hey all

kelis SG

hi

i would like to know regarding of remaining loan

i bought a car at $50k currently scrap value 38K ....

if i scrap it...do i have to fork out the remainig amount fully or continue on instalment basis...is there an option for the latter one?

ps :pls do no contribute ur advise on my impulsive purchase...mistake happens

Ah Wei SG

Hi,

You bought a kelisa eh? But Kelisa is less than 50k i guess........hmmmmm.

Anyway, if you can let me know your loan amount, loan length, how many months you pay already, what's the interest rate you loan, i believe i could roughly give you a guide.

wbucket SG

I guess you should be able to work something out with the bank. In actual fact, the bank just lend you money......to buy cars. So by scraping, you are like refinacing the loan to a shorter loan period. Might have some penalties, but overall should be lesser than if you would to pay all the installment according to the written period.

Anyway, even cars like Kelisa have value, might want to sell it off as secondhand. Might get back more cash.

LCL SG

You gotta find out what is the full settlment amount with the bank. Minus the scrap value and you will get the amount you must pay the bank.

You may have to take up a seperate bank loan for the amount if u do not have the cash for settlement.

Banks will not allow u to continue on an instalment basis.