Jul 26 2009, 10:23 PM
QUOTE(BrotherHoe @ Jul 26 2009, 08:44 AM)
I bought a car cost 30k , so i took up full loan , every month paying 500 for 5 years
but now i`ve got 30k cash in hand , should i pay up all sum or keep the cash and continue installment ?
Car loan aka Hire purchase is not amortized. House Loan aka Mortgage is amortized. In plain English, if you pay the car loan immediately, you still need to pay the interest. It serve no purpose to pay early. Better use your RM 30K for other gain yielding purpose.but now i`ve got 30k cash in hand , should i pay up all sum or keep the cash and continue installment ?
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