Jan 10 2012, 03:25 PM
QUOTE(Kiansom @ Nov 13 2011, 10:54 PM)
Dear buddies, I am familiar with real estate loan but I'm a first time car loaner.
Anyone know how car loan penalty works if I settle them earlier? Say if I have a car loan with loan period of 8years, and would like to settle it after 3 years running.
It appears like noone is able to give me a definite ans.... besides giving me the numbers using a loan settlement calculator!
No, car loan is not housing loan.Anyone know how car loan penalty works if I settle them earlier? Say if I have a car loan with loan period of 8years, and would like to settle it after 3 years running.
It appears like noone is able to give me a definite ans.... besides giving me the numbers using a loan settlement calculator!
You can settle it at anytime.
No penalty and they will give you an early settlement amount which deducted the interest.
Added on January 10, 2012, 3:27 pm
QUOTE(kiddly2 @ Oct 21 2011, 10:01 AM)
how much is the loan interest for used for like 3yrs, 5yrs&7yrs?
any idea?
You also have to take count of the car model.any idea?
If it is Malaysian made then expect up to 5%.
Better resale value car such as Honda and Toyota can fight for lower interest rate.
This post has been edited by luvimp: Jan 10 2012, 03:27 PM
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