Insurance Rebate

[lindavw]

If im going to pay over a bike which is still under instalment but i pay full cash for it, lets say the bike price for instalment is 3307.5 inclusive of 5% interest for 1st yr and 2nd yr... do i need to pay 3307.50 or minus away the 5% interest incurred in the amount meaning i will pay 3k flat instead?

Pls advice.

[Refugee]

interest rebate depends on the place that the hire purchase was taken from.

 

some places have early termination penalty..

some just allow you to rebate the remaining interest and offset the last instalment...

 

hope yours is the latter.

[pyro13]

it depends..normally if 5% no interest as very low