Bank Interest Rates for Auto Loans - post Wuhan Virus

**StockEngine** · August 16th, 2020 08:59 PM

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

**ronki** · August 16th, 2020 09:49 PM

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** · August 16th, 2020 09:54 PM

Originally Posted by 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.

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

**carxynogen** · August 16th, 2020 09:56 PM

Originally Posted by StockEngine

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** · August 16th, 2020 09:57 PM

Originally Posted by StockEngine

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** · August 16th, 2020 09:59 PM

Originally Posted by StockEngine

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

22% add on interest rate

**StockEngine** · August 16th, 2020 10:00 PM

Originally Posted by carxynogen

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** · August 16th, 2020 10:11 PM

Originally Posted by boybi

22% add on interest rate

thanks. mukhang masaya ang car shoppers.

**dr. d** · August 16th, 2020 10:40 PM

Originally Posted by StockEngine

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** · August 17th, 2020 01:30 AM

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.