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  1. Join Date
    Jan 2016
    Posts
    3,051
    #1281
    Which is why it is better to pay in cash, I assume that kaya mo ipunin ung loan mo earlier than now kasi you even paid interest and the balance of the principal you are paying now is even had higher than what you already paid (maybe, guess lang). So kung dinelay mo lang siguro ng 1 year ang purchase kaya mo na i- cash, plus add to the fact aabutan mo pa siguro ang pandemic discounts, well, even if di mo inabutan, kaya mo pa rin ma cash Kasi I see your posts na may pang invest ka pa sa stocks recently.

    Yan ang katwiran ko sa wife ko, ung babayad natin na interest, yun ang kita ng pera natin, and we don't earn that high an interest rate in any of our placements.

  2. Join Date
    Nov 2019
    Posts
    176
    #1282
    Quote Originally Posted by papi smith View Post
    Which is why it is better to pay in cash, I assume that kaya mo ipunin ung loan mo earlier than now kasi you even paid interest and the balance of the principal you are paying now is even had higher than what you already paid (maybe, guess lang). So kung dinelay mo lang siguro ng 1 year ang purchase kaya mo na i- cash, plus add to the fact aabutan mo pa siguro ang pandemic discounts, well, even if di mo inabutan, kaya mo pa rin ma cash Kasi I see your posts na may pang invest ka pa sa stocks recently.

    Yan ang katwiran ko sa wife ko, ung babayad natin na interest, yun ang kita ng pera natin, and we don't earn that high an interest rate in any of our placements.
    I have the same justification on why I paid in cash rather than pay some of the amount via bank loan.
    Ang ginawa ko nalang ngayon is supposedly the monthly that I should have paid to the bank, dineduct ko nalang monthly sa salary ko at transfer it to my other bank account na hindi nagagalaw.

    In 3 yrs, I will be getting back what I should have loaned to the bank.
    Plus, I earned the interest which is supposedly makuha sana ng bank.

  3. Join Date
    Oct 2012
    Posts
    3,719
    #1283
    Quote Originally Posted by papi smith View Post
    Which is why it is better to pay in cash, I assume that kaya mo ipunin ung loan mo earlier than now kasi you even paid interest and the balance of the principal you are paying now is even had higher than what you already paid (maybe, guess lang). So kung dinelay mo lang siguro ng 1 year ang purchase kaya mo na i- cash, plus add to the fact aabutan mo pa siguro ang pandemic discounts, well, even if di mo inabutan, kaya mo pa rin ma cash Kasi I see your posts na may pang invest ka pa sa stocks recently.

    Yan ang katwiran ko sa wife ko, ung babayad natin na interest, yun ang kita ng pera natin, and we don't earn that high an interest rate in any of our placements.
    Thanks bruh... if i just saw this pandemic coming baka nga idelay ko kasi less travel ngayon... tapos dumating pa yung bagong mux... car loancar loancar loan naka eps na... pambihira. Pero next time na cash na ako kay telluride... car loancar loancar loan


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  4. Join Date
    May 2014
    Posts
    966
    #1284
    Quote Originally Posted by ray_noel View Post
    Thanks bruh... if i just saw this pandemic coming baka nga idelay ko kasi less travel ngayon... tapos dumating pa yung bagong mux... car loancar loancar loan naka eps na... pambihira. Pero next time na cash na ako kay telluride... car loancar loancar loan


    Sent from my iPhone using Tapatalk
    I wouldn't say having a car loan to pay your obligation for the purchase is bad in itself. I would however, consider shorter term car loans of 1 to 2 years max so that the interest is not "Too large" in the grand scheme of things.

    There are reasons why those with investments recommend pursuing options where they loan instead of immediately paying in full for an asset. It is because they believe they can use the cash value during the loan term for other things to "work for them" better than just paying for the purchase outright.

    Parents taught me that if I plan to buy a car, I should already have all the money to purchase it plus the buffer yet still get a car loan with the 1 to 2 year option as the options to consider. Reason being is not just for possible use in investment, but also to use that "currently available" cash on hand for an emergency instead should something happen in the middle of the loan term, be it for personal, business or medical emergency.

    But that's just a matter of preference as well and how you plan to utilize best your finances

    If you do get a Telluride, Thumbs Up. I really like that car based on all the videos I've seen. I like it more than its twin, the Palisade.

    But, I or my family have no plans in the near term to acquire a new family vehicle. But I foresee we will explore buying an electric car with limited mileage for city driving in maybe 5 years that you can charge with an outlet (no special accessories and draws less than 10amps). I think an electric car with a 100-150kms max "stored" range is more than enough for a week's worth of city driving for us. We won't sell our petrol/diesel cars anyway. So if we need more range, they are still there. Maybe minus 1 vehicle only. =) It won't surely be a Leaf (in its current form) though as that doesn't have active cooling.

  5. Join Date
    Oct 2012
    Posts
    3,719
    #1285
    So i received a response from my bank.

    [qoute]

    Please be advised that in case of pre-termination of your auto loan, you also need to settle the 1st year free insurance promo of your motor car insurance amounting to P42,398.89 and this will be added to your payoff amount.

    [/qoute]

    I need help guys. As in!

    In this true? A free 1 year insurance may not be free upon early/pre-termination of the car loan?

    So aside from 3% pre-termination fee, i have to pay the 1st year free insurance.

    Thanks in advance.


    Sent from my iPhone using Tapatalk

  6. Join Date
    Feb 2008
    Posts
    10,793
    #1286
    Quote Originally Posted by ray_noel View Post
    So i received a response from my bank.

    [qoute]

    Please be advised that in case of pre-termination of your auto loan, you also need to settle the 1st year free insurance promo of your motor car insurance amounting to P42,398.89 and this will be added to your payoff amount.

    [/qoute]

    I need help guys. As in!

    In this true? A free 1 year insurance may not be free upon early/pre-termination of the car loan?

    So aside from 3% pre-termination fee, i have to pay the 1st year free insurance.

    Thanks in advance.


    Sent from my iPhone using Tapatalk
    Read the fine prints bai. I think you are required to pay the insurance premium for the 2nd and 3rd year, so preterminating your loan before the 3rd year deprives the insurance company the revenue stream, so they need to recover the first year coverage that was initially given for free.

  7. Join Date
    Jan 2016
    Posts
    3,051
    #1287
    That's what "free insurance" is for car loan

  8. Join Date
    Mar 2008
    Posts
    38,395
    #1288
    Quote Originally Posted by ray_noel View Post
    So i received a response from my bank.

    [qoute]

    Please be advised that in case of pre-termination of your auto loan, you also need to settle the 1st year free insurance promo of your motor car insurance amounting to P42,398.89 and this will be added to your payoff amount.

    [/qoute]

    I need help guys. As in!

    In this true? A free 1 year insurance may not be free upon early/pre-termination of the car loan?

    So aside from 3% pre-termination fee, i have to pay the 1st year free insurance.

    Thanks in advance.


    Sent from my iPhone using Tapatalk
    if it's in the contract, then it's in the contract.
    if it's not in the contract, you may contest it, and you'll probably win.

    but do we really want a fight with anyone?
    Last edited by dr. d; December 4th, 2020 at 10:45 PM.

  9. Join Date
    Oct 2012
    Posts
    3,719
    #1289
    Thanks everyone!!! I already settled this sa bank... overall 40k less sa total car loan ang nabayaran ko... thatís including my prem insurance next year + those other charges....

    next year, save up na muna and isas sa major expenses...


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  10. Join Date
    Jan 2016
    Posts
    3,051
    #1290
    Just thinking out loud, ano kaya present value ng 40k na yan? But I agree, it is already savings, lalo na wala ka naman paggagamitan ng cash on hand mo. Kami di pa nakapag save, dami pa gagastusan sa bahay, tiling ng garage, landscape, pundar ng mga gamit, etc. Pinilit lang namin makalipat at baka bigla na naman topakin si boss at mag declare ng ECQ.

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