How much should I be earning to avail a car or at least get a car loan?

[Row]

hello!

I am planning to get my own car. I actually created a thread before about 1st car dilemma but then reality bites and through the help of our fellow forumers that I am not yet qualified during that time (i know that i am still quite not yet qualified now).

Here's my old thread:
http://tsikot.com/forums/car-buying-...dilemma-93113/


So how much should i really be earning to be able for me to buy a brand new car without getting worried that I'll be short for the entire month or until the pay day. I mean comfortably getting a car without living poor to the point that you won't be able to enjoy or use your car for out of town trips, can still pay the bills, shop, etc. Right now, I am earning a little over 20k gross.

Thanks!

[cast_no_shadow]

hello!

I am planning to get my own car. I actually created a thread before about 1st car dilemma but then reality bites and through the help of our fellow forumers that I am not yet qualified during that time (i know that i am still quite not yet qualified now).

Here's my old thread:
http://tsikot.com/forums/car-buying-...dilemma-93113/


So how much should i really be earning to be able for me to buy a brand new car without getting worried that I'll be short for the entire month or until the pay day. I mean comfortably getting a car without living poor to the point that you won't be able to enjoy or use your car for out of town trips, can still pay the bills, shop, etc. Right now, I am earning a little over 20k gross.

Thanks!

No exact figure since magkakaiba tayo ng gastos kada buwan.

Deduct your monthly expenses sa net income mo.

Yung difference can it shoulder the monthly amortization? fuel expenses? PMS? repair? parking and toll (if applicable)

[garic]

Here's a rough guide from BPI to find out if you can afford a brand new car based on on gross monthly income, 1st Car Plan

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Here's a rough guide from BPI to find out if you can afford a brand new car based on on gross monthly income, http://www.bpiautoloans.com/pages?page=1st-car-plan

[greenlyt]

you still have to pay for the downpyment of the car kasi AKAIK walang bank na mag finance ng 100%

[1D4LV]

An estimate:

Monthly amortization = 17,000/month
Gasoline = 5,000/month depending on car and route
Parking = 150/day = 3,000 for 20 working days
Tollfees = 300/day * SLEX = 6,000

So for your day to day alone = 31,000.00

Wala ka pang chibog dyan.... So kung ang food expenses mo ay 300/day = 6,000

31,000 + 6,000 = 37,000.00

Other probable costs:

Electricity bill = 3,000
Water = 300.00
Groceries and food = 10,000
Maid = 3,000

= 16,300 + 37,000 = 53,000/mo

Wala pa dyan yung maintenance costs, annual registration costs, insurance, emergency living expenses and recreation.
At 53,000/month costs, you should be making around 70,000/month dahil may taxes and other deductions pa yan. baka kapus pa...

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An estimate:

Monthly amortization = 17,000/month
Gasoline = 5,000/month depending on car and route
Parking = 150/day = 3,000 for 20 working days
Tollfees = 300/day * SLEX = 6,000

So for your day to day alone = 31,000.00

Wala ka pang chibog dyan.... So kung ang food expenses mo ay 300/day = 6,000

31,000 + 6,000 = 37,000.00

Other probable costs:

Electricity bill = 3,000
Water = 300.00
Groceries and food = 10,000
Maid = 3,000

= 16,300 + 37,000 = 53,000/mo

Wala pa dyan yung maintenance costs, annual registration costs, insurance, emergency living expenses and recreation.
At 53,000/month costs, you should be making around 70,000/month dahil may taxes and other deductions pa yan. baka kapus pa...

since wala ka pang anak, wala pa yung other costs dyan like tuition, baon.... and mababa pa yung groceries and food expenses as well as yung electricity bill na nilagay ko dyan sa itaas.

[shadow]

hello!

I am planning to get my own car. I actually created a thread before about 1st car dilemma but then reality bites and through the help of our fellow forumers that I am not yet qualified during that time (i know that i am still quite not yet qualified now).

Here's my old thread:
http://tsikot.com/forums/car-buying-...dilemma-93113/


So how much should i really be earning to be able for me to buy a brand new car without getting worried that I'll be short for the entire month or until the pay day. I mean comfortably getting a car without living poor to the point that you won't be able to enjoy or use your car for out of town trips, can still pay the bills, shop, etc. Right now, I am earning a little over 20k gross.

Thanks!

You still can't afford to own a car.

[Yatta]

Assuming you are approved for a loan, kailangan after mo mabyaran ang monthly amortization, ang matitira pa rin sa iyo eh 80-70% ng sweldo mo. And according to BPI loan calculator, you (and/or spouse) should be earning at least P45,000 a month.

[Syuryuken]

hello!

I am planning to get my own car. I actually created a thread before about 1st car dilemma but then reality bites and through the help of our fellow forumers that I am not yet qualified during that time (i know that i am still quite not yet qualified now).

Here's my old thread:
http://tsikot.com/forums/car-buying-...dilemma-93113/


So how much should i really be earning to be able for me to buy a brand new car without getting worried that I'll be short for the entire month or until the pay day. I mean comfortably getting a car without living poor to the point that you won't be able to enjoy or use your car for out of town trips, can still pay the bills, shop, etc. Right now, I am earning a little over 20k gross.

Thanks!

kulang pa rin

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hello!

I am planning to get my own car. I actually created a thread before about 1st car dilemma but then reality bites and through the help of our fellow forumers that I am not yet qualified during that time (i know that i am still quite not yet qualified now).

Here's my old thread:
http://tsikot.com/forums/car-buying-...dilemma-93113/


So how much should i really be earning to be able for me to buy a brand new car without getting worried that I'll be short for the entire month or until the pay day. I mean comfortably getting a car without living poor to the point that you won't be able to enjoy or use your car for out of town trips, can still pay the bills, shop, etc. Right now, I am earning a little over 20k gross.

Thanks!

kulang pa rin

[99moves]

Ikaw lang makakasagot nyan compute your expenses. For me if you are going to worry about monthly payments or being short on cash somewhere then you cant afford a new car. Tatanda ka lang sa stress. Either increase your income or buy used.

[CVT]

Big picture:

P700K - SRP
less P140K - 20% downpayment
P560K - balance
assuming 6% annual interest / 60 months amortization
P728K - amount to be paid in 60 months

Monthly payments :
P12.1K - 60 equal payments
P5K - gasoline per month
P1.7K - budget of P20K per year for PMS et al
P1.7K - insurance per month

P20.5K - car-related expenses per month (assuming libre parking mo at walang expressway toll)



"The measure of a man is what he does with power" LJIOHF!

25.9K:branch:

[yebo]

as a general rule your loan payments (car, house) should be no more than 25% of your monthly income if you earn below P100k gross. otherwise super tipid living ka, which of course mean you will not enjoy having a car anyways.

[sientobente]

as a general rule your loan payments (car, house) should be no more than 25% of your monthly income if you earn below P100k gross. otherwise super tipid living ka, which of course mean you will not enjoy having a car anyways.

+1
I also follow the same rule. This should be 25% of your net take home pay not your gross income. Assuming it is around 20k, then you can afford 5k for your monthly ammortization for the car(and house).

What I would suggest is to save money na muna for a bigger downpayment which can lower the ammortization to 5k. Since nagiincrease naman ang sweldo every year, then most probably, by then na nakaipon ka na, maluwag na sa iyo yung 5k a month. I think kasya ang mga second hand na kotse for it. But tama din sila sa advice nila, it is not practical, but if it is really what you want, then why not? baka maging motivation mo pa yun pumasok everyday and do better at work to move up, kasi may binabayaran ka na nga. ;)

[EQAddict]

+1
I also follow the same rule. This should be 25% of your net take home pay not your gross income. Assuming it is around 20k, then you can afford 5k for your monthly ammortization for the car(and house).

What I would suggest is to save money na muna for a bigger downpayment which can lower the ammortization to 5k. Since nagiincrease naman ang sweldo every year, then most probably, by then na nakaipon ka na, maluwag na sa iyo yung 5k a month. I think kasya ang mga second hand na kotse for it. But tama din sila sa advice nila, it is not practical, but if it is really what you want, then why not? baka maging motivation mo pa yun pumasok everyday and do better at work to move up, kasi may binabayaran ka na nga. ;)

This is exactly what motivated me to earn more. It was a struggle but i really wanted a car and was at the limit........

Anyway in the end i forced myself to look for (and be qualified for) the best opportunities and grabbed them when i could. That was like 12 years ago...... How time flies.

[rna800]

Depends on the price of the car that you wanna loan.

Pero kung ung nasa 600 to 800k peso range, you should be earning at least 70 to 80k net. Pag 50 to 60k, may chance na baka kulangin ka lalo pag nagsunod sunod ang gastos.

[dos2]

Tiis tiis ka lang muna Row. tama sila na di lang gas ang nilalaklak ng kotse... pati yaman mo.
Luxury talaga ang sasakyan dito sa bansa natin. Its like having coffee daily sa starbucks and ignoring your 3in1 coffee at home.
Kung kaladkarin ka rin (medaling makaladkad sa yaya ng barkada o kamag-anak) mas lagot ka kasi mas dadami ang gala at syempre gastos nyo. May mga cases pa yan na di ka makakatanggi lalu na kung ang nagrerequest eh magulang o malapit na kamaganak o kaibigan tapos ang bayad lang sa gas at toll mo eh kwento.
My suggestion is open an account or a fixed earning fund where you will place your savings to buy your car in the future. One fastrack option is be an entrepreneur para mas mabilis kang makaipon. Sell foods in your office, mag pahulugan ka sa mga kapitbahay mo, or anything na forte mo na may value sa iba.
By the way, don't feel bad if wala ka pang kotse sa ngayon, atleast you are earning 20K per month when most Filipinos are below poverty line.

[BratPAQ]

May mga cases pa yan na di ka makakatanggi lalu na kung ang nagrerequest eh magulang o malapit na kamaganak o kaibigan tapos ang bayad lang sa gas at toll mo eh kwento.

Off topic :
Ahaha, reminds me of my in-laws. Bayad lang sa pag da drive mo, gas at toll eh tulog. Lalo na pag bayaran na sa toll gate, hindi kalansing ng barya na dumudukot ang maririnig mo, kundi hilik. Wahaha.

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[99moves]

Off topic :
Ahaha, reminds me of my in-laws. Bayad lang sa pag da drive mo, gas at toll eh tulog. Lalo na pag bayaran na sa toll gate, hindi kalansing ng barya na dumudukot ang maririnig mo, kundi hilik. Wahaha.

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Sakin naman mas ok na yan kesa yung mga kasama mo dakdakan ng dakdakan tapos di ka pa makarelate. Feeling ko driver nila ako eh. Parang gusto ko ibangga yung kotse para matahimik ang mga bunganga ng mga animal.

BTT: kung malaki matitipid mo sa pagmomotor kesa commute pwede din yan. Kuha ka ng 2nd hand na maganda pa kundisyon. Bahasin mo na din yung thread tungkol sa mga kupal magmotor para iwas disgrasya.

[_Cathy_]

Off topic :
Ahaha, reminds me of my in-laws. Bayad lang sa pag da drive mo, gas at toll eh tulog. Lalo na pag bayaran na sa toll gate, hindi kalansing ng barya na dumudukot ang maririnig mo, kundi hilik. Wahaha.

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Pinapabayaran mo driving mo sa in laws mo?

[_Cathy_]

+1 20k gross is definitely not enough. I don't have monthly car payments yet my parents still shoulder my PMS, Registration and Insurance payments because I can't afford it.

Owning a car is expensive. There's still a lot of cost involved after the purchase as already mentioned PMS(4k), Insurance(20k), Registration(5k), Gas, Parking and Toll)

[CVT]

If your parents are financially capable - borrow money from them and pay them na lang... Even with interest,- you should be better off,- as they are more forgiving and can agree to no interest or interest based on declining balance. Besides,- the money stays in the family.

Banks are loansharks in airconditioned offices, - wearing barong and elegant suits/dresses.

To the common tao, like us, they are necessary evils in our society.



"The measure of a man is what he does with power" LJIOHF!

25.9K:branch: