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?
Cons of finishing car loan early?
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 Jul 13 2020, 12:37 PM, updated 6y ago
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#1
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Senior Member
5,170 posts Joined: Jul 2006 From: /k//k/, /k/undasang   
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Jul 13 2020, 01:04 PM
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#2
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5,170 posts Joined: Jul 2006 From: /k//k/, /k/undasang
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QUOTE(max_cavalera @ Jul 13 2020, 05:01 AM) Better use cash full settlement.... I would if I have the cash to begin with, but no.Im currently working out my finance to lump sum settle one of my old loan as well Still left outstanding around rm10-12k  |
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Jul 13 2020, 01:09 PM
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#3
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5,170 posts Joined: Jul 2006 From: /k//k/, /k/undasang
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QUOTE(TOMEI-R @ Jul 13 2020, 05:07 AM) 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? |
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Jul 13 2020, 08:27 PM
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#4
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5,170 posts Joined: Jul 2006 From: /k//k/, /k/undasang
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QUOTE(cHaRsIeWpAu^^ @ Jul 13 2020, 09:36 AM) if you're dumb to ask question like this, better for you to clear your debt first. And hence, this thread??i've seen many people 'act smart' on leveraging but actually they dont know shit about how interest rate works. |
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