Many people told me that when you buy a car by installment; by taking bank hire purchase, you are bond to a fixed amount of loan plus interest. That means, you will have no point to make early settlement since its interest won't be reduced. However, few months ago, I just found out this saying is wrong.
Few months ago, I went to a car showroom to have a look at their newly launched model. I was kind of interested, and went deep into negotiation to trade in my current car. They helped me check with the bank for the amount required for early settlement, and it turned out to be quite an amount lower than my current left over loan.
Yesterday, while surfing through net, I happened to come across this website which provides few interesting
calculation tools.
So, if you ever wonder how much will it be the early settlement for your car hire purchase, here's the webpage for you to input your car loan amount, interest rate, installment period, and it will calculate for you: http://www.autoworld.com.my/v2/tools/loan_settlement.asp
You will also notice on top of the webpage, there are few other tools such as Car Insurance Calculator, Road Tax, Loan Payment Calculator, etc.
I think these are important tools for car owners and to-be owners.
(I am not sure if this is applicable to other countries, as this website is mainly for Malaysia.)
Reference:
http://www.autoworld.com.my/v2/tools/loan_settlement.asp
3 comments:
Very fantastic post ever. Car Financing is one of the most common ways for people to buy private vehicles. Thanks for your post which increased my knowledge.
Thanks this made for interesting reading.
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