That's why...our gov is making waterfish out of innocent people, who have no idea what they get into when they sign a ridiculous 9 years car loan.

Basically, if you can't afford to pay installment for 4 year loan max, don't buy the car. Wait until you have enough money to put in substantial downpayment.

Car loan is not like housing loan. With housing loan, the more money you dump into it, the less interest you have to pay. If you have enough money, you can just settle the loan without further interest (or some small penalty if you're within the first 3 to 5 years contract period). With car loan, it's fixed. You have to pay your principal loan + interest for the duration of the loan(ex: 9 years). Furtheremore car depreciates every year...but your interests still the same.

by the time you pay off your car loan, your car is worthless junk already. Basically you're stuck with it for the next 9 years...cannot sell unless you're willing to give away your car for FOC and pay another sum to the bank to settle the amount owed.

Welcome to 1Malaysia!

btw, here's something to calculate your car loan settlement. You'll get a rough idea.

https://www.ecloan.com.my/calculator/calcul...asp#calculators

This post has been edited by Matrix: Aug 3 2009, 03:29 PM