62	50,092	2,015
7	59	850	-48	50,154	1,953
8	60	837	-35	50,216	1,891
9	61	824	-23	50,278	1,829
10	62	812	-10	50,340	1,767	Similar Monthly Installment $812 But You Enjoy 1. Shorter Repayment Period of 62 months 2. Saving In Interest $1,767
11	63	800	2	50,402	1,705	Similar Monthly Installment $800 But You Enjoy 1. Shorter Repayment Period of 63 months 2. Saving In Interest $1,705
12	64	788	13	50,464	1,643
13	65	777	24	50,526	1,581	Same Repayment Period of 65 months But You Enjoy: 1. Lower Monthly Installment of $777 2. Savings in Total Interest of $1,581
14	66	766	35	50,588	1,519
15	67	756	46	50,650	1,457
16	68	746	56	50,712	1,395
17	69	736	66	50,774	1,333
18	70	726	75	50,836	1,271
19	71	717	85	50,898	1,209
20	72	708	94	50,960	1,147
21	73	699	103	51,022	1,085
22	74	690	111	51,084	1,023
23	75	682	120	51,146	961
24	76	674	128	51,208	899
25	77	666	136	51,270	837
26	78	658	144	51,332	775
27	79	651	151	51,394	713
28	80	643	158	51,456	651
29	81	636	166	51,518	589
30	82	629	173	51,580	527
31	83	622	179	51,642	465
32	84	616	186	51,704	403
33	85	609	193	51,766	341
34	86	603	199	51,828	279
35	87	596	205	51,890	217
36	88	590	211	51,952	155
37	89	584	217	52,014	93
38	90	579	223	52,076	31	Similar Total Installment $52,076 But You Enjoy Lower Monthly Installment of $579
39	91	573	229	52,138	-31	Similar Total Installment $52,138 But You Enjoy Lower Monthly Installment of $573
40	92	567	234	52,200	-93
41	93	562	240	52,262	-155
42	94	557	245	52,324	-217
43	95	551	250	52,386	-279
44	96	546	255	52,448	-341
45	97	541	260	52,510	-403
46	98	536	265	52,572	-465
47	99	532	270	52,634	-527
48	100	527	275	52,696	-589
49	101	522	279	52,758	-651	Opt for this ONLY if you need to MINIMISE your monthly installment from $802 to $522

Legend :

1. Blue: Breakeven point for Monthly Installment : when the monthly installment is about the same as the Existing Monthly Installment. You pay the same monthly but likely the total period of loan is shorter so you have savings.
2. Brown: No change in financing period as existing loan : You should end up with a lower monthly installment.
3. Red: Breakeven point for Total Savings : compared with the total of what you are paying under the current loan, this package is yields the same total, but you will likely be able to stretch the loan over a longer period.
4. Green: Max period for financing : this stretches the loan as long as possible, to the end of the COE of the vehicle. The monthly installment should be the lowest.
5. Purple: a combination of the above factors.