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Old 14-06-2019, 04:30 PM   #5
giraffey
Senior Member
 
Join Date: Sep 2018
Posts: 1,013
Thanks for the reply. Does it affect if I take up a loan of 7 years with no early settlement rebate.. But I sell the car at the 3rd year?
Check the terms on what is meant by no early settlement. In the worst case scenario, if you want to sell before the loan amount is repaid fully, the bank may ask for the full sum with interest even for the remaining loan period.

If the discount is insignificant, might be better to go for a normal car loan (more flexibility) . Sometimes, we could have a scenario such as change of car required where the car needs to be sold earlier than expected.
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