Best rate for car loan for 5 years?
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 May 28 2024, 09:16 PM
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#1
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Senior Member
5,547 posts Joined: Aug 2011 
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QUOTE(g5sim @ May 28 2024, 03:14 PM) Very good. It's lower than my fix deposit rate. God sent! If I am you I loan 15year take the money n put into deposit 😜🤔 under taking deal with car salesman. LMAO you have no clue how this works do you? A fixed rate loan at 2.5% is more expensive than an FD yielding 4.0%. |
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May 28 2024, 09:56 PM
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#2
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Senior Member
5,547 posts Joined: Aug 2011
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QUOTE(g5sim @ May 28 2024, 09:31 PM) Di count for me genius. The rate for 5y 60k loan at 2.5% VS a 60k 5y FD at 3.3%. If you set up a RM50k monthly rolling FD at 3.3% and withdraw to pay your monthly car installment at 2.5%, you'll exhaust the FD before the car is paid off. I counted 7500RM for 2.5% VS 9900RM 3.3% My calculation below is for my loan at 2.24%, I need an FD of 4.184% to match the car loan interest.  This post has been edited by contestchris: May 28 2024, 10:08 PM yhtan liked this post
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May 28 2024, 10:33 PM
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#3
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5,547 posts Joined: Aug 2011
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QUOTE(fantasy1989 @ May 28 2024, 10:30 PM) i believe he meant keeping that 50k FD untouched then monthly installment with additional cash from else where It's not an apple-to-apple comparison, and you're losing money anyways (the same logic applies to that "cash from elsewhere"). |
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