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Latest Car Loan Rate 2012-2021| 2021
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ycs
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 Sep 14 2020, 01:18 PM
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QUOTE(ru40342 @ Sep 6 2020, 06:31 PM) Thanks for your inputs but I wrote wrongly. It is 0.132% per year which is 0.924% if loan for 7 years or 0.66% if loan is 5 years. I can understand the benefits but I think that should be optional. Personally I don't think it is worth it coz the loan period is only few years. For me mrta for mortgage loan makes much more sense coz the loan period is much longer. so, you have to buy insurance to cover the bank's potential loss if the borrower dies; whilst the car legally still belongs to the bank = the bank take no risk at all and borrower pays all costs  |
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ycs
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Sep 14 2020, 01:46 PM
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QUOTE(ru40342 @ Sep 14 2020, 01:29 PM) That's the thing. I think under certain conditions the car will belong to my family if I die or under very specific permanent disabilities but these conditions are basically impossible to meet. I did fight very hard and eventually was able to avoid buying it. I would recommend against such nonsense if other people are offered the same bs thing when they take car loan in the future. its not right cos the bank owns the car until 100% paid up; if borrower defaults, for whatever reason, the bank can repossess the car and sell off to recoup the money same like those mrta etc., |
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ycs
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Sep 14 2020, 02:01 PM
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» Click to show Spoiler - click again to hide... « QUOTE(Buydirect @ Sep 14 2020, 01:52 PM) HP Life, offered by the bank, is an insurance plan to pay off the remaining loan in event of the owner's death or Permanent disability. The ownership of the car will then be passed on to the next of kin /beneficiary named in the policy. Yes, on one hand, it protects the bank's interest, but on the other, it also helps the next of kin, who needs the car as a mode of transport. Would strongly advice to take it, if the car is a family car, often shared by the spouse and/or the spouse stands as a guarantor for the loan. Because in event of the owners' death/permanent disability, the guarantor is liable to settle the loan anyway and such a protection would be a welcome relief. or you can let the bank repossess the car; why pay to cover the banks potential losses since car value depreciates unlike a property do all HP loans require guarantors? |
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ycs
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Feb 5 2022, 11:35 AM
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QUOTE(minizian @ Feb 4 2022, 05:54 PM) Just to share Kuwait Finance House offer 2.79% Loan of RM34k for 5 years for Proton. Currently pending final approval & I am waiting other bank to get back to me. Not sure if this a good deal or its considered very high for a local car...  which car? |
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