Mar 25 2020, 12:14 AM
QUOTE(Liamness @ Mar 25 2020, 12:01 AM)
You are wrong.. let's take car finance for instance..
Your payment schedule and interest is already locked. I.e. the interest is a fixed amount. Even if you paid off earlier, you will still be charged the same amount of interest as somebody who settled your car loan at the end of tenure.
So your theory of accrued interest during moratorium is impossible for car loans at least..
You have not done early settlement before don't you? If done hire purchase early settlement for car hire purchase 3 times already and there's always a rebate for early settlement.Your payment schedule and interest is already locked. I.e. the interest is a fixed amount. Even if you paid off earlier, you will still be charged the same amount of interest as somebody who settled your car loan at the end of tenure.
So your theory of accrued interest during moratorium is impossible for car loans at least..
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