In here many people saying effective interest rate vs flat rate. But they forget, if you serve the loan follow the loan tenure the effective interest actually do not have any harmful to you. Only if you plan to early settlement. For example, 7 years loan you settle it at 5th years, then you are totally losing. This is where the effective interest rate kick in. Dont keep mention effective interest rate if you are paying installmently follow the loan tenure, no early settlement. 100K 2% 9years it still pay 18K interest for 9 years tenure. But if you do early settlement, the interest you will saving is actually very less. Please using effective interest rate in the right way. haha, it is totally different to house loan. Car loan you do early settlement after paying installment for more then 4 to 5 years is actually not smart.

Sorry, but this suggestion is the most stupid one, this will directly get a big slap by the effective interest rate. haha