Car For Sale w/ Assume Balance.. Gaano kasigurado?

[dbuzz]

^^Thats not a good idea. Never ka dapat magsanla ng property (real estate) for a sake of a car since PROPERTY >>>> CAR... Remember pag nag sanla ka laki ng bawas sa cash loan mo mga halos 20% off yan normally since insurance yun ng pawnshop from credit defaults.... Also mas mataas pa yung interest ng pawnshops kaysa a car loan itself.

Ang tinatawag sa ganyang proceso bro dbuzz is refinancing. This would easier than to assume the balance of the previous loan. Mas konti ang babayaran. Pero the catch here is that your new loan will be treated as a second hand refinancing. Depending upon the appraisal kung magkano ang maavail mo. Like Tidus said, do not pawn your real estate property for the sake of a car. Chattel property holds lesser value versus real estate property over time. Kaya in all honesty I'd rather have the thread starter avail of a brand new auto loan na lang para less hassle and hindi siya ma expose over time sa unnecessary risk.

refinancing nga.. hhmmm


anyway regarding sa sanla ng property, i don't know kung mali lang choice of word ko. (i guess business loan sa banko yun at collateral yung property)

kasi ganito yun.

nangutang sya sa banko at collateral ay bahay at lupa nya at nagpatayo sya ng car wash. then since na maliit lang kailangan nya sa carwash business nya, eh pinambili nya ng rav4 'cash' ang the rest. then may sobra pa to accommodate one secondhand revo. doon nya nabangit na mas ok daw yun mangutang sa banko to buy car kaysa kumuha ng hulugan.

ang pagkabanggit nya kasi "sinanla ko bahay at lupa ko." anyway may existing business din pala sya na tindahan ng gulong.

[mazingerZ]

Well, ang tinutukoy mo bro dbuzz is that meron siyang credit or loan line sa banko using the house and lot as collateral for his business. Drawdowns on the line is only made when the need arises. In this scenario, there is no fix monthly amortization for the principal, only the interest repayment monthly for the due portion of the amount drawn down. Sa kanya dependent ang principal repayment. Pwede rin yan, kasi mas mura ang interest since it is on a diminishing balance computation vis-a-vis regular auto loans which uses the add-on principle (78 method).

[dbuzz]

Well, ang tinutukoy mo bro dbuzz is that meron siyang credit or loan line sa banko using the house and lot as collateral for his business. Drawdowns on the line is only made when the need arises. In this scenario, there is no fix monthly amortization for the principal, only the interest repayment monthly for the due portion of the amount drawn down. Sa kanya dependent ang principal repayment. Pwede rin yan, kasi mas mura ang interest since it is on a diminishing balance computation vis-a-vis regular auto loans which uses the add-on principle (78 method).

ganun ba? anyway di ko alam kung may credit line sya sa banko ang alam ko ngayon lang sya nangutang sa banko at ang pagkasabi pa eh minimum daw ay 3m ang allowed sa kanya. take note "minimum" ha?

so bottom line bro, pag may business ka madali lang mangutang? or magka establish ng credit line sa banko? anyway thanks bro sa info. medyo ot na ako.