Newbie sa pagbili ng brand new

[Lyle]

Gud day. Planning to get a Toyota Altis 1.6G or Honda City 1.5 VX. I will make a DP of Php280,000. Now I'm not so sure what to do next. Definitely learned from my mistake na wag na magin-house financing kasi I got fooled by low DP then higher interest.

Now, I need help if I should canvass for a good deal sa CASA first before canvassing for a car loan sa mga banks or the other way around. And I hear some of my friends na banko na raw yung pedeng makipagusap, haggle sa preferred mong CASA para hassle free. But is it true mapapamahal ka rin kapag ganito since may cut for sure yung bank?

Can you guys help me as well on how I can get the best deals from CASA? Paano po ba makipaghaggle ng tama? Thank you.

[JX290]

Gud day. Planning to get a Toyota Altis 1.6G or Honda City 1.5 VX. I will make a DP of Php280,000. Now I'm not so sure what to do next. Definitely learned from my mistake na wag na magin-house financing kasi I got fooled by low DP then higher interest.

Now, I need help if I should canvass for a good deal sa CASA first before canvassing for a car loan sa mga banks or the other way around. And I hear some of my friends na banko na raw yung pedeng makipagusap, haggle sa preferred mong CASA para hassle free. But is it true mapapamahal ka rin kapag ganito since may cut for sure yung bank?

Can you guys help me as well on how I can get the best deals from CASA? Paano po ba makipaghaggle ng tama? Thank you.

The best way is always go to your bank first then CASA. Hindi po totoo yung may cut ang bank!

[number001]

Its the car dealer that will ask for D.I. = Dealer's Incentive. This an agreed (bet. buyer, dealer and bank) percent of the interest for the loan amount. Ex. Dealers wants a 0.5% " D.I." and your bank loan interest is 3.5% so it would up as 4.0% total. Most of the time, its the bank that will haggle this on behalf of you.

[miLes]

Gud day. Planning to get a Toyota Altis 1.6G or Honda City 1.5 VX. I will make a DP of Php280,000. Now I'm not so sure what to do next. Definitely learned from my mistake na wag na magin-house financing kasi I got fooled by low DP then higher interest.

Now, I need help if I should canvass for a good deal sa CASA first before canvassing for a car loan sa mga banks or the other way around. And I hear some of my friends na banko na raw yung pedeng makipagusap, haggle sa preferred mong CASA para hassle free. But is it true mapapamahal ka rin kapag ganito since may cut for sure yung bank?

Can you guys help me as well on how I can get the best deals from CASA? Paano po ba makipaghaggle ng tama? Thank you.

find a bank first to finance your car loan. wag na in house financing. accomplish all bank documents, during waiting time for bank approval, coordinate ka na sa dealer if may available unit and color. now you have the option to take comprehensive insurance at the dealer or with any other insurance company or pwede kung sang bank ka nagloan but the bank will require insurance first before the unit can be released from the dealer. once may bank PO na nakuha ang dealer, you can pay the dp, chattel mortgage, lto reg (if hindi free), tpl then drive home the unit

to get the best deal is to canvas. pag bank finance ka usually hindi free ang chattel mortgage, lto reg and insurance. matting and free gas nalang makukuha mo

sa bank, scout around for the lowest interest rates pati narin sa compre insurance. last time i checked bpi may lowest interest rate, bigay sakin 28% for 5 years not sure if ganyan parin rate nila ngayon

[Lyle]

find a bank first to finance your car loan. wag na in house financing. accomplish all bank documents, during waiting time for bank approval, coordinate ka na sa dealer if may available unit and color. now you have the option to take comprehensive insurance at the dealer or with any other insurance company or pwede kung sang bank ka nagloan but the bank will require insurance first before the unit can be released from the dealer. once may bank PO na nakuha ang dealer, you can pay the dp, chattel mortgage, lto reg (if hindi free), tpl then drive home the unit

to get the best deal is to canvas. pag bank finance ka usually hindi free ang chattel mortgage, lto reg and insurance. matting and free gas nalang makukuha mo

sa bank, scout around for the lowest interest rates pati narin sa compre insurance. last time i checked bpi may lowest interest rate, bigay sakin 28% for 5 years not sure if ganyan parin rate nila ngayon

Wow thank you for this. Most of my concerns were answered. Yes, I was informed nga po na kapag bank financing, no more discounts, free lto reg, chattel mortgage etc. Is there a way para makuha ko pa rin tong freebies thru bank financing?

Would this also mean na my only task is go look for a CASA with my available unit of choice and hayaan ko nalang yung bank na makipagusap sa kanila and make the haggle sa freebies? Or should I still be the one to haggle?

Pardon me since I don't see the logic since bank financing would mean at most cases na hindi na ko makakakuha nung freebies na binibigay sa in house financing (free lto, chattel etc). So kapag ako makipaghaggle tapos nalaman nila balak ko magfinance sa bank then what are my chances na may mapapala pa ako sa pakikipagbargain sa CASA.

[jfc168]

Lyle,

You can't rely on the bank to do the negotiating for you. Your interests do not align perfectly with the bank's interests. Ask several dealers for as much cash discounts as you can get.

As someone who just recently purchased a used car through bank financing, I went through the same process as you.

One of the best things you can do for yourself is to get a car loan template online. I used Google, found the Microsoft template and modified it for my use. Just add some of the additional things like Chattel Mortgage, Comprehensive Insurance, etc.

I found out that "free" Chattel Mortgage from dealers is not really free. You pay for it as part of your loan. The Comprehensive Insurance from the dealer is usually P5k more than from Insurance companies themselves.

Ask yourself if getting the other freebies are worth the price. IMO, tint is probably the best freebie you can get.

I compared the brand new auto loan rates from BPI and MetroBank. MetroBank seems to be giving out free money, see the following rates they quoted for me:
24 months - 8.56%
36 months - 8.93%
48 months - 9.13%
60 months - 9.59%

[dumb_bizkit]

Hi Lyle, like you, I was a first time buyer of brand new car. I made different research on the car, dealer, bank and if even computed an estimate of how much my monthly amortization will be. Funny to think, may spreadsheet ako ng different cars aligned with the bank and the interest. I even went to different bank to know their interest and how much pag arrears or one month advance. I negotiated on the free insurance. Since BPI ang bank ko and they have free insurance, they were able to bring the interest down to 24%. after the bank, dealer naman. It's not true na walang freebies. I was able to get multiple quotes from different dealers and told them to give me more discount and freebies. Pagandahan na lang ng deal. I was given a 15k discount, free LTO, tint and other items.

Wow thank you for this. Most of my concerns were answered. Yes, I was informed nga po na kapag bank financing, no more discounts, free lto reg, chattel mortgage etc. Is there a way para makuha ko pa rin tong freebies thru bank financing?

Would this also mean na my only task is go look for a CASA with my available unit of choice and hayaan ko nalang yung bank na makipagusap sa kanila and make the haggle sa freebies? Or should I still be the one to haggle?

Pardon me since I don't see the logic since bank financing would mean at most cases na hindi na ko makakakuha nung freebies na binibigay sa in house financing (free lto, chattel etc). So kapag ako makipaghaggle tapos nalaman nila balak ko magfinance sa bank then what are my chances na may mapapala pa ako sa pakikipagbargain sa CASA.

[dumb_bizkit]

Yes Lyle that's my new ride! more than a month pa lang.

Hi Lyle, like you, I was a first time buyer of brand new car. I made different research on the car, dealer, bank and if even computed an estimate of how much my monthly amortization will be. Funny to think, may spreadsheet ako ng different cars aligned with the bank and the interest. I even went to different bank to know their interest and how much pag arrears or one month advance. I negotiated on the free insurance. Since BPI ang bank ko and they have free insurance, they were able to bring the interest down to 24%. after the bank, dealer naman. It's not true na walang freebies. I was able to get multiple quotes from different dealers and told them to give me more discount and freebies. Pagandahan na lang ng deal. I was given a 15k discount, free LTO, tint and other items.

[Lyle]

Lyle,

You can't rely on the bank to do the negotiating for you. Your interests do not align perfectly with the bank's interests. Ask several dealers for as much cash discounts as you can get.

As someone who just recently purchased a used car through bank financing, I went through the same process as you.

One of the best things you can do for yourself is to get a car loan template online. I used Google, found the Microsoft template and modified it for my use. Just add some of the additional things like Chattel Mortgage, Comprehensive Insurance, etc.

I found out that "free" Chattel Mortgage from dealers is not really free. You pay for it as part of your loan. The Comprehensive Insurance from the dealer is usually P5k more than from Insurance companies themselves.

Ask yourself if getting the other freebies are worth the price. IMO, tint is probably the best freebie you can get.

I compared the brand new auto loan rates from BPI and MetroBank. MetroBank seems to be giving out free money, see the following rates they quoted for me:
24 months - 8.56%
36 months - 8.93%
48 months - 9.13%
60 months - 9.59%

Hello jfc168! Appreciate all your help. Yes, I also agree that tints are the best deal I can get so far. So considering I'll get car loan from a bank, any advice on how I can secure a good deal with the dealer? Kasi diba sir kapag nalaman nila na di ako magin-house financing, hindi nila ako bibigyan ng discount na. I do want the free 3 yrs lto reg.

[chris_d]

Depende rin sa dealer, in my case pina reserve na ng dealer yung unit kahit wala pa approval ng bank, pero direct sa bank(bpi) ako nag loan. Standard freebies ng Honda nakuha ko (tint, floor mat, umbrella, tools) tapos yung 25k discount sa unit. Sa bpiautoloans website lang ako nag apply. Free insurance, pero nde free yung lto, ctpl at mortage fee. Pero compared sa rate ng dealer mas tipid pa rin.

[leodawesome]

Want free insurance from bank P.O? Wait for promos. Meron naman yan yearly. Kaso Tied ka na sa kanila till magmature yung loan mo.

[jfc168]

Lyle,

Perhaps my best advice on finding the best deal is to take your time and talk to as many dealers as you can. If you find a deal that you want, ask the "recommended" dealer/SA to match it. Check the threads in the Toyota and Honda sections to see which are the recommended ones.

I think you'll get the best deal from the Altis because dealers will be more willing to discount an older model. The new Honda City will not get any discounts until much later.

Best of luck to you.

[tr1ck5h07]

1. Find the best loan deal from the banks. Make them compete against each other by showing the loan officer lower deals offered by rival banks. I managed to get the best deal (lowest interest rate, lowest chattel mortgage, and lowest insurance premium) by being shrewd with the loan officers.

2. At the same time, you should also be canvassing the best deals for dealers. If you're interested in newly released models, don't expect a lot of freebies as demand is much higher therefore the dealers can be stingy in giving out freebies.

3. If you're not picky on getting the latest model, you can get massive discounts on end-of-cycle cars as dealers want to get these out their warehouses as soon as possible to make way for the new models. I got 80k discount, a free AVT touchscreen HU with back-up camera, 3M tint, and LTO registration this way.

Good luck on your search!

[Lyle]

Thanks po sa lahat ng nagreply sa thread at nagshare ng inputs. I know what to do now. Excited on my first car purchase.

[glenn manikis]

Bpi gave me 25% 5YRS. One month advance

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[Lyle]

Hi Lyle, like you, I was a first time buyer of brand new car. I made different research on the car, dealer, bank and if even computed an estimate of how much my monthly amortization will be. Funny to think, may spreadsheet ako ng different cars aligned with the bank and the interest. I even went to different bank to know their interest and how much pag arrears or one month advance. I negotiated on the free insurance. Since BPI ang bank ko and they have free insurance, they were able to bring the interest down to 24%. after the bank, dealer naman. It's not true na walang freebies. I was able to get multiple quotes from different dealers and told them to give me more discount and freebies. Pagandahan na lang ng deal. I was given a 15k discount, free LTO, tint and other items.

Hi sir dumb_bizkit. Altis din po ba yung kinuha niyong car? Yung picture niyo kasi hehe. Btw sir naenlighten din ako sa post niyo. At least medyo nakampante ako kahit insurance at free lto reg pede pa rin mabigay as freebie kahit bank financing. Anyway, so canvass muna ako ng bank then casa. Wooo! :D

[macoi14]

Sir try mo bpi. May free insurance sila... ginawa namin. After maaprove ang car loan.Naghanap din kami ng dealer at ang aproach namin sa SA is ganito. Sabi namin ay. Meron na kami approve car loan sa bank. PO na. So anu ang magandang deal ang ibibigay mo. Para sayo na kami kukuwa.. after that binigay na lang namin yung name nung agent sa banko at sila na ang nag usap din...

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[kimbon]

Sir try mo bpi. May free insurance sila... Posted via Tsikot Mobile App

yup may free 1 year comprehensive insurance ang BPI. Tip sa mga spot cash buyer dyan... Once na approved na ang BPI car loan, start paying your due on the 1st month lang then on the 2nd month before the due date pay nyo na lahat ang utang sa bangko. Voila naka save na kayo ng 1 year comprehensive insurance. Saka na lang problemahin ang next year insurance. Bwahahaha

[Lyle]

Sir try mo bpi. May free insurance sila... ginawa namin. After maaprove ang car loan.Naghanap din kami ng dealer at aproach namin sa SA is ganito. Sabi namin ay. Meron na kami approve car loan sa bank. PO na. So anu ang magandang deal ang ibibigay mo. Para sayo na kami kukuwa.. after that binigay na lang namin yung name nung agent sa banko at sila na ang nag usap din...

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Thanks the great tip macoi14. O nga eh, di pa naman ako magaling makipagnegotiate. Btw nagtry ako maginquire sa bpi kanina, the manager gave a me a quote of 26% sa interest. Wala siya binaggit na free insurance though. Then just to share, I also tried sa eastwest and it was disappointing. I didn't like how I was treated nung car loan staff, she even had to refer to me to customer service since she doesn't know how to answer my question. But yeah bottomline, pinahirapan ako sa requirements then the interest was a staggering 32%!

[boytsiks]

Thanks the great tip macoi14. O nga eh, di pa naman ako magaling makipagnegotiate. Btw nagtry ako maginquire sa bpi kanina, the manager gave a me a quote of 26% sa interest. Wala siya binaggit na free insurance though. Then just to share, I also tried sa eastwest and it was disappointing. I didn't like how I was treated nung car loan staff, she even had to refer to me to customer service since she doesn't know how to answer my question. But yeah bottomline, pinahirapan ako sa requirements then the interest was a staggering 32%!

Promo kasi yung free insurance ng BPI on the first year, pero tali ka sa kanila for the duration of the loan. Try asking kung may promo ang bpi.

Try metrobank, mababa ang interest rates nila.

Try to visit as many dealers as possible, tapos compare. Isipin mo lang, its your money, its your call. Wag papadala sa convincing powers ng ahente.