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Monday, January 15, 2018

Cash Back: Not what it seems...

Many people asking about “cash back”.
Actually not really cash back. you paid thru your monthly installment. Eg. Car 103k, your original full loan installment RM1146.

If you Loan 120k to get the cash back, your monthly installment become RM1376 with total interest paid RM28,620 vs 24,565.50. You paid extra RM4,054.50 interest for the cash back.  Or 23.5% interest for RM17,000 cash back.

You paid extra RM230 monthly for the cash back 😰. Ask yourself, Is it worth it?