Auto finance or Bank loan

[tradewind26]

Im thinking about where to get my loan, from bank or Auto finance from car companies. Well they say that from Auto finance, you will get more freebies compare to bank loan. I know i will get more from Auto finance, but is it worth it for the interest. Or is it still better to go for Bank loan.

My concern is do i get this free if i get bank loan? Sorry noob.
LTO
Chattel
Insurace

Thanks sa mga expert

[knight21]

below are usually the standard freebies offered by dealerships on either bank loan or auto loan:
LTO registration
seat cover
car mat
tint

for bank loan medyo malaki yung initial cash out mo because of the insurance and chattel pero mababa yung monthly amortization compared sa inhouse na mababa yung initial cash out mo pero medyo mataas ang monthly amortization.

[wifi21]

Im thinking about where to get my loan, from bank or Auto finance from car companies. Well they say that from Auto finance, you will get more freebies compare to bank loan. I know i will get more from Auto finance, but is it worth it for the interest. Or is it still better to go for Bank loan.

My concern is do i get this free if i get bank loan? Sorry noob.
LTO
Chattel
Insurace

Thanks sa mga expert

Knight21 is right. Going through a bank gives you lower rates than in house. Dealers go to banks as well to support their in house financing. However, the only difference is the rates offered to the client.

LTO registration will be processed by the dealer. Most dealers give you a deal wherein they waive the LTO fees. For chattel, both dealers and banks offer it. Again, the difference is the chattel fees are cheaper if you go to banks than through dealers. For insurance, the bank may refer or will give you a list of their accredited insurance companies/agencies. You may source or canvass your preferred insurance agency to get lower rates. Dealers offer these too.

Most dealers have all-in promos that gives you low downpayment and covers everything - LTO, chattel and insurance. Your monthly amortization, however, will be very high.

If I were you, try to ask for a quotation both on your preferred dealer and bank. Try to compute for the difference in terms of total savings that you will get as a whole -- consider the monthly amortization.

For initial cash out for example, you will get a total of 50k savings from the dealer than your initial cash out with the bank. But for if you sum up the total monthly amortization let's say for 5 years, you will see that the savings that you will get is around 80k. Given the scenario, you will get a total of 30k savings if you go to a bank (that's 80k less 50k).

It's up to you. Think wisely!

[rufoh]

[SIZE=2]same dilemma here ..my first time, my first car and on the budget also.
[/SIZE] [SIZE=2]here are the quotes I got, good deal na po ba ito?
[/SIZE] [SIZE=2]

[/SIZE] [SIZE=2]MODEL UNIT PRICE DP 5 yrs
[/SIZE] [SIZE=2]ALTO DELUXE 0.8L 408,000.00 81,600.00 6,989.31
[/SIZE] [SIZE=2]ALTO STD 0.8L 369,000.00 73,800.00 6,321.22

[/SIZE] [SIZE=2]CELERIO 1.0L AT 569,000.00 113,800.00 9,747.35
[/SIZE] [SIZE=2]CELERIO 1.0L MT 528,000.00 105,600.00 9,044.99

[/SIZE] [SIZE=2]i10 1.2 GLS AT 578,000.00 115,600.00 10,095.73
[/SIZE] [SIZE=2]i10 1.2 GLS MT 538,000.00 107,600.00 9,397.07

[/SIZE] [SIZE=2]GETZ GL 1.1 MT 498,000.00 99,600.00 8,532.00
[/SIZE]

[chyll2]

compute compute compute
compare compare compare

kaya maraming freebies sa auto-finance/in-house financing, kasi malaki talaga yung tubo nila sa interest, meaning yung freebies na nakukuha nyo is babayaran nyo rin later on. wifi21 already stated the important facts. kung mag auto- finance ka, maghabol ka na lang ng mga promos nila.

anyway, mas madali nga lang approval sa auto-financing. (I tried before for a ford fiesta, and I was approved in 3 days)

[999]

[SIZE=2]same dilemma here ..my first time, my first car and on the budget also.
[/SIZE] [SIZE=2]here are the quotes I got, good deal na po ba ito?
[/SIZE] [SIZE=2]

[/SIZE] [SIZE=2]MODEL UNIT PRICE DP 5 yrs
[/SIZE] [SIZE=2]ALTO DELUXE 0.8L 408,000.00 81,600.00 6,989.31
[/SIZE] [SIZE=2]ALTO STD 0.8L 369,000.00 73,800.00 6,321.22

[/SIZE] [SIZE=2]CELERIO 1.0L AT 569,000.00 113,800.00 9,747.35
[/SIZE] [SIZE=2]CELERIO 1.0L MT 528,000.00 105,600.00 9,044.99

[/SIZE] [SIZE=2]i10 1.2 GLS AT 578,000.00 115,600.00 10,095.73
[/SIZE] [SIZE=2]i10 1.2 GLS MT 538,000.00 107,600.00 9,397.07

[/SIZE] [SIZE=2]GETZ GL 1.1 MT 498,000.00 99,600.00 8,532.00
[/SIZE]

hi rufoh
are the units still available in the market?

[jansky]

Fact:Bank finance
= lesser monthly amortization
Initial Cashout = at least 20% of the total amount of the SRP of your dream car, the higher Cashout the lesser the monthly amortization,pde pa umabot ung monthly mo ng 5k depende sa cashout mo


Inhouse
= higher monthly amortization
Initial cashout = pde ka makakuha ng 30k downpayment depende sa promo,


at sinasabi lang ng Inhouse na free ito
- LTO, chattel, INSURANCE
- sinasabi lang nilang free yan to attract buyers,pero kinukuha nila ito sa monthly mo kaya di halata


Standard Freebies
- umbrella, keychain, seatcover, Early Warning device, Tint, mat


kaya may mga nahhatak na sasakyan kasi mataas ung monthly amortization nila

[skyflakes]

we tried in house financing...grabe taas ng c.m..buti na lang di namin tinuloy

[sedemocin]

Fact:Bank finance
= lesser monthly amortization
Initial Cashout = at least 20% of the total amount of the SRP of your dream car, the higher Cashout the lesser the monthly amortization,pde pa umabot ung monthly mo ng 5k depende sa cashout mo


Inhouse
= higher monthly amortization
Initial cashout = pde ka makakuha ng 30k downpayment depende sa promo,


at sinasabi lang ng Inhouse na free ito
- LTO, chattel, INSURANCE
- sinasabi lang nilang free yan to attract buyers,pero kinukuha nila ito sa monthly mo kaya di halata


Standard Freebies
- umbrella, keychain, seatcover, Early Warning device, Tint, mat


kaya may mga nahhatak na sasakyan kasi mataas ung monthly amortization nila

makitanung na po,,gaya ni TS,nag babalak din po ako kumuha ng installment na brandnew car,,palit naman ako ng bago,,di pa ako nakakagamit ng bago talaga,,ask ko po sana kung ano po ang requirements pag bank finance?at lahat po ba ng model un?paturo naman po kung paano ang sistema ng pag aaply ng carloan via bank finance

[skyflakes]

Im thinking about where to get my loan, from bank or Auto finance from car companies. Well they say that from Auto finance, you will get more freebies compare to bank loan. I know i will get more from Auto finance, but is it worth it for the interest. Or is it still better to go for Bank loan.

My concern is do i get this free if i get bank loan? Sorry noob.
LTO
Chattel
Insurace

Thanks sa mga expert

sir ang bpi may auto madness ngayon..try mo

[3ple4]

sir ang bpi may auto madness ngayon..try mo

Current auto loan rates from banks for one year is around 3.5-4%... pag in-house financing, usually what's the interest rate? I've never tried in-house financing, palagi kasi kami sa bank.

[Janah]

Same lng halos, kaso sa bank malaki ung downpayment. But meron ako nakita na lending company, which is Capitalife Lending Inc. Kumuha ko ng car loan sakanila.. meron na din silang mga cars na inooffer and No downpayment pa.. ung car na kinuha ko is Chevrolet Spark 2011, almost 15k lng ung month payment ko for 3yrs. Tapos included na dun ung Insurance saka LTO reg for 3 yrs.