Even Lower Auto Insurance Interest Rate | ** An Anonymous Journal **

Saturday, October 17, 2009

Even Lower Auto Insurance Interest Rate

My friend, Terrence, happily informed me that he received an approval for his auto loan and he is now waiting patiently for the delivery of his new car, a Myvi. Terrence told me that his loan is for RM29000 and the loan period is for five years at 3.5% interest rate per annum.

I thought that the interest rate was pretty attractive already thanks to a soft auto market but Terrence said that if he were to buy a car that is not as popular as a Perodua, he would even an even lower interest rate. I think it's true as I saw an advertisement offering only 2.5% per annum but I didn't know why there was such a huge difference.

Even so, Terrence decided to go with the majority of new car purchases. He said that he is afraid that he would encounter problems looking for auto accessories and spare parts some time in the future when his warranty period has expired. Well, that may be true. I wouldn't know since I have never owned a car before.


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