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First of all, did they provide u with the complete list of monthly repayment amount over the duration for you to study in detail??The reasoning behind this is that your income will increase over the years. so you can afford to pay higher installment from year to year. It's good if the income grows as per projected.. But then only you know whether this will work.The bad side of it is that the repayment is lower for the 1st 2-3 years. But when you want to sell the car, the outstanding loan balance might still be a lot, depending on the downpayment paid. Will be a pain to still have to top up the balance to sell the car.
First of all, did they provide u with the complete list of monthly repayment amount over the duration for you to study in detail??
The reasoning behind this is that your income will increase over the years. so you can afford to pay higher installment from year to year. It's good if the income grows as per projected.. But then only you know whether this will work.
The bad side of it is that the repayment is lower for the 1st 2-3 years. But when you want to sell the car, the outstanding loan balance might still be a lot, depending on the downpayment paid. Will be a pain to still have to top up the balance to sell the car.
