The 2-year installment plan is cost-effective.

1. Less interest: The shorter repayment period of 2-year installment can complete the repayment faster, and the final interest paid is less. Although the monthly repayment of 3-year installment is lower, The total interest payment will be higher and you will need to bear the burden of a longer repayment period.

2. Faster repayment: A 2-year repayment period allows you to repay debt as quickly as possible and reduce expenses, while a 3-year repayment period requires you to continue bearing the debt burden for a longer period of time.