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Tsikot Member
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- Oct 2019
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- 1
October 16th, 2019 10:59 AM #1271Good Morning!
May I ask if possible ba ko ma approve for car loan.
Background:
I'm currently employed and in a regular position. 1 year na on December 1.
I live with my relatives for free.
My gross monthly salary ranges from 45-50k a month.
Also, which bank is the best for auto loan in terms of lowest effective interest rate.
Nag checheck ako online thru their website, and I think Metrobank has the lowest monthly amortization.
Also found out the BPI offers free Chattel Mortgage and Free 1 year insurance.
Thank you.
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October 16th, 2019 11:19 AM #1272
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Verified Tsikot Member
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- May 2014
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- 1,318
October 16th, 2019 11:24 AM #1273Lowest offer usually comes from banks you have a pre-existing relationship with so they can give you preferred rates, and not just their "standard rates" as what you find online.
But as previously mentioned by another who commented, though 50k a month ka, how much is left as "savings" currently? Will that be enough for you to pay for amort, maintenance, expenses in running the car while at the same time still having savings for other expenses should they arise (medical, mechanical breakdown/emergency outside of warranty, maintenance of other items not car related)
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Verified Tsikot Member
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- Sep 2016
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October 16th, 2019 11:57 AM #1274You can start applying to the banks which you have accounts with. Most banks now have online application so it should not take much of your time. Just be ready with the usual requirements, (COE, payslips, copy of IDs).
Free 1st year insurance is common but you will be tied to them until your loan ends.
Buying the car is just the first expense. Consider the monthly amorts, gas, parking, toll, maintenance and budget for going out (since when you already have a car, you can go out anytime you want). How much is left from your net after your household expenses and savings is deducted.
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Verified Tsikot Member
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- Oct 2012
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- 4,851
November 18th, 2020 04:06 PM #1275Hi tsikoters, i plan to settle my car loan this year instead of next year and when i asked the bank about my remaining payment they sent me the statement of account summary...
they put a bank service charge of 12k.
Do you happen to encounter this charge when settling your car loan?
Tried to email them and 10 days still no answer, tried to call their customer service they cannot provide me the answer.
I cannot remember before in my ecosport if i have this charge from different bank after settling the car loan.
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November 18th, 2020 04:10 PM #1276
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Verified Tsikot Member
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November 18th, 2020 07:06 PM #1278Thanks for clarifying... parang termination fee ng loan kasi hindi ako tumupad na 3years dapat...
Additional question, im trying to compute if how much interest i’m paying... ito yung payment history...
32,778x22months=721,116
Remaining balance=425,827
Total amount paid=1,146,943(14.6% interest rate)
I remember 18% interest ko for 3years... hindi ba dapat around 12% lang sana yan? 18%/3years... sa feb pa mag start ang 3years payment ko... Pwede ba ito contest?
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Verified Tsikot Member
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November 18th, 2020 08:19 PM #1279That's not how you compute it. Cumulutative interest ang method ng compute dito, not like how you compute annual interest rate sa time deposit or savings account.
Thats why on the start you can see you are paying more interest from your monthly payment amount compared to your principal amount. But as you continue paying interest share paid goes down and your principal amount share paid goes up compared to the previos amount for that monthly payment you made.
Yung sinabi sa iyo na 18% interest for a 3 year loan (I assume this was the sales pitch sa iyo) is basically the simplified way to get from "A to B". So nagloan ka for a 1m amount, at the end of 3rd year, 1,180,000php ang total binayaran mo all in all. Just to simplify it to a layman, but hindi ganun pag compute kasi nga cumulative interest is what actually applied to the loan.
Yung sa compute mo, nalimutan mo add yung OMA payment mo kaya kala mo 14.6%. IF you add the 32,778 OMA payment, makukuha mo yung as per sales pitch sa iyo na over 3 years, 18% interest applied to your 1m loan.
EDIT: re cumulative interest. You can also look at it this way why hindi siya 6% Year on year to get a total of 18% over 3 years.
You can easily see how much interest was charged to you during the first year for when you started with a 1m loan.
Year 1, by the end of year 1, you paid a total interest of 98,181.31php in interest for the 1m amount, of what could be interpreted as an annual interest rate of 9.8% for quick maths. (basing on the feb to feb interest amount paid)
At the start of year 2, you had a remaining principal amount of 672,067.31php that needs to be paid for Year 2 naman.
I know hindi din correct to say 9.8% is what applied kasi nga cumulative interest rate, but hindi ko hawak ngayon yung finance app sa windows 10. May app siya dun for amortization computation of loans to easily get the cumulative rate. Hehe! But it provides a better glimpse lang of how the interest was applied at the start.
Hope that clears it up.
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Verified Tsikot Member
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November 18th, 2020 08:28 PM #1280Thanks!!! Ang pagka intindi ko kasi equal interest rates per annual...pero hindi pala... sige thanks! Settle ko na ito... still 14.6 vs 18% is better...
also, makakaligtas ako sa kanila sa comprehensive insurance nilA, free daw first year pero, nidivide lang sa 3years pala...
Thanks thanks
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