Bank Interest Rates for Auto Loans - post Wuhan Virus

[StockEngine]

who wants to compute this interest rate..(metrobank)

[ronki]

Sharing my experience.

I asked for bank loans for a Montero this August. Discounted price: 1,552,000

In terms of convenience: (I already know these bank managers beforehand)
RCBC - 1 day approval, even with incomplete documents.
EWB - 1 week approval, even with incomplete documents.
MetroBank - 2 weeks++ approval, with CI, multiple documents required, even a call from our HR. Even though I already provided my COE.

In terms of interest rates at 40% DP:
MetroBank - 22,700
EWB - 23,200
RCBC - 23,700

And I'll say, the 48k total savings for Metrobank (compared to RCBC) is well worth the hassle. Also, I only used VIBER to message the managers.

I only came to Metrobank when everything was ready, opened an account, signed the docs, paid the other fees and PO is released.

[StockEngine]

Sharing my experience.

I asked for bank loans for a Montero this August. Discounted price: 1,552,000

In terms of convenience: (I already know these bank managers beforehand)
RCBC - 1 day approval, even with incomplete documents.
EWB - 1 week approval, even with incomplete documents.
MetroBank - 2 weeks++ approval, with CI, multiple documents required, even a call from our HR. Even though I already provided my COE.

In terms of interest rates at 40% DP:
MetroBank - 22,700
EWB - 23,200
RCBC - 23,700

And I'll say, the 48k total savings for Metrobank (compared to RCBC) is well worth the hassle. Also, I only used VIBER to message the managers.

I only came to Metrobank when everything was ready, opened an account, signed the docs, paid the other fees and PO is released.

I'm getting 17% for 48mo on a sub 1M loan, from Metrobank. Amazing shyt LOL

[carxynogen]

who wants to compute this interest rate..(metrobank)

The interest rate is posted on this URL: Metrobank Car Loan

Ang hindi ko lang sure is if mas mababa paba dyan ang current interest rate ngayong pandemic.

[carxynogen]

I'm getting 17% for 48mo on a sub 1M loan, from Metrobank. Amazing shyt LOL

Im wondering if same interest paba rin ang offer nila ngayong pandemic.
Bumaba na rate ng housing loan kasi, expecting the same for car loan but I might be wrong.

[boybi]

who wants to compute this interest rate..(metrobank)

22% add on interest rate

[StockEngine]

The interest rate is posted on this URL: Metrobank Car Loan

Ang hindi ko lang sure is if mas mababa paba dyan ang current interest rate ngayong pandemic.

yes I mentioned Metrobank. They have somehow adjusted their rates compared to other banks.

BPI is asking 11296 which comparatively high.

[StockEngine]

22% add on interest rate

thanks. mukhang masaya ang car shoppers.

[dr. d]

who wants to compute this interest rate..(metrobank)

that's about 4.5 % per annum or 22.3 % in 5 years, for a 526,400 peso loan.

but this does not include the money that the holder of the 20 % down payment of 131,600 pesos, can generate from it.

the deposit + the monthlies total about 774,000 pesos in all.

[carxynogen]

22% rate for 5 yrs was already the rate of Metrobank when I inquired last December 2019.
Maybe may makapag confirm if may changes ba offer ni metrobank during this pandemic.
Ang confirmed ko lang is ang housing loan is nagbabaan na ang rates.

[dr. d]

i wonder,
are these rates just covid season-specific, or are they going to be the rates until the entire loan is paid up?

[kagalingan]

sa kotse masyado na matagal maghulugan ng tatlong taon.

Kung kaya naman icash or one year bayaran na lahat or the most two years.

Wag nyo masyado patubuin bangko.

[carxynogen]

i wonder,
are these rates just covid season-specific, or are they going to be the rates until the entire loan is paid up?

Pag-ibig offered a lower rate that we can avail until December 2020.
Yan din ang suggestion ng BSP that it is the best time to avail home loan due to low interest rate due to pandemic daw.

Sa Home loan, may option ka kasi to select fix rate of 1,3,5,10 yrs.
After that selected fixed year rate, magbase na sa current market rate yung repricing sa home loan mo.

Not sure nga lang if included yung auto loan sa pag baba ng rates ngayong pandemic.

[StockEngine]

22% rate for 5 yrs was already the rate of Metrobank when I inquired last December 2019.
Maybe may makapag confirm if may changes ba offer ni metrobank during this pandemic.
Ang confirmed ko lang is ang housing loan is nagbabaan na ang rates.

Afaik it was always been over 23% for most banks. Maybe it was a year ender rate?

Pag-ibig offered a lower rate that we can avail until December 2020.
Yan din ang suggestion ng BSP that it is the best time to avail home loan due to low interest rate due to pandemic daw.

Sa Home loan, may option ka kasi to select fix rate of 1,3,5,10 yrs.
After that selected fixed year rate, magbase na sa current market rate yung repricing sa home loan mo.

Not sure nga lang if included yung auto loan sa pag baba ng rates ngayong pandemic.

There is some prediction BSP will cut rates further...

[StockEngine]

sa kotse masyado na matagal maghulugan ng tatlong taon.

Kung kaya naman icash or one year bayaran na lahat or the most two years.

Wag nyo masyado patubuin bangko.

I remember you were for borrowing. Ngayon first time seeing "cash" purchase suggestion.

[uls]

sa panahon ngayon prove niyo muna sa bangko na stable ang income niyo bago kayo ma-aaprove for loan

sa dami ng nawawalan ng trabaho ngayon what makes you so sure you'll still have a job in the next 12 to 36 months?

[dr. d]

sa kotse masyado na matagal maghulugan ng tatlong taon.

Kung kaya naman icash or one year bayaran na lahat or the most two years.

Wag nyo masyado patubuin bangko.

"no choice. all we can afford is the 60-month plan."
heh heh.

once upon a time, buying on installment was akin to making a pact with the devil.
"if you can't afford cash, you have no right..."

[dr. d]

sa panahon ngayon prove niyo muna sa bangko na stable ang income niyo bago kayo ma-aaprove for loan

sa dami ng nawawalan ng trabaho ngayon what makes you so sure you'll still have a job in the next 12 to 36 months?

it's always been like that.
tongue in cheek, "the bank will grant loans only to those who do not really need them."
heh heh.

[yapoy86]

"no choice. all we can afford is the 60-month plan."
heh heh.

once upon a time, buying on installment was akin to making a pact with the devil.
"if you can't afford cash, you have no right..."

ok din yan kumuha ng hulugan.. lalo na kung yung model na kukunin mo ay hindi pa proven sa market or bagong labas na model... para pag sakaling lemon yung kotse.. pa repo mo na lang.. hehe

[dr. d]

ok din yan kumuha ng hulugan.. lalo na kung yung model na kukunin mo ay hindi pa proven sa market or bagong labas na model... para pag sakaling lemon yung kotse.. pa repo mo na lang.. hehe

heh heh heh.
devious...

sell it at cheap price, as "assume balance".