I wanna ask, now I got car bank loan with BSN with 3.15%, now i got offer personal loan from Bank Rkyt with 2.66%, so is it wise to get the loan and settle with BSN?

Is there any cons?

personal loan is floating rate?..if floating for sure it will increase when bnm announce opr later

This post has been edited by ccsmka: Jul 13 2020, 12:39 PM

Pay highest interest debts fast and keep money in highest interest pockets. In your case settle higher interest car loan. But check total money to be repaid same or not.

ur car loan installment is combination of loan principal and interests...
not sure why u need to do that...

I made full car loan outstanding. But using my own cash money

Better just continue that car loan as usual. Avoid personal loan

Better use cash full settlement....

Im currently working out my finance to lump sum settle one of my old loan as well

Still left outstanding around rm10-12k

I would if I have the cash to begin with, but no.

No

Interest dah dikira sejak beginning of the loan.

U mean settle ur hire purchase loan? Not worth it, discount very minor..

Car loans / Hire purchase interest is not under reducing balance like housing loans. Even it you full settle now, you would not save a lot on early settlement interest.

Yes but will the lower rates for personal loan safe me money?

Car loan usually interest factored in. So not much savings if settle early, unless bank offered discount.

Yes just minor discount only. But peace of mind. I made full car loan outstanding.

Now ccris record clean. Zero loan. Enjoy simple life

Depends how old your loan is.
If only 2 years left, most interest already paid.

Grats ya

Thats the only Pro of settling car loan early, which is peace of mind.

Some ppl also settle because they need to make a new loan for car or house. Need to free up some ccris

Cant buy peace of mind. But only if got cash money.

Avoid made personal loan to pay car loan

bobi ang say no motivation to work and earn more money

This is a question I was wondering if anyone could give some insight..

Yup agreed the savings is not much, but it would still be a saving rather than paying until the term ends no?

For example: if the monthly installment is RM 600 and remaining 12 months, you would pay RM 7200 but if you settled it would be RM 6900 (maybe, just an example).

If you have an extra 7k lying around (not taking a loan), would you opt for settlement or would you use the 7k for an investment?

just cash settle and dont borrow any more.

Yes agreed. I not yet buy house. Thinking to buy house later

This post has been edited by fiqir: Jul 13 2020, 01:20 PM