Bank quoted HP interest rate for new Perodua
5 years – 3.69%
7 years – 3.54%

I am not sure to take 5 years or 7 years loan. Please help...

Monthly repayment for 7 years loan is around 25% lesser, thus monthly commitment lower but need to pay back extra 2 years.

Would the car 2nd hand value much lower after 7 years compare to 5 years?

Which is better and why?