First time buying a car

[poohge123]

Good day to everyone.

Recently, I was in a discussion here at tsikot on whether to buy an Innova or a Fortuner for me, my wife and future kid. I decided on the Innova and learned a few other things to consider when getting a new car and it has greatly helped me. Someone suggested that since it would only be my wife and I plus a baby to just get a sedan and right now I am actually looking to get a vios instead. I got a quote for the Vios A/T E variant and this is how it's broken down.

5,000.00 Downpayment (Refundable or convertible to any accessory for the Vios)
19,370 monthly amortization for 60 months (Bank loan thru BDO)
Free insurance for 1st year
Free tint, seat cover and carpet
Chattel mortgage is covered
LTO Registration covered
5 year warranty

As far as I can tell, i think the deal is pretty good. The only catch is that I am locked in with the car insurance provider choice of BDO until the fourth year of ownership of the car. Another thing is my agent didn't actually specify the free maintenance (labor) for first 5k and 10k. I hope it is part of the deal. Originally I asked for a quote for the same model of Vios in a Toyota dealership near my town and the agent gave me about the same quote. However, one major difference is the 120,000.00+ downpayment for bank financing. So I asked around and my office mate introduced me to his agent and I got this deal. Apparently we are subject to 15% discount on Toyota cars hence the omission of the 120,000.00 downpayment.

If I can provide the necessary documents to the agent on monday, I might be able to drive the new car home by Saturday next week. He can give me an invoice and vehicle delivery note on release of the car. The ORCR (named after me) plus plate number will be available after two weeks he says. I think I tried to cover all bases and ask every question I can think of to make sure my vehicle purchase won't have me regretting my decision because I failed to ask a question or I didn't clarify some details. What do you guys think? Is there anything I am missing or do I take the leap and purchase my very first car?

[StockEngine]

E or XE?

it is abit expensive.. Metrobank and Eastwest will give a lower rate..

[chronicle]

You would paying 1.1m+ for a vios after 5 years.
Try for a bigger down payment.
And yes, malaki interest rate stated above.
Thru dealer yan no and not directly bank?

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[dr. d]

Good day to everyone.

Recently, I was in a discussion here at tsikot on whether to buy an Innova or a Fortuner for me, my wife and future kid. I decided on the Innova and learned a few other things to consider when getting a new car and it has greatly helped me. Someone suggested that since it would only be my wife and I plus a baby to just get a sedan and right now I am actually looking to get a vios instead. I got a quote for the Vios A/T E variant and this is how it's broken down.

5,000.00 Downpayment (Refundable or convertible to any accessory for the Vios)
19,370 monthly amortization for 60 months (Bank loan thru BDO)
Free insurance for 1st year
Free tint, seat cover and carpet
Chattel mortgage is covered
LTO Registration covered
5 year warranty

As far as I can tell, i think the deal is pretty good. The only catch is that I am locked in with the car insurance provider choice of BDO until the fourth year of ownership of the car. Another thing is my agent didn't actually specify the free maintenance (labor) for first 5k and 10k. I hope it is part of the deal. Originally I asked for a quote for the same model of Vios in a Toyota dealership near my town and the agent gave me about the same quote. However, one major difference is the 120,000.00+ downpayment for bank financing. So I asked around and my office mate introduced me to his agent and I got this deal. Apparently we are subject to 15% discount on Toyota cars hence the omission of the 120,000.00 downpayment.

If I can provide the necessary documents to the agent on monday, I might be able to drive the new car home by Saturday next week. He can give me an invoice and vehicle delivery note on release of the car. The ORCR (named after me) plus plate number will be available after two weeks he says. I think I tried to cover all bases and ask every question I can think of to make sure my vehicle purchase won't have me regretting my decision because I failed to ask a question or I didn't clarify some details. What do you guys think? Is there anything I am missing or do I take the leap and purchase my very first car?

sa lyrics na lang ng post ninyo, it is obvious, you are very very excited.
hold your horses for a while. simmer down and think about it for a few weeks. the car ain't going nowhere, and the current conditions of the sale probably won't change for the worse, in the interim.

tama si chronicle.
get the plan with the biggest down payment you are willing to afford.
you will thank yourself later, that you did.

balloon deflator. while the cr may have your name on it, the car is mortgaged. that means, "it ain't really yours until they say it is".
you can't make money by selling it, because it'd be very difficult to sell it for profit.

if i were me, i would make honest computations, if i can comfortably live with what remains of my income, after i fork over the 19,370 kesos monthly.
the internet is full of such computations.
do not fail to consider NEW expenses that non-car owners may not be conscious of... LTO, comprehensive insurance, fuel, oil and maintenance expenses, parking and toll fees, mall expenses and purchases (yes! now that you have a car to haul home all them capitalist goodies...)...

lastly, "san nyo ipaparada?"
heh heh.

happy driving.

[poohge123]

Sobrang halata ba sir excited ako? Hahaha. I see what you're trying to tell me. And in hindsight mejo malaki nga interest nya. I think na offset lang yung utak ko kasi yung unang offer sakin ng Toyota for the same car (vios E variant A/t) was 120k down payment then 19k monthly.

So nung binigay sakin tong recent na deal at 5k DP then 19k monthly. Sa isip isip ko wow what a deal, nawala yung 120k down and I get to keep the 19k monthly. These deals are all thru dealer and not thru bank.

Dapat magtanong muna ako sa bank directly? Hingi na lang na muna ako ng quote sa dealer ko if cash ang ibabayad ko how much ang discount and that is the amount na dadalhin ko sa bank for financing diba?

May paparadahan naman sir, hindi ko sya ilalagay lang sa tabi ng kalsada hehehe

[StockEngine]

Dapat magtanong muna ako sa bank directly? Hingi na lang na muna ako ng quote sa dealer ko if cash ang ibabayad ko how much ang discount and that is the amount na dadalhin ko sa bank for financing diba?

yes! youre in the right direction...though pwede din referrals for preferential rates..

[termenk11]

hi po mga master, pasensya na po sa pag hijack ng thread. Makikisuyo po sana. hingi lang po sana ng recommendation ng 2nd hand na sasakyan. Ang budget ko po is 200k-250k po. Ang purpose po ng sasakyan is for hatid sundo sa school ng anak ko, pang grocery at pang punta ng mall. Taga Carmona po kami. Usually na pupuntahan lang po is within Carmona, Southwoods, Binan, at Sta.Rosa. Automatic po sana since dun po kami sanay ni misis. Gustuhin man po namin ni misis na bumili ng brand new pero hindi pa po namin kaya ang magbayad ng monthly.

Sa ngayon po kasi motor lang ang ginagamit namin. 7 years old na po yung anak namin at lumalaki na. Mejo lumiliit na yung motor namin para sa aming tatlo, lalong lalo na po kapag umuulan. Maraming maraming salamat po sa mga magrereply.

[dr. d]

hi po mga master, pasensya na po sa pag hijack ng thread. Makikisuyo po sana. hingi lang po sana ng recommendation ng 2nd hand na sasakyan. Ang budget ko po is 200k-250k po. Ang purpose po ng sasakyan is for hatid sundo sa school ng anak ko, pang grocery at pang punta ng mall. Taga Carmona po kami. Usually na pupuntahan lang po is within Carmona, Southwoods, Binan, at Sta.Rosa. Automatic po sana since dun po kami sanay ni misis. Gustuhin man po namin ni misis na bumili ng brand new pero hindi pa po namin kaya ang magbayad ng monthly.

Sa ngayon po kasi motor lang ang ginagamit namin. 7 years old na po yung anak namin at lumalaki na. Mejo lumiliit na yung motor namin para sa aming tatlo, lalong lalo na po kapag umuulan. Maraming maraming salamat po sa mga magrereply.

2003 altis.

[loverlionus]

hi po mga master, pasensya na po sa pag hijack ng thread. Makikisuyo po sana. hingi lang po sana ng recommendation ng 2nd hand na sasakyan. Ang budget ko po is 200k-250k po. Ang purpose po ng sasakyan is for hatid sundo sa school ng anak ko, pang grocery at pang punta ng mall. Taga Carmona po kami. Usually na pupuntahan lang po is within Carmona, Southwoods, Binan, at Sta.Rosa. Automatic po sana since dun po kami sanay ni misis. Gustuhin man po namin ni misis na bumili ng brand new pero hindi pa po namin kaya ang magbayad ng monthly.

Sa ngayon po kasi motor lang ang ginagamit namin. 7 years old na po yung anak namin at lumalaki na. Mejo lumiliit na yung motor namin para sa aming tatlo, lalong lalo na po kapag umuulan. Maraming maraming salamat po sa mga magrereply.

Same situation tayo with regards to budget and use. Sakin naman 13 kms lang round trip daily house to school. Internet search pa lang, pero leaning towards the Hyundai Eon, less car pero less mileage din. Looking at less than 50k mileage kasi..

[WersUrShock]

hi po mga master, pasensya na po sa pag hijack ng thread. Makikisuyo po sana. hingi lang po sana ng recommendation ng 2nd hand na sasakyan. Ang budget ko po is 200k-250k po. Ang purpose po ng sasakyan is for hatid sundo sa school ng anak ko, pang grocery at pang punta ng mall. Taga Carmona po kami. Usually na pupuntahan lang po is within Carmona, Southwoods, Binan, at Sta.Rosa. Automatic po sana since dun po kami sanay ni misis. Gustuhin man po namin ni misis na bumili ng brand new pero hindi pa po namin kaya ang magbayad ng monthly.

Sa ngayon po kasi motor lang ang ginagamit namin. 7 years old na po yung anak namin at lumalaki na. Mejo lumiliit na yung motor namin para sa aming tatlo, lalong lalo na po kapag umuulan. Maraming maraming salamat po sa mga magrereply.

Medyo same tayo. 2010, I was looking for an AT car na similar lang din ang usage ng sayo (I drive din sa areas you mentioned). I opted for a Hyundai i10 2010 AT. Nabili ko lang sa OLX, directly sa owner. Ngayon naman I am planning to upgrade kaya naghahanap din ako. Sa budget na sinabi mo, based sa research ko you can go with a Suzuki Celerio or Hyundai Picanto. If sedan, pwedeng Vios, kaso mas older nga lang. Yun lang nagpapagulo sa choices. Haha. Smaller car pero mas bago or bigger pero mas luma.

[momomoira]

Hello. I am planning to buy a 2nd hand car. First time ko po mag drive so I opted for such and maliit lang kasi budget. If ever matuloy, I'll be the 3rd owner na. The unit was repossessed from BDO by the 2nd owner. Hindi po napatransfer ang ownership pero complete naman docs ni seller. Paano po kaya yun, may dapat po ba ko hingin sa seller for security purposes aside from deed of sale? Hindi po kasi ako maalam sa ganito. Thank you very much po.

[_Qwerty_]

the deed of sale must be with you and the 1st owner.. kasi hindi kamo na transfer sa 2nd owner, unless gusto mo pa transfer muna sa kanya (2nd owner) before you do the sale, so ang sale between you and the 2nd owner na lang..

Hello. I am planning to buy a 2nd hand car. First time ko po mag drive so I opted for such and maliit lang kasi budget. If ever matuloy, I'll be the 3rd owner na. The unit was repossessed from BDO by the 2nd owner. Hindi po napatransfer ang ownership pero complete naman docs ni seller. Paano po kaya yun, may dapat po ba ko hingin sa seller for security purposes aside from deed of sale? Hindi po kasi ako maalam sa ganito. Thank you very much po.

[sean-archer]

Hello. I am planning to buy a 2nd hand car. First time ko po mag drive so I opted for such and maliit lang kasi budget. If ever matuloy, I'll be the 3rd owner na. The unit was repossessed from BDO by the 2nd owner. Hindi po napatransfer ang ownership pero complete naman docs ni seller. Paano po kaya yun, may dapat po ba ko hingin sa seller for security purposes aside from deed of sale? Hindi po kasi ako maalam sa ganito. Thank you very much po.

I'm no expert at this technicalities, but personally, I would look for other 2nd hand cars with less hassles and issues. Andami dyan.

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[chronicle]

Hello. I am planning to buy a 2nd hand car. First time ko po mag drive so I opted for such and maliit lang kasi budget. If ever matuloy, I'll be the 3rd owner na. The unit was repossessed from BDO by the 2nd owner. Hindi po napatransfer ang ownership pero complete naman docs ni seller. Paano po kaya yun, may dapat po ba ko hingin sa seller for security purposes aside from deed of sale? Hindi po kasi ako maalam sa ganito. Thank you very much po.

Walk away. Masyado mahaba proseso ng pag transfer from previous owner to bank to second owner to you.



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[WersUrShock]

Hello. I am planning to buy a 2nd hand car. First time ko po mag drive so I opted for such and maliit lang kasi budget. If ever matuloy, I'll be the 3rd owner na. The unit was repossessed from BDO by the 2nd owner. Hindi po napatransfer ang ownership pero complete naman docs ni seller. Paano po kaya yun, may dapat po ba ko hingin sa seller for security purposes aside from deed of sale? Hindi po kasi ako maalam sa ganito. Thank you very much po.

Keep looking. Meron pa diyan na pwedeng ikaw and 2nd owner na less complicated.

[sirkosero]

Hello. I am planning to buy a 2nd hand car. First time ko po mag drive so I opted for such and maliit lang kasi budget. If ever matuloy, I'll be the 3rd owner na. The unit was repossessed from BDO by the 2nd owner. Hindi po napatransfer ang ownership pero complete naman docs ni seller. Paano po kaya yun, may dapat po ba ko hingin sa seller for security purposes aside from deed of sale? Hindi po kasi ako maalam sa ganito. Thank you very much po.

You should have the following docs:

Certificate of foreclosure by the bank
Court documents stating foreclosed property.
Affidavit of surrender (kung surrendered unit sa bank)
Notarized deed of sale ng bank and 2nd owner.
Cancellation of chattel mortgage
Hpg clearance
Deed of sale between you and 2nd owner.

Kailangan mo muna i cancel and mortgage sa registry of deeds. Medyo mahaba proceso at hassle. Then pag cancelled na, punta ka sa LTO kung saan mother file para ichange ownership.

My advise, unless sobrang ganda at sobrang mura ng kotse na yan, walk away. Walk away fast and dont look back. Masyado madami excess baggage yan


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[Zerlate]

ask ko lang po opinion nyo, first time brand new buyer here kaya nangangapa po. Si eastwest bank may offer na discounted chattel mortgage at free first year insurance pero naka lock-in na sa kanila ung remaining 4 years (eastwest insurance brokerage, inc ung ka tie up nila). C metrobank naman free chattel mortgage tapos lock-in din sa kanila ng 5 yrs ung insurance (charter ping an). ok lang kaya na naka lock -in sa bank ung insurance?

[dr. d]

ask ko lang po opinion nyo, first time brand new buyer here kaya nangangapa po. Si eastwest bank may offer na discounted chattel mortgage at free first year insurance pero naka lock-in na sa kanila ung remaining 4 years (eastwest insurance brokerage, inc ung ka tie up nila). C metrobank naman free chattel mortgage tapos lock-in din sa kanila ng 5 yrs ung insurance (charter ping an). ok lang kaya na naka lock -in sa bank ung insurance?

ask for several quotations, po.
using those quotations, add up all the sums of money you will be paying the bank, for all those five years. include easily forgettable costs like chattel, transfer, etc etc.
make a similar sum, for another schedule that allows you to source your insurance from elsewhere.
decide which one comes to the smaller total sum.

be aware that nothing is free, in the auto industry.
but they are very good at squirreling small sums of money into various nooks and crannies of the payment schedules, such that at first look, their offer would seem the cheaper one.
good luck.

[yubby24]

ask ko lang po opinion nyo, first time brand new buyer here kaya nangangapa po. Si eastwest bank may offer na discounted chattel mortgage at free first year insurance pero naka lock-in na sa kanila ung remaining 4 years (eastwest insurance brokerage, inc ung ka tie up nila). C metrobank naman free chattel mortgage tapos lock-in din sa kanila ng 5 yrs ung insurance (charter ping an). ok lang kaya na naka lock -in sa bank ung insurance?

Usually sir sa bank financing ganyan na ang ginagawa nila. Nakalock ka sa insurance nila until matapos ang loan term mo. Free ang first year pero lalabas na mas malaki ang premium mo. Kung gusto mo naman mag-opt out sa insurance nila, kailangan mo bayaran yung 1st year free insurance mo.

BPI ako kumuha ng car loan ganun din ang bigay nila. free chattel, free 1st year insurance pero lock-in sa kanila until matapos loan term ko.

[SelraBeats]

Pano po kapag bumibili ng 2nd hand through facebook/olx? Are there any papers to look out for?