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 Early settlement car loan - how it works?

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romuluz777
post Feb 19 2023, 01:39 PM

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Normally there is no penalty for early settlement. Just a rebate on interest depending on how far along you are with the remaining loan tenure.
romuluz777
post Feb 19 2023, 04:12 PM

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QUOTE(Icehart @ Feb 19 2023, 03:18 PM)
Have to see your agreement.
Mine if settle less than 12 months will incur RM 600 penalty.
*
Yes some banks impose these.
However it is uncommon for regular folks to do early settlement less than 12 mths. Usually its at least 2-3 years onwards..
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