How much should I be earning to avail a car or at least get a car loan?

[99moves]

Off topic :
Ahaha, reminds me of my in-laws. Bayad lang sa pag da drive mo, gas at toll eh tulog. Lalo na pag bayaran na sa toll gate, hindi kalansing ng barya na dumudukot ang maririnig mo, kundi hilik. Wahaha.

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Sakin naman mas ok na yan kesa yung mga kasama mo dakdakan ng dakdakan tapos di ka pa makarelate. Feeling ko driver nila ako eh. Parang gusto ko ibangga yung kotse para matahimik ang mga bunganga ng mga animal.

BTT: kung malaki matitipid mo sa pagmomotor kesa commute pwede din yan. Kuha ka ng 2nd hand na maganda pa kundisyon. Bahasin mo na din yung thread tungkol sa mga kupal magmotor para iwas disgrasya.

[_Cathy_]

[COLOR="#008080"]

Cathy naman......

My brother uses that line all the time :bwahaha:

Seriously, it would be better to borrow money from family than a bank. If you are late on payments or worse if you cannot pay at all, the car won't be repossessed and you won't have bad credit record.

If I were earning 20k gross, I would not attempt to loan a car. I will just wait until I can buy in cash or get a company car plan.

[nowitzki41]

Share ko lang, when i bought my own car, inutang ko full payment ng koche ko from my mother. Tapos sya binabayaran ko monthly. Nagkasundo kami sa fixed interest rate wherein, instead of having her money placed in a bank for time deposit at a lower interest rate, pinautang nya sakin. At instead na magloan ako sa bank na di hamak na mataas ang interest rate and not to mention kailangan pa magdownpayment, sya nalang inutangan ko for a much lesser interest. Win-win situation samin dalawa. Wala pa ko nilabas na money for downpayment.

[cast_no_shadow]

Someone posted here sa board na the more you are urged to get a car (financed) the more ka dapat hindi kumuha (thought is something like that)

Yes it's a snakepit, ang dali mag avail ng fianancing without knowing the cons of it.

kaya andameng repo ng banks lalo na yung mga "low downpayments"

[_Cathy_]

Off topic :
Ahaha, reminds me of my in-laws. Bayad lang sa pag da drive mo, gas at toll eh tulog. Lalo na pag bayaran na sa toll gate, hindi kalansing ng barya na dumudukot ang maririnig mo, kundi hilik. Wahaha.

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Pinapabayaran mo driving mo sa in laws mo?

[cast_no_shadow]

Pinapabayaran mo driving mo sa in laws mo?

Siguro what he meant was more of a pabalat ng in-laws man lang sana to offer to share gas/toll expenses.

My in-laws always do that pero syempre when i'm driving for them

I don't accept it, still I appreciate the gesture.

[robgowild]

Ang utang sa parents and grandparents most of the time naka lista sa tubig :bwahaha:

+1000. Hahah. Utang na di na natatapos bayaran,

[jut703]

More than just determining what income level you need to get a car, it's better if you first establish clear action plans for your personal finance. I don't have the luxury of financially comfortable parents so I started from 0, which is why I really value personal financial planning.

First and foremost, as mentioned by yebo, have an emergency fund. General rule of thumb is 6 months worth of expenses.

How do you know how much you spend each month? List it down. Personally, I'm very meticulous about this - I have an app that lists my expenses and all my money in my accounts. But even a good approximate (+/- 10% of actual) is enough to plan your finances.

Once you have your emergency fund, you can start saving up for investment. Since you know your monthly income and you know your monthly expenses, you'll also know your monthly savings. Most people equate it as (income - expenses = savings). I would suggest (income - savings = expenses). What this means is you should "pay yourself" first before spending. It's very easy to overspend, leaving you with no savings. But if you develop the discipline to put aside your savings before you even spend, then you ensure that you're growing your savings consistently over time.

Now, what do you do with your savings? Leaving it in the bank means you'll lose out to inflation. At the very least, put it in a financial instrument that beats inflation over time. Most bank UITFs are able to achieve this. If you have the time and courage, you can also learn how to invest in stocks as these offer better returns.

With your savings and investments properly set up, you can now plan your financial goals. If you wish to have a car, compute how long it would take for you to save up for one. Assuming you save 15k per month and invest this in stocks over the next 3 years, you'll have more or less 600k which is enough to buy a brand new entry-level minicar, or a decent 3 year old subcompact.

Unfortunately, even with a good personal financial plan, your current income is just way to low to achieve your goal of getting a car. I have no dependents but my monthly expenses still exceed 20k per month, and I don't live a particularly extravagant lifestyle. 20k per month gross means a net take-home pay of about 16k per month. Assuming you can live off 10k per month (very difficult), 6k per month of savings will still take 4 years to even afford a 10-year old Vios. Once you do get a car, your expenses will shoot up exponentially. Other forumers have already given you an idea of car-related costs which will be added on top of your existing expenses if you decide to push through with a car.

To sum it up, even with your current income, persevere to set up your emergency and investment funds. At the same time, work on improving your work-related competencies so you can qualify for higher paying jobs. Lastly, be patient. Realistically, I think it'll take around 5 more years for you to increase your income level to that wherein you can comfortably afford a car. Just keep calm and carry on saving, investing, and improving yourself.

[dr. d]

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i shall assume you have enough money for Da Down.
look back this past year.
see how much you were able to put in the bank.
calculate and deduct the monthly car payments.
if you still have 20K that you can comfortably put in the bank, and are sure that you can maintain that habit for the next 5 years..
puede na siguro, for a basic entry level car.
assuming that your driving habits and route are not that outrageous.

another choice would be to get a used car.
with a little luck and lots of prayer and legwork, you might yet score on that used but very good condition car...

btw!!! if you don't have a real garage or private parking in your residence,... forget it. padagdag ka lang ng trapik sa illegal parking mo..

[Yatta]

May article sa Top Gear Philippines magazine (November 2014 issue yata) tungkol sa car loans or specifically on loan defaults. Madalas mga napuputukan diyan yung mga bagong empleyado ng mga BPO.