Car Financing.. paano ba?

[rbravo]

paano ba sistema sa financing?let's say a sedan car worth 420k.then magdodown ng 50%.then the rest balance paano babayaran?baka pwede kayong magbigay ng sample computation.

[v6dreamer]

Im no brainer but, I could give some basic info. how to get a better loan. Doing your homework can turn to a peace of mind.

If you have a good credit most likely you can easily get a loan from a bank or any loan institution. Most importantly is to know how much is your annual percentage rate(A.P.R) of the money your borrowing minus your down payment on this it will give you an idea how much is the interest rate. Most likely it can be compounded on a daily, monthly basis or even yearly, you must read all the fine print on your loan statement before signing discuss w/ your loan officer if you have a doubt.

This how to calculate the interest.

Pricipal balance multiflied by the A.P.R= X
X is then divided in year of loan(Ex. 5 years or 60 months) 12 months in a year=Y
Y- is your monthly interest amount.

[chuaed]

punta ka sa dealership na bibilhin mong sasakyan, kausapin mo sales agent, sales professional, marketing professional, and ask for a financing computation.

then go to your bank, or to any bank that offers auto loan and ask them a computation for the kind of car your are interested in purchasing.

[Hanren]

The computation would also slightly vary depending on whether you the vehicle is brand new or second hand.

For more info, visit this thread (though this is only related to car loans from banks) http://tsikot.yehey.com/forums/showthread.php?t=39181

[rayban7g]

paano ba sistema sa financing?let's say a sedan car worth 420k.then magdodown ng 50%.then the rest balance paano babayaran?baka pwede kayong magbigay ng sample computation.

Eto sample:

Unit Price: P 420,000

50% DP: P 210,000

Amount Financed is P 210,000

But then again, monthly term/s will vary if it's payable in 12, 24, 36, 48 or 60 mos.

then the rest balance paano babayaran?

Most in-house financing on car dealers will request first 12 PDC's (Post-Dated Checks) good for 1 year (again depending on the years to pay). Then on the succeeding months (or years), you can also do the same procedure or pay directly to your bank either check or cash (as if you were just paying household bills). On the good side, advancing or updating your payment will reward you a rebate depending on your bank. Adversely, if you defer monthly obligations, then an additional interest/s or miscellaneous will be charge upon late payments as well.

[mazingerZ]

I have been with the auto loan business for a long time, and standard computation would be as follows:

SRP - - - (say Isuzu Sportivo) - - P1,090,000.00
DP (20% at standard) - - - - - - - 218,000.00
Amount Financed (80%) - - - - - - 872,000.00
Term (36 months, or 3 years), Add-
on Rate (this is not the effective rate
at standard) - - - - - - - - - - - - 25.55
Estimated Monthly Installment (EMI)
(AF x 1+AOR)/Term - - - - -- - - - 30,411.00

Please take note that the dealer will also charge other miscellaneous fees such as Chattel Mortgage fees, insurances, etc. And that you should shop for a bank that does not only charge a lower rate vs competition but also is easy to get along with. Otherwise, there are banks which charge a very stiff penalty and mahirap pakiusapan once the deal has been pushed thru. Also take advantage of the freebies that the dealer and the bank may also offer.

Payment schemes also may be in the form of an auto debit agreement or thru pdcs for the entire term. Don't be shy when asking the bank kung confused ka pa kasi once the documentation is already completed tsaka ka magtanong hindi na mababago ang terms and conditions.

HTH, My 2 cents . . .

[CaRGirL]

any private institutions that you would recommend for financing (aside from banks of course)? TIA

[mazingerZ]

any private institutions that you would recommend for financing (aside from banks of course)? TIA

TFS or Primus Credit . .. .

[CaRGirL]

TFS or Primus Credit . .. .

ei thanks! another question, would you know their contact number/s? TIA

[carbomb]

simple lang yan mag walk-in ka lang in any nearest car dealer of your choice then look for a better salesman and waaallllaaa! he can provide you all the things you need. you just sit back, relax and watch him do his thing
believe me coz i have been there during college. nagbigay mother ko ng pera sa kin na kasyang kasyang pang down ng isang sedan. biruin mo ba namang nakakuha ako ng car loan when i was still in college with no permanent job at all? i was still in my sophomore. pumunta lang ako sa union motors caloocan then naghanap ng sales agent then cla na gumawa ng mga documents needed and within 7 days nasa kin na yung first auto ko na gsr color galaxy blue. well, cnagot naman ng mother ko ang monthly medyo mura lang naman kc sasakyan noong 1996

[mazingerZ]

ei thanks! another question, would you know their contact number/s? TIA

TFS - (02) 8588500; Primus - (02) 638-0690. HTH

[cardo]

I have been with the auto loan business for a long time, and standard computation would be as follows:

SRP - - - (say Isuzu Sportivo) - - P1,090,000.00
DP (20% at standard) - - - - - - - 218,000.00
Amount Financed (80%) - - - - - - 872,000.00
Term (36 months, or 3 years), Add-
on Rate (this is not the effective rate
at standard) - - - - - - - - - - - - 25.55
Estimated Monthly Installment (EMI)
(AF x 1+AOR)/Term - - - - -- - - - 30,411.00

Fixed ba ang EMI? Or does it change accordingly? for example bumaba or tumaas ang dollar etc.

[mazingerZ]

Fixed for the entire term ang EMI.

[devdevlin]

personally, the best pa din if you go directly to the banks. they offer lower rates compared to the dealers. experience ko magbbigay nga ng malaki discount ang dealer pag in-house financing, but tatagain ka naman sa monthly amortization. lumalabas, parang babayaran mo din yun discount na binigay nila in the long run.

during my reserch, bpi and metrobank has the lowest rate. give them a shot. it would be best kung may savings account ka sa bank na pag-tatanungan mo coz mas aasikasuhin ka nila kysa walk in na wala ka records.

prepare a checking account din. banks and dealers would require you at least 1 year of PDC's before releasing the unit. be mindful of the added expenses like chattel mortgage, comprehensive insurance, and LTO. with regards to insurance, dapat comprehensive ang kunin mo. banks would not allow you i-finance yun sasakyan pag TPL lang, and every year you are obligated to renew your comprehensive insurance.

eto sample sa tanong mo:
cash price : 420K
50% DP : 210K (in my experience i paid the DP sa dealer. then the bank will issue a purchase order together with the remaining balance. in this example, 210K para mabuo yun 420. in essence, cash buyer ka chief)

chattel mortgage: usually 2-3% of the loan amount. for a loan of 210K, expect something like 4-6K.

comprehensive insurance: the computation will depend on the total amount of the unit. i only have a basis for a car amounting to 800K which is 25K insurance. cguro, expect something like 12-15K.

LTO for 3 years: 6500.

monthly amortization: depende na sa interest rate at length ng loan mo to. for example, 30% for 60 months ganto comuputation.

loan amount x 1.3 / 60 = monthly amortization
210000 x 1.3 / 60 = 4550 pesos/month

[_Qwerty_]

try mo din Banco De Oro.. mababa na rin rates nila ngayon

[shadow]

saka kung kaya mo mag 50% down mas maganda...

[brynlops]

sa TS eto baka makatulong, http://www.amacarloan.com/ contact mu nlng..

[Gecko Guy]

Guys!
This thread has been very helpful to me....me mga side questions lang ako:
1. Yung mga freebies ba eh saan ka makakahingi if bank financing ka? Bank or dealer?
2. Pede ka pa din ba manghingi ng discounts sa dealer kahit bank na gagamitin mo?

Hope you can give some inputs with regrds to this... Salamat po!

gecko guy

[1D4LV]

Guys!
This thread has been very helpful to me....me mga side questions lang ako:
1. Yung mga freebies ba eh saan ka makakahingi if bank financing ka? Bank or dealer? SA DEALER. Nasa kanila yung goods eh.
2. Pede ka pa din ba manghingi ng discounts sa dealer kahit bank na gagamitin mo? Yup

Hope you can give some inputs with regrds to this... Salamat po!

gecko guy

the point is the dealer is the seller, and the bank is the financier. you buy the vehicle, the bank pays it to the dealer and you pay the bank.

kaya lahat ng negotiations (whether freebies or discounts) with regards to the goods (yung oto) is between you and the bank.

[mazingerZ]

1. Well it depends on what freebies you are asking naman. Say free t-shirt or merong ongoing free gas promo ang dealer, then sa dealer ka humingi (di ka naman actually hihingi kung talagang pursigido ang dealer kusang loob nilang ibibigay sa iyo yan). Meron namang freebies ang mga bangko say free gas, dvd player, then naturally sa bank ka hihingi;
3. Discounts, in all honesty, nasa dealer yan, wala sa bangko. Like merong P45,000 discount ngayon ang Mitsubishi for their vehicles. What the bank will document is the selling price less discount multiplied by (1-dp in %);

HTH. . . .