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 Settle Car Loan, worth to pay in one short?!

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rapple
post Mar 6 2017, 10:04 AM

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QUOTE(heavensea @ Mar 5 2017, 03:13 PM)
My car loan is 7 years, now left around 5. Worth to settle earlier?
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Rule of 78 shows you have paid at least 48% of the 7 year total interest.
rapple
post Mar 6 2017, 06:16 PM

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From: Ipoh,Perak
QUOTE(heavensea @ Mar 6 2017, 06:06 PM)
Which means this is no point for me to settle the car loan earlier?

Btw I thought car laon interest is "already charged" and divided by months/year. Unlike housing loan that we can clear principal amout to reduce interest.
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Yes its charged but interest it's not equally divided into 7 years.

Interest portion is higher at the beginning.
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