Now I’m in a dilemma in this situation. Am about to get a car loan soon.

The actual difference between my 5-year loan monthly repayment and 9-year loan monthly repayment is approximately RM1k.

The interest rate is rather low at about 2.2% to 2.3% after another round of rate cut by the authority.

This is a mixture of both F&F and Finance House topics already.

I have no problem in investing the RM1k into any other investment vehicle which can offset the interest rate payable to the bank, but the uncertainty is how can I max out (what kind of investment other than FD)? 9 years seems a bit too long for us to guesstimate the market and anything can happen within this period.

Appreciate your comments.

Edit: additional question. What's the difference between the car loan you apply yourself and the one your agent applies for you?

If i apply on my own, how do I assign it to my car? lol sorry for the stupid question.


This post has been edited by tehoice: Feb 18 2020, 06:42 PM

Owning few cars before wolith 9 years loan but never kept more than 5 years.trade in or sell

For bumiputera, better take 9 years

The ‘extra’ money you save from the monthly instalment can go into ASB

I bought a car loan 9 years, paid until 5th year end i sold it, not because of the car problem but i would like to have a change. But then i feel that 9 years too draggy. 5 years makes perfect sense. 7 years is too stretch abit for a higher spec car? maybe.

A sales person told me nowadays bank only approve min 5 yrs. Cannot be less than that. Anyone can verify?

What kinda bullcock story is that? I just bought CX5 2.0 GLS on a 3 year loan last month.

That said, I put down 35% downpayment.

That is why this question being raised here. I intend to pay 50% down payment.

got 6 years loan? usually is 5 7 or 9 right?

no rules like that

but officers do prefer longer loan tenure,

though bankers can adjust slightly higher interest for shorter loan tenure, they would still prefer longer ones

salesman mostly just tell the story that suits the bankers to buyers

up to you to pursue another bank or press on your salesman

I bought a car back in 2014 with a loan of 9 years.

Now, I have like 30k outstanding balance with the bank. Anyone know how much discount the bank might give if I plan to do early settlement?

Call the bank. they will give you the estimation

currently serving 5 years loan,
it is painful with very limited cashflow but look forward
you can have less commitment 4 years earlier than others

i guess a few K but less than 5K

Tell that salesman to go eat 2 dicks then.

I was given a choice to choose anywhere between 1 to 9 years of loan, there was no requirement of any type. My loan is from Maybank too btw. My interest rate is also the variable type and not the fixed type rate as well.


Got, you can choose any number between 1 to 9 years. I was given that option.

This post has been edited by SSJBen: Feb 21 2020, 04:12 PM

Double post.

This post has been edited by SSJBen: Feb 21 2020, 04:12 PM

Variable type means pay lower interest rate for 1st few yrs then increase? Pls adv.

6 years is good.

It means the interest rate could go up and down on a year to year basis. Currently my interest rate is only 2.32% and since my loan is only 3 years, the risk I'm taking for it going up or down is only well... 3 years. I doubt in these 3 years the interest rate will shoot up to something retarded like 4 or 5%. Even if it comes to that, then there's much bigger things to worry about than a car loan at that point.

i botted my wife car 50% DP and loan 3 years, end up paying it off in 6 months... got discount lagi.

sini banyak para economist yg bijak lg pandai. ptuihhh