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 Car Loan Early Settlement Calculation

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TSvectorian
post Nov 16 2019, 05:10 PM, updated 5y ago

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user posted image

Based on the sample car loan settlement calculator screenshot above, can someone familiar share if the actual early settlement amount for the car loan with the bank is:

[A] RM 52,538.57

or

[B] RM 47,598.57 (RM 52,538.57 - RM 4,940.00)


Thanks so much!
romuluz777
post Nov 16 2019, 05:49 PM

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QUOTE(vectorian @ Nov 16 2019, 06:10 PM)
user posted image

Based on the sample car loan settlement calculator screenshot above, can someone familiar share if the actual early settlement amount for the car loan with the bank is:

[A] RM 52,538.57

or

[B] RM 47,598.57  (RM 52,538.57 - RM 4,940.00)
Thanks so much!
*
Use the figure from (A) as the approx total to pay the bank to settle the loan.

$4940 is the rebate u get as a total, from settling early.

rcracer
post Nov 16 2019, 05:49 PM

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47 bla bla


isr25
post Nov 17 2019, 07:48 AM

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Balance of loan is RM52,538.57 + RM4,940.00 = RM57,478.57

Thus, you pay [A] RM52,538.57 and you save RM4,940 interest from the remaining 39 months.
aperturef1
post Nov 17 2019, 08:27 AM

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Conlanfirm is A 52538, I use the same calculator to check my settlement on my car, this amount is approximate only, bank will give accurate amount.

The 4940 is the rebate if you settle now.
TSvectorian
post Nov 17 2019, 07:19 PM

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Very clear now.. thank you all for the input and clarification.
kevinkit
post Nov 18 2019, 04:39 PM

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I thought rebate for early settlement rebate is very subjective to the bank some might give more , some less.


Sorry I noob . just to clarify.

This post has been edited by kevinkit: Nov 18 2019, 04:40 PM
rapple
post Nov 18 2019, 07:39 PM

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QUOTE(isr25 @ Nov 17 2019, 07:48 AM)
Balance of loan is RM52,538.57 + RM4,940.00 = RM57,478.57

Thus, you pay [A] RM52,538.57 and you save RM4,940 interest from the remaining 39 months.
*
QUOTE(kevinkit @ Nov 18 2019, 04:39 PM)
I thought rebate for early settlement rebate is very subjective to the bank some might give more , some less.


Sorry I noob . just to clarify.
*
Answer refer above.
KingArthurVI
post Nov 18 2019, 08:12 PM

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Tumpang thread to ask since I have a similar question to TS...

My car loan is 5 year @ 2.46% p.a. RM70,000. I'm now at 16 months paid out of the 60 months.

Is settling better or is my money better in an FD account? Since FD is 3.x % right now and my interest is 2.46%.
ceo684
post Nov 18 2019, 08:28 PM

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QUOTE(KingArthurVI @ Nov 18 2019, 08:12 PM)
Tumpang thread to ask since I have a similar question to TS...

My car loan is 5 year @ 2.46% p.a. RM70,000. I'm now at 16 months paid out of the 60 months.

Is settling better or is my money better in an FD account? Since FD is 3.x % right now and my interest is 2.46%.
*
Total Loan
RM70,000.00

Tenure 5 Year(s)

Interest Rate p.a. 2.46%

Monthly Installment Amount
RM 1,310.17

Total Payment
RM 78,610.00

Effective Interest Rate p.a.
4.66%


https://loanstreet.com.my/calculator/flat-t...rest-calculator

car loan EIR is higher than the flat rate quoted

But normally cash in hand is still better for liquidity/emergency purpose.

This post has been edited by ceo684: Nov 18 2019, 08:29 PM
KingArthurVI
post Nov 18 2019, 10:44 PM

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QUOTE(ceo684 @ Nov 18 2019, 08:28 PM)
Total Loan
RM70,000.00

Tenure 5 Year(s)

Interest Rate p.a. 2.46%

Monthly Installment Amount
RM 1,310.17

Total Payment
RM 78,610.00

Effective Interest Rate p.a.
4.66%


https://loanstreet.com.my/calculator/flat-t...rest-calculator

car loan EIR is higher than the flat rate quoted

But normally cash in hand is still better for liquidity/emergency purpose.
*
Oh ok thanks for the insight. Didn’t know the EIR is higher. Need to reconsider my options.
babygrand123
post Nov 19 2019, 02:11 PM

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Parking here too because planning to full settlement one of my car still left 3 year tenure !!!

 

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