Car Loan Early Settlement Calculation
Car Loan Early Settlement Calculation
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Nov 16 2019, 05:10 PM, updated 5y ago
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#1
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Junior Member
376 posts Joined: Feb 2006 |
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! |
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Nov 16 2019, 05:49 PM
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#2
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Senior Member
1,447 posts Joined: Oct 2010 |
QUOTE(vectorian @ Nov 16 2019, 06:10 PM) 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! $4940 is the rebate u get as a total, from settling early. |
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Nov 16 2019, 05:49 PM
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#3
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Senior Member
3,743 posts Joined: Jan 2003 |
47 bla bla
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Nov 17 2019, 07:48 AM
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#4
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Senior Member
1,189 posts Joined: Nov 2009 From: Johor Bahru |
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. |
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Nov 17 2019, 08:27 AM
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#5
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Junior Member
102 posts Joined: Nov 2008 |
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. |
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Nov 17 2019, 07:19 PM
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#6
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Junior Member
376 posts Joined: Feb 2006 |
Very clear now.. thank you all for the input and clarification.
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Nov 18 2019, 04:39 PM
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#7
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Junior Member
71 posts Joined: Jun 2010 |
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 |
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Nov 18 2019, 07:39 PM
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#8
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Senior Member
2,016 posts Joined: Oct 2014 From: Ipoh,Perak |
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. Answer refer above.Sorry I noob . just to clarify. |
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Nov 18 2019, 08:12 PM
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#9
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Senior Member
1,040 posts Joined: Feb 2011 From: Penang |
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%. |
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Nov 18 2019, 08:28 PM
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#10
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All Stars
11,545 posts Joined: Jan 2003 From: Klang/Subang |
QUOTE(KingArthurVI @ Nov 18 2019, 08:12 PM) Tumpang thread to ask since I have a similar question to TS... Total LoanMy 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%. 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 |
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Nov 18 2019, 10:44 PM
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Senior Member
1,040 posts Joined: Feb 2011 From: Penang |
QUOTE(ceo684 @ Nov 18 2019, 08:28 PM) Total Loan Oh ok thanks for the insight. Didn’t know the EIR is higher. Need to reconsider my options.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. |
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Nov 19 2019, 02:11 PM
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Junior Member
662 posts Joined: Sep 2011 |
Parking here too because planning to full settlement one of my car still left 3 year tenure !!!
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