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 Cons of finishing car loan early?

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mushigen
post Jul 13 2020, 05:35 PM

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QUOTE(pisces88 @ Jul 13 2020, 01:23 PM)
Investment, if you know how. If u plan to put in FD, i think also ok. Cos the savings memang around fd rate only.

Another factor is whether u are planning to buy a house or another car soon, then maybe u wanna setttle old loan to free up ur ccris
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If one has only one car loan and planning to buy his first house, say next year, will it be wise to keep paying for the car loan to get better "paying on time" history or do as you say? This is assuming the house loan installment amount is within his capability, even after taking account of his car loan installment.

If he clears off the car loan today and only buys house next year, will there be too little credit history to support his loan application?
mushigen
post Jul 13 2020, 07:32 PM

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QUOTE(pisces88 @ Jul 13 2020, 05:50 PM)
How old is the car loan? I assume already paid few years?
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Paid 2-3 years ady.
mushigen
post Jul 13 2020, 08:05 PM

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QUOTE(pisces88 @ Jul 13 2020, 07:38 PM)
Oh then already got enough record ma..
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This record got "expiry" date or not? Like say if the loan applicant last had a loan 12 months ago.
mushigen
post Jul 13 2020, 08:58 PM

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QUOTE(pisces88 @ Jul 13 2020, 08:12 PM)
Hmm i think u have credit card too right? It should be sufficient as payment record

Hope got banker can answer ur question on the 'expiry' , im not 100% sure.. haha
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TQ for your input, much appreciated.
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