Help: First time car buyer.

**zeus17** · October 18th, 2007 10:35 AM

Mga Sir bago lang po ako dito and planning to buy my first car.

Pero i am running on a small budget...

Can anyone tell me where i could get a car loan that will not be heavy on my budget..
tpos ung less requirement kasii kakaemploy lng sa akin at fresh grad...
help nmn po...
marikina are po ako..planning to buy an old bug..

**1D4LV** · October 18th, 2007 11:10 AM

Originally Posted by zeus17

Mga Sir bago lang po ako dito and planning to buy my first car.

Pero i am running on a small budget...

Can anyone tell me where i could get a car loan that will not be heavy on my budget..
tpos ung less requirement kasii kakaemploy lng sa akin at fresh grad...
help nmn po...
marikina are po ako..planning to buy an old bug..

not to burst your bubble, but kung fresh grad ka and kaka-employ mo pa lang, you need to build up credit history first which is a pre-requisite ng mga banks offering car loans.

and i think you cannot get an old bug from a bank loan. i think they are limited to cars 5 years and below.

a suggestion, why not borrow money from your parents? or siblings?

**devdevlin** · October 18th, 2007 11:52 AM

Originally Posted by 1D4LV

a suggestion, why not borrow money from your parents? or siblings?

tama to advise na to chief, or why not just save up at wag mo madaliin pag bili ng oto. this way mas mapapalaki mo savings mo and build up your credit history sa bank at the same time. i once read in a magazine, its not the end of the world if you don't buy a car today.

**shadow** · October 18th, 2007 11:57 AM

tama, huwag ka mag madali mag ka kotse...tapos yun bibilhin mo pa is super luma...additional expense yun maintenance.....

**zeus17** · October 18th, 2007 12:14 PM

Originally Posted by shadow

tama, huwag ka mag madali mag ka kotse...tapos yun bibilhin mo pa is super luma...additional expense yun maintenance.....

sir salamat..hehehe kasi po ung work will be transferred to tiendesitas next year e...e kesa sa mag motot o taxi araw arw kasi 3am pasok...better get a car..tama po ba?

been working na din for 2 years pero di pa nag start nang savings hehehe colboy po..
does this change anything?
tingin nio po?

**Syuryuken** · October 18th, 2007 12:29 PM

Kung kaya ba ng bulsa mo ang downpayment, monthly payment, maintenance, gas bakit hindi

**1D4LV** · October 18th, 2007 01:41 PM

Originally Posted by zeus17

sir salamat..hehehe kasi po ung work will be transferred to tiendesitas next year e...e kesa sa mag motot o taxi araw arw kasi 3am pasok...better get a car..tama po ba?

been working na din for 2 years pero di pa nag start nang savings hehehe colboy po..
does this change anything?
tingin nio po?

only you can determine if you really need a car or not. the problem here is how can you buy one? as i've mentioned before, you need to build your credit history first before you can get a car loan and you cannot get a car which is 5 years and older.

so if you would really need one:

a) try to apply. there are certain documents that a bank would require from you like ITRs, COEs, etc. who knows, you might get approved. but i am sure they will not give you out money for a old beetle. probably, a new beetle, they can.

b) now if you would really want to get a cheap car, and the bank would not give you out a loan, then you might want to talk to your parents to loan you money. just ensure you pay them regularly.

c) or.... consider getting a personal loan, NOT A CAR LOAN. imho, PSBank offers as such. Money is withdrawable via ATM card. I think their average is around 100k, which you can use to get your car. Medyo mataas lang interest. I think the interest is 3.5%/month. Pero hassle-free, collateral free.

d) and consider other expenses like repairs, gas, parking, which loads up your monthly budget.

**zeus17** · October 19th, 2007 04:44 AM

Originally Posted by 1D4LV

only you can determine if you really need a car or not. the problem here is how can you buy one? as i've mentioned before, you need to build your credit history first before you can get a car loan and you cannot get a car which is 5 years and older.

so if you would really need one:

a) try to apply. there are certain documents that a bank would require from you like ITRs, COEs, etc. who knows, you might get approved. but i am sure they will not give you out money for a old beetle. probably, a new beetle, they can.

b) now if you would really want to get a cheap car, and the bank would not give you out a loan, then you might want to talk to your parents to loan you money. just ensure you pay them regularly.

c) or.... consider getting a personal loan, NOT A CAR LOAN. imho, PSBank offers as such. Money is withdrawable via ATM card. I think their average is around 100k, which you can use to get your car. Medyo mataas lang interest. I think the interest is 3.5%/month. Pero hassle-free, collateral free.

d) and consider other expenses like repairs, gas, parking, which loads up your monthly budget.

Sir salamat po

**tph** · October 19th, 2007 05:12 AM

bro kung fresh grad ka san ka kukuha ng ITR na isa sa main requirement for an auto loan.

**wildthing** · October 19th, 2007 07:02 AM

^^if you paid your taxes before this April 2007, merun ka ng ITR. Talk to our office HR.

*zeus17,

When you said an "old bug" do you mean a VW bug? Wow that would be great, pero AFAIK the parts are more expensive than an oldschool toyota or mitsubishi.

Alternatively, why not buy an oldschool ride - toyota (dx, starlet, macho machine, celica) or mitsubishi (lancer EL, lancer box type). A running one will be between P30-80K depending on the condition of the vehicle.