Installment for a second hand car?

**Dragon-** · March 26th, 2017 09:14 AM

Hello, I talked to a seller just recently about a car he is selling. I really liked the car but I haven't seen it in person. I called him yesterday about my interest of buying his car with assistance of taking a loan as I lack around 40-50k. He offered that I can pay the remaining balance by paying monthly installments. How can we proceed with this kind of deal? We agreed to meet first before talking about the papers. And I am here to ask advice on how to procees deals like this. I'd really like to hear from you all.

**dr. d** · March 26th, 2017 09:20 AM

Originally Posted by Dragon-

Hello, I talked to a seller just recently about a car he is selling. I really liked the car but I haven't seen it in person. I called him yesterday about my interest of buying his car with assistance of taking a loan as I lack around 40-50k. He offered that I can pay the remaining balance by paying monthly installments. How can we proceed with this kind of deal? We agreed to meet first before talking about the papers. And I am here to ask advice on how to procees deals like this. I'd really like to hear from you all.

may i inquire, what is the car, po?

**Jesto** · March 26th, 2017 10:09 AM

You can proceed with the purchase and still sign a deed of sale but you can only get the original OR/CR and DOS upon full payment.

This is what we do with our buyers of 2nd hand vehicles on installment. Of course we personally know the buyers. You can talk this with the seller and hopefully you can both agree.

Good luck

Originally Posted by Dragon-

Hello, I talked to a seller just recently about a car he is selling. I really liked the car but I haven't seen it in person. I called him yesterday about my interest of buying his car with assistance of taking a loan as I lack around 40-50k. He offered that I can pay the remaining balance by paying monthly installments. How can we proceed with this kind of deal? We agreed to meet first before talking about the papers. And I am here to ask advice on how to procees deals like this. I'd really like to hear from you all.

**cast_no_shadow** · March 26th, 2017 10:46 AM

I suggest try to come up with the 50K already para tapos na usapan mo with the seller.

Ending kasi a big chunk of money is already with the seller and you will pay in installment the balance yet ano hawak mo? OR/CR still remains with the owner diba? Kasi ako din hindi ko ibibigay unless paid in full na.

Unless gaya sabi sa itaas magkakilala kayo personally and you trust each other.

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**Dragon-** · March 26th, 2017 12:45 PM

Originally Posted by cast_no_shadow

I suggest try to come up with the 50K already para tapos na usapan mo with the seller.

Ending kasi a big chunk of money is already with the seller and you will pay in installment the balance yet ano hawak mo? OR/CR still remains with the owner diba? Kasi ako din hindi ko ibibigay unless paid in full na.

Unless gaya sabi sa itaas magkakilala kayo personally and you trust each other.

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I was thinking about this too. I applied for BDO installment card so that I can loan the 50k, but it will take a month to process. I don't really ask money from my parents too, I don't want to burden them no more so that they won't sap money from me later on.

**RR_22** · March 26th, 2017 10:54 PM

It gets complicated since they have the OR/CR. They may change their mind while you are still paying for the balance.

Agree to settle complete payment instead so both parties are mutually happy.

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**Allan_** · April 12th, 2017 12:22 PM

PAno kung sa bangko ko i-loan yung kulang ko pero sa tao ako bibili ng car? ma approve kaya ako if 100k lang ilo-loan ko?

**shadow** · April 12th, 2017 12:51 PM

Eh di apply mo na lang sa car loan bank second hand car. I think it should not be more than 5 yrnold car.

Yun cash on hand mo ngayon eh di yun na lang equity mo.

Sure ka pa bangko kausap mo hinde n yun seller. Magulo yan kung ako seller bakit Naman ako papayag na hulugan sa akin eh hinde Naman kita Kilala

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**dr. d** · April 13th, 2017 12:52 PM

Originally Posted by Allan_

PAno kung sa bangko ko i-loan yung kulang ko pero sa tao ako bibili ng car? ma approve kaya ako if 100k lang ilo-loan ko?

look for the car. ask seller if he caters to bank loan payment. if yes, go to bank and apply for a loan. (or is the other way around..? apply loan, look for car seller that accommodates bank loan payment.)
the bank will pay the seller in cash. you-the-buyer will pay regular agreed-upon installments to the bank.

banks generally approve only up to 5 year old cars.