First car P350k DP

[arvs18]

im planning to buy my first car in the next months. I can pay a DP of 350k, gusto ko kasi mababa lang ung monthly payment ko. I want a Honda City, how much kaya ung babayaran ko monthly with this budget?

Sir, I suggest mag inquire muna kayo sa preferred Honda Dealership nyo. Then ask for best quotation para sa Honda City E CVT nyo. Pinaka mataas na binigay sa akin as discount sa SRP is 25k para sa E Variant. Baka pwede ka pa humirit nun.

If satisfied ka na sa offer ng dealership. Then hanap ka ng bank with low interest rate or dun nalang sa preferred bank mo, mas maganda if may savings account ka sa bank na yun mas madali approval.

Tapos about sa computation:
804,000 - 25,000 (discount) = 779,000 SRP
779,000 * 0.45 = 350,550 (45% downpayment)
779-000 - 350,550 = 428,450 (loanable amount mo sa bank)
428,450 / 60 (5 years) = 7140.83
7148.83 * 0.28 = 1999.43 (assuming 28% interest rate in 5 years)
7148.83 + 1999.43 = 9148.26 (monthly amortization)

Bali 9148.26 Monthly amortization mo for 5 years

Hanap ka ng bank na makapag bibigay sayo ng mas mababa pang interest rate. may mga banks na 26% below pa.

HTH.

[Egan101]

If you can do a big DP (40-50% of car price), you can lower the number of years to around 3 years. Compare the differences in monthly payments and choose the one that works well with you.

By the way, you have to consider the cost of insurance, LTO registration, and chattel mortgage cost. Some banks only shoulder any one of those costs but not all unless you are able to work out a good deal of sorts.

[Wh1stl3r]

The bigger your DP, the lower the added cost of financing to the selling price. If I could, I would hold off as long as I can to save for a bigger DP and only then will I get a loan for the balance. For me 3 years is the maximum I would get. Better if you could do it in 18 mos to 2 years to minimize financing cost.