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 Car Loan: 6 years or 9 years?, Which will you pick?

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SSJBen
post Feb 20 2020, 07:44 PM

Stars deez nuts.
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QUOTE(JunctionProduce @ Feb 20 2020, 07:25 PM)
A sales person told me nowadays bank only approve min 5 yrs. Cannot be less than that. Anyone can verify?
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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.
SSJBen
post Feb 21 2020, 04:11 PM

Stars deez nuts.
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QUOTE(JunctionProduce @ Feb 20 2020, 08:21 PM)
That is why this question being raised here. I intend to pay 50% down payment.
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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.


QUOTE(ZeneticX @ Feb 20 2020, 08:35 PM)
got 6 years loan? usually is 5 7 or 9 right?
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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
SSJBen
post Feb 21 2020, 04:11 PM

Stars deez nuts.
*******
Senior Member
4,523 posts

Joined: Apr 2006


Double post.

This post has been edited by SSJBen: Feb 21 2020, 04:12 PM
SSJBen
post Feb 21 2020, 04:30 PM

Stars deez nuts.
*******
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4,523 posts

Joined: Apr 2006


QUOTE(JunctionProduce @ Feb 21 2020, 04:14 PM)
Variable type means pay lower interest rate for 1st few yrs then increase? Pls adv.
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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.

 

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