car loan

[erickdpogi]

* Linkk

The application usually takes 1 hour, the approval at the fastest should be 3-4hours. Depends actually, on my exp., we have existing records on the bank with good ratings so when I applied for loan 2pm, the banker told me that i was approved 8pm.

For first timers like you sir, the application will take around 1-3 days normal on any bank.

As was explained previously, accomplishing all requirements properly will yield faster transactions. be sure to bring 2 valid IDs, CoE (if needed), ITR(if needed), passbooks of existing records or loans (if needed) and if you're the co-maker, the Special Power of Attorney, SPA and remmitance slips if the principal car loan maker is working oveseas (OFW).

Good Day again!

[tawengo]

as for my experience..
i inquired at the showroom 4pm.. SA told me to fill up PSbank carloan so that if ever we decide to buy the car na talaga, the papers would be ready.. so fill up nalang din ako. (i don't have any documents whatsoever, just the application form filled up),we left the showroom at 4:30. 5:30 pm i received a call from PSBank head office to check if the details i wrote were true.. 5mins after our conversation i received a text message from them telling me that my car loan application was approved!

i was so amazed on how fast they approved my loan without giving them any documents or whatever. i dont even have an account with them. and it's my first time ever to loan, no records in any bank, wala din ako kakilala sa bank na yun. i don't know why they approved my loan that fast..

but i loaned at epci.. hehe mas mura bigay nila interest rate eh. ok lang wait ng 1week..

[hominid]

Also be ready for yearly adjustments.

Hindi ko alam ito ah. Ganito ba sa PSBank? Well, naka post dated na un payments ko eh. Mababago pa ba nila un?

[hominid]

IMO, mas okay kung ipunin mo nalang muna pera mo, then after 2-3yrs, buy the car you want in CASH. laki rin matitipid mo sa interests and you can haggle for discounts pa. the best dyan wala kang poproblemahing monthly payments.

Ayus sana pero pamahal naman ng pamahal kotse yearly. And for sure newer models will be higher priced. Baka un interest na nabayad mo in say like 3 yrs equivalent na rin nun price hike nya in that period. Un car ko nga in a yr. tumaas na ng 20k, and Im sure sa ibang models mas mataas pa. 50k lahat magiging interest ko. So kung continuous un 20k increase per yr., nakatipid pa ko P10k in 3 yrs.

Pero best talaga ala utang.

[Linkk]

First of all, many thanks po to all of you who replied, at least now I have an idea how the whole thing works. Unang una ko sigurong aayusin mga requirements muna and talk to our bank. Eto po kase scenario ko, by September benta ko na car namin sa relative namin, tagal na kaseng inaawitan..We decided to get a new car valued around 900k, mag down ng 50%(450K) and the rest get a loan from our bank ( EPCIB) and thinking of paying it in 2 yrs.Ano pa ba mga extra costs aside from chattel mortgage, registration and insurance?

Sir tawengo pm naman po sa akin kung ano bigay na interest sayo para may idea ako.

[Linkk]

Still have few questions po.
1.What other fees that I need to pay aside from chattel mortgage, insurance and lto registration?
2.After submitting the requirements and have been approved, what’s next?
3.Is it me who will look for the dealer and get the car that I want or will the bank take care of everything?
4.How does the bank normally handle any freebies or discount from the dealer?
5What documents will I get from the dealer/bank eg. Photocopies or original copies of OR/CR, etc.
6.Will they deliver the car to my place or should I pick it up myself from the dealer?
7.Lastly if i finished paying my loan, do i need to pay anything else? will the bank change the owner of the car to my name?
Thanks

[devdevlin]

ako din may tanong, correct me if im wrong. if one chooses to have the car financed in a bank, the dealer considers the sale as "CASH" kasi the bank will issue a check with the full amount of the unit. tama ba analysis ko? if so, dapat mas malaki ang discounts at freebies kse cash buyer yun client compared to having it financed.

[erickdpogi]

Still have few questions po.
1.What other fees that I need to pay aside from chattel mortgage, insurance and lto registration?
2.After submitting the requirements and have been approved, what’s next?
3.Is it me who will look for the dealer and get the car that I want or will the bank take care of everything?
4.How does the bank normally handle any freebies or discount from the dealer?
5What documents will I get from the dealer/bank eg. Photocopies or original copies of OR/CR, etc.
6.Will they deliver the car to my place or should I pick it up myself from the dealer?
7.Lastly if i finished paying my loan, do i need to pay anything else? will the bank change the owner of the car to my name?
Thanks

answer to q.1 > it depends primarily on the dealer, some dealers require rust proofing, try inquiring about it sa mga dealers or so their quotations.

answer to q.2 > after being approved first time (the application form w/c most dealers asked you to accomplish if there is a sense of need), go to the bank that you got approved and asked the banker in charge of the auto loan to start processing the necessary documents. The 2nd part comes in as stated during the previous post. you must, again, supply the necessary documents needed since you're already applying the bank usually, they'll ask you, 2 valid IDs, current CoE, recent payslips (if employed), etc. etc. this is required. Pay the downpayment and others.

answer to q.3 > not necessarily but if you opted for a dealership that's near you why not? anyway, in case there is no available unit that you want, the bank will transact with different branches to search for an available one. giving you yet another option. Also, you ask the dealer to just process everything, just be ready with the required cash out.

answer to q.4 > usually its seperate. BDO had freebies when you got a deal with their autoloan. As for the dealer, In my exp., they gave me an umbrella, sun shade, seat cover, floor mats, EWD, Jack and tools and a special tshirt with a brochure that is only available if you purchase that unit, Lucky! . They don't cancel out each other.

answer to q.5 > Dealer : Vehicle's Sales Invoice (cust. copy), this is required for your car not get impounded . the rest is standard. The bank will give you your passbook (if auto debit) or atm for you to deposit your MA, the reciepts of the transactions too.

answer to q.6 > the main procedure is usually they deliver it to your home for confirmation, but you can/may also opt to recieve the car directly at the dealership's branch (that's what I did). Just bring the necessary documents:
Authorization letter (if its entitled to other family members), a valid ID from that member, 1-2 valid IDs of your own. Of course you have to sign the documents there yourself in the stead of the one entitled.

answer to q.7 > I dont think the bank will ask you to pay anything other than the option of paying up in advance.

[erickdpogi]

Still have few questions po.
1.What other fees that I need to pay aside from chattel mortgage, insurance and lto registration?
2.After submitting the requirements and have been approved, what’s next?
3.Is it me who will look for the dealer and get the car that I want or will the bank take care of everything?
4.How does the bank normally handle any freebies or discount from the dealer?
5What documents will I get from the dealer/bank eg. Photocopies or original copies of OR/CR, etc.
6.Will they deliver the car to my place or should I pick it up myself from the dealer?
7.Lastly if i finished paying my loan, do i need to pay anything else? will the bank change the owner of the car to my name?
Thanks

answer to q.1 > it depends primarily on the dealer, some dealers require rust proofing, try inquiring about it sa mga dealers or so their quotations.

answer to q.2 > after being approved first time (the application form w/c most dealers asked you to accomplish if there is a sense of need), go to the bank that you got approved and asked the banker in charge of the auto loan to start processing the necessary documents. The 2nd part comes in as stated during the previous post. you must, again, supply the necessary documents needed since you're already applying the bank usually, they'll ask you, 2 valid IDs, current CoE, recent payslips (if employed), etc. etc. this is required. Pay the downpayment and others.

answer to q.3 > not necessarily but if you opted for a dealership that's near you why not? anyway, in case there is no available unit that you want, the bank will transact with different branches to search for an available one. giving you yet another option. Also, you ask the dealer to just process everything, just be ready with the required cash out.

answer to q.4 > usually its seperate. BDO had freebies when you got a deal with their autoloan. As for the dealer, In my exp., they gave me an umbrella, sun shade, seat cover, floor mats, EWD, Jack and tools and a special tshirt with a brochure that is only available if you purchase that unit, Lucky! . They don't cancel out each other.

answer to q.5 > Dealer : Vehicle's Sales Invoice (cust. copy), this is required for your car not get impounded . the rest is standard. The bank will give you your passbook (if auto debit) or atm for you to deposit your MA, the reciepts of the transactions too.

answer to q.6 > the main procedure is usually they deliver it to your home for confirmation, but you can/may also opt to recieve the car directly at the dealership's branch (that's what I did). Just bring the necessary documents:
Authorization letter (if its entitled to other family members), a valid ID from that member, 1-2 valid IDs of your own. Of course you have to sign the documents there yourself in the stead of the one entitled.

answer to q.7 > I dont think the bank will ask you to pay anything other than the option of paying up in advance.

Hope this answer your questions!

Good Day!

[erickdpogi]

padelete po ng repost thanks