How to sell car with loan remaining 54k(another 3 years left)

[christlikekingdom]

@donkeyhead btw, do provide more insights. Why would you want to restructure your finance?

How much you are roughly making every month? What's your expenditure?

By the way, don't ever compare to others cause everyone is different. I have some friend who actually maxed out their loan, salary come in 15k go out 15k. But apparently they got lucky where their property rent is higher than monthly payment. But always have extra cash for rainy days which is important.

nothing wrong living paycheck to paycheck, 90% of the society is the same. But most importantly after you restructured your finance, what are you gonna do with your money?

Selling off your car now will it help? You mentioned 1.35k, how many % of your salary went into your car? What's the point of selling your car now by reducing your loan to 400-500 but to get another car? Yes, lesser monthly commitment but the amount if about the same. You're only thinking ways to reduce, but why not thinking of increasing your earning?

 

[donkeyhead]

@christlikekingdom My salary after epf/socso/tax, around 5100
My car loans takes up 30% from my gaji bersih.
Apart from car loan, all my expenditures when to bills,food,parents,transportation(petrol n toll). I had extra 300 ringgit.
Previously i got no extra money at all, i achieved it buy downgrading my internet, change my phone line to prepaid, unsubsribe all the unnecessary streaming platform.

If i sell the car,i had extra money 1.6k per month. i plan to clear the loan and credit cards that under akpk. It might take 1 years plus to do that.

About earning extra income, I’m exploring the choices. I did look into freelancing.

 

[christlikekingdom]

@donkeyhead Find out your fixed cost. If those can't be touch then don't.

What's the variables? How can you cut from there? What kind if part time job is able to help you to increase your income? Side gigs, Event organiser part-time, teaching and etc. If you have additional time at night or weekend you can choose so sacrifice some to make additional income.

 

[donkeyhead]

@christlikekingdom Thanks for you input. I really appreciate it. Sorry, i dont understand on the variable part.

For side gig, i plan to do some web development at upwork.

 

[ttyler]

@donkeyhead you can rent it out to a Grab driver, if that helps.

 

[mlorrainee]

@ttyler Too risky. Wear and tear, trust, sustainability etc

 

[idrys]

@ttyler Very risky. Not worth the hassle.

 

[chogaijin]

@donkeyhead What is your car? How old is it?

 

[donkeyhead]

@chogaijin Honda hrv v spec year 2017

 

[christlikekingdom]

@donkeyhead Go carsome and auction off the car, you should be able to get back at least the remaining loan.

Whoever offer below 50k for 2017 HRV, tell them to f off.

Alternatively, you can consider doing grab yourself after work/weekends to cover your car loan. I assume of 9 years loan you're repaying about 1k/month?

 

[donkeyhead]

@christlikekingdom I paid rm1350 per month