Buying a 2nd hand car from 1st owner with financing

**tatzkiboy** · August 11th, 2009 12:07 PM

i want to buy a second hand car direct from the owner. but im going to have it bank financed.

Paano yun? Will the bank just give me the cash and ill give it to the first owner tapos bigay ko sa bank yung OR/CR nung CAr?

Yung iba kasi alam ko dealer na naghahandle, but what if 1st owner na private citizen ang kausap. will the bank send a kind of liaison?

Thanks!!

**1D4LV** · August 11th, 2009 12:12 PM

^^alam ko yes.. they will issue you a check named to the owner of the car. tapos susurrender mo sa kanila yung dox mo like DOS/OR/CR. they will also require you to pay the chattel and get insurance from external sources, and bibigay mo din sa kanila yung copy.

**tatzkiboy** · August 11th, 2009 01:10 PM

Originally Posted by 1D4LV

^^alam ko yes.. they will issue you a check named to the owner of the car. tapos susurrender mo sa kanila yung dox mo like DOS/OR/CR. they will also require you to pay the chattel and get insurance from external sources, and bibigay mo din sa kanila yung copy.

OKay!! Salamats!!

But for example the cost of the car is 400k.... can i like take out a loan na 450k? Tapos the 400k goes to the car owner and the 50k goes out for the chattel mortgage and stuff?

What's the best way to go about reserving the car from the owner?

Will i leave a reservation fee sa owner til my bank loan gets approved?

OR

I go to the bank beforehand get approved for say a 400k loan and then shop around later for a seller and then request a check for the owner from the bank?

Thanks!!

**1D4LV** · August 11th, 2009 01:50 PM

^^ang alam ko is that the loanable amount is at most 80% of the value of the car (depende sa bank). i-aappraise pa nila yan before they can give you out the loan. so the rest comes from your pocket.

so at your case: you need to iron out details with the owner, pay reservation fee if necessary, tapos go to the bank for the loan. they will appraise it first and will communicate with you for the appraised value.

lets say the car's selling price is 400k, after appraisal, they find it na the market appraised value is 350k, then 80% of 350k will be your approved loan amount. (again depende sa bangko ito.) the remaining cash outs will be handled by you from your own pocket, which is yung 20% of 350k + yung 50k para maabot yung 400k. tapos sa iyo pa din yung chattel and insurance.

**jeDi13** · August 11th, 2009 02:13 PM

Originally Posted by tatzkiboy

i want to buy a second hand car direct from the owner. but im going to have it bank financed.

Paano yun? Will the bank just give me the cash and ill give it to the first owner tapos bigay ko sa bank yung OR/CR nung CAr?

Yung iba kasi alam ko dealer na naghahandle, but what if 1st owner na private citizen ang kausap. will the bank send a kind of liaison?

Thanks!!

depende sa bank. pero not sure if possible din na ma-loan mo yung buong amount, or even more than the appraised amount. sa real estate kasi minsan hindi lang 80% ang loanable amount, puwedeng 100% or even more pa depende sa credit standing ng applicant. though not sure kung applicable din ito sa cars

regarding placing a reservation fee, i don't think that's advisable, unless you know personally the seller or he/she is a relative.

goodluck in your car purchase and enjoy

**tatzkiboy** · August 14th, 2009 12:26 AM

Heard that banks only loan out for 4 -5 year old cars. Im wondering how do 2nd hand car dealers get some of their 8 yr old cars financed?

**1D4LV** · August 14th, 2009 09:22 AM

Originally Posted by tatzkiboy

Heard that banks only loan out for 4 -5 year old cars. Im wondering how do 2nd hand car dealers get some of their 8 yr old cars financed?

AMA Bank gives out loans for cars 10 years and below.

**xxxbox360** · September 9th, 2009 09:12 PM

i suggest ayusin muna ang application sa bank para sa loan mo.. it takes time kasi to process a loan. pag approove ka na, pwede ka na maghanap ng gusto mo bilhin, kahit sa 2nd hand dealers or private persons pede mo magamit yun.

they will appraise the unit at yung down payment mo at loanable amount depende kung magkano ang sasabihin ng bank. depende kasi yun sa capacity to pay mo ( like kung malaki ba sahod mo, malaki ba ang monthly expenses mo, maganda ba ang cash flow mo sa banko, good credit standing ka ba sa banks, wla ka ba ibang binabayaran na monthly amortization.. lahat yan affects the outcome of your loan.) banko lagi ang may final say kung how much ang loanable amount mo.

i can help you out in getting a loan.. may mga contacts ako sa bank.
i just need your latest 3 mos. bank statement, business name or certificate of employment.

sa comprehensive insurance i can offer you an installment package para di mabigat sa bulsa.

i can also offer you a great deal para well maintained ang car mo..

you may text me at 0917-2573388 or 351-2824

you may also check my new website http://www.truckista.webs.com