Bank Loan same as Cash purchase

[IceT]

Hi,

Here's a thought. Isn't buying a car via a bank loan, from the point of view of the Casa, same as buying in cash? The bank will pay the Casa in whole, right? Doesn't this entitle us a better discount?

[_Qwerty_]

yes it is considered as cash purchase..

Casa dont give big discounts / freebies on cash purchases because they dont earn that much. They earn more from in-house financing because of the big interest.

[shadow]

correct ang meron discount eh yun bank, dahil meron pang less sila as agent fee or something sa dealer.

[IceT]

yes it is considered as cash purchase..
Casa dont give big discounts / freebies on cash purchases because they dont earn that much. They earn more from in-house financing because of the big interest.

I understand that. Kaya din I'm opting for the bank loan versus the in-house. Ang medyo malabo lang para sa akin ay kung pwede pa ako humingi ng addtional discount.

correct ang meron discount eh yun bank, dahil meron pang less sila as agent fee or something sa dealer.

Does this mean, that I should talk to Casa first before the bank? I should also assume that I will be paying cash while negotiating with them? Afterwards, I will ask the bank for a loan based on the discounted price already? Pasensya na kung maraming tanong. Gusto ko lang makakuha ng best price at hindi malugi dahil sa hindi ako nagtanong o nag-negotiate ng tama. Thanks.

[shadow]

nope, wala ka pakialam sa usapan ng banko ang dealer. yun discount na sinasabi ko bank makikinabang nun...what ever discount the bank gets from the dealer kita na nila yun, and besides bank directly makikipagusap sa dealer about sa payment

[IceT]

*Sir Shadow, Tama ba intindi ko? Ang bangko na ang nakikipagusap sa dealer for the discount? Pwede ko naman gawin yun. Para ako ang makikinabang ng discount? May kita naman ang bangko sa car loan ko eh. TIA.

[shadow]

Sobrang dali mag car loan ngayon. Parang CC application lang. Generally kung nakakuha ka ng CC pwede ka rin sa car loan

[yebo]

just remember, DO NOT FILL UP ANY LOAN APPLICATION AT THE DEALER! THIS INCLUDES ANY "INFORMATION SHEET" AT THE DEALERS. once you fill up a loan application at the dealer there is a SOP between the banks and dealers that the banks can no longer pre-approve your loan and they will use the "in-house" financing rates. the SOP dictates that once an information sheet is filled out at the dealer (any dealer, any car brand) then the banks can no longer offer you a loan directly. if you make the mistake of filling out a form at ANY dealer before having yourself pre-approved you will need to wait until the application at the dealer has lapsed before you can go to your bank for loan pre-approval. even if you go to another dealer or even another car brand it will still be on record that you had applied for a loan at the dealer and the SOP stays. this period can be anywhere from 3 months to 1 year. so remember ONLY FILL OUT A LOAN APPLICATION AT THE BANK and only after you have applied for pre-approval at your bank do you go to the dealer.

[Jiggs]

* Yebo
WOw that's a very enlightening INFO....ngaun ko lang nalaman yan. A very good tip. Thanks.

[Ronney]

just remember, DO NOT FILL UP ANY LOAN APPLICATION AT THE DEALER! THIS INCLUDES ANY "INFORMATION SHEET" AT THE DEALERS. once you fill up a loan application at the dealer there is a SOP between the banks and dealers that the banks can no longer pre-approve your loan and they will use the "in-house" financing rates. the SOP dictates that once an information sheet is filled out at the dealer (any dealer, any car brand) then the banks can no longer offer you a loan directly. if you make the mistake of filling out a form at ANY dealer before having yourself pre-approved you will need to wait until the application at the dealer has lapsed before you can go to your bank for loan pre-approval. even if you go to another dealer or even another car brand it will still be on record that you had applied for a loan at the dealer and the SOP stays. this period can be anywhere from 3 months to 1 year. so remember ONLY FILL OUT A LOAN APPLICATION AT THE BANK and only after you have applied for pre-approval at your bank do you go to the dealer.

I have experienced this. I filled up an application from the dealer then went direct to psbank. The dealer sent my application to a couple of banks and unfortunately, includes psbank. But it can be done. You just have to write a cancellation letter and thats it. My loan was then processed by psbank directly, not thru the dealer.

[kutangbato]

Sobrang dali mag car loan ngayon. Parang CC application lang. Generally kung nakakuha ka ng CC pwede ka rin sa car loan

yes, i agree.

lalo na this quarter, meron mga quota ang mga bank employees specially sa mga branch officers, they need to reach that....metrobank for example, may mga "car low loan rates promo" plus full tank sila and minsan tinatapatan un rates ng bpi for example if ever kasi they know already na pag kaya iapproved ng bpi they can easily approve it.

PSBank is aggressive in this kind of loan.

BPI on the other hand has the lowest interest rate, so far. Aside from good customer service.

[cathesjohn]

Thanks for your valuable information. You have given a clear information about the bank loan cash purchase.

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