QUOTE(gkl83 @ Aug 5 2022, 10:57 AM)
just for asking an opinion for HRV car installment.
typically, u all will go for 5years, 7years or 9years? As concerned of the car maintenance cost and lifespan.
If for local car like Perodua and Proton, i go for 5years as concerned on the part lifespan and durability.
Very much depends on how fluid your cash flow is and how you plan your money.
Two theories
1. Take longest loan possible, because loan interest is very low - cheap.
Can use the money for other investment or business as business loan/personal loan is much higher/expensive
2. Take shortest tenure if you are cash rich and do not want commitment/headache
Some would prefer this route for ease of burden, pay off early then move on to other assets or change car time will have more capital
There is no right or wrong here, all depends on which you prefer.
But if buy H/T, then no need to worry, if buy cold brand, then please don’t drag till 9 years because when maintenance comes, even you want to dispose of the unit, you still need to fork out money to part with it because loan balance is higher than value of the car