car loan

[kabute13]

Which is more advisable, car loan thru bank or in-house?
1. Paper works/requirements
2. Approval and processing lead time
3. Payment method

Thanks!


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[servantguy]

Which is more advisable, car loan thru bank or in-house?
1. Paper works/requirements
2. Approval and processing lead time
3. Payment method

Thanks!


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Hi,

1) If you want to pay the least overall, bank is always better. The problem is that the downpayments tend to be higher compared to in house (approx 20% minimum), and dealerships tend to deprioritize you (if the car you want is in demand, and there are 10 of you in line, the dealerships have a way of letting in house clients get the car first) because the DI (Dealer Incentive) tends to be lower when someone is a bank customer (or cash for that matter). Which brings me to:

2) In house is more expensive, but in many ways more convenient because your Sales Associate will mediate for you. They are not doing this just to be nice; part of it is because, if you compare, it's not uncommon for In House interest to be 10% more than Bank - even if the loan originates from the same bank. This is because the addons, "freebies", and the customarily higher dealer incentive, all get added to your total loan. This is also why the downpayments on "All In" promos are low. Pay less up front, pay for more incentives and stuff, and get more interest added to your loan = much more expensive, think hundreds of thousands of pesos over the life of the loan. But, since you pay more, you get prioritized when the unit you want is in demand.

Requirements-wise, they are essentially the same. Same docs needed. Same CI. Though perhaps, for in house, there may be an extra push from behind the scenes to get you approved because they (the bank AND dealership) will make more money off you.

So the question is. Is the extra convenience of in house worth paying hundreds of thousands of pesos more for?

To share my story, I sort of went half way. I went bank. Then when my SA said the line was very long for a Pearl White Fortuner V, I said "what can we do? I fly into Manila for one weekend and won't be bank for 3 more months."

She wanted me to go in house and said I would get a car right away if I did. And she showed me the math. The interest was 12% more. Meaning the car was going to be 400k more once everything is paid and done.

I said no. I asked: "what else can we do?"

I ended up paying 2% more out of pocket to match the "In House" 3% Dealer Incentive (Apparently the bank incentive is between 0.5% and 1%). And in doing the Math, I still saved more than 300K over the long run because I kept the lower bank interest.

You know what happened?

I flew into Manila Friday morning, went straight to the bank and signed the loan docs 9am , went to the dealer in the afternoon, and I was able to take a Pearl White Fortuner V out the same day.

Funny how that works huh.

Sadly, money talks, but you can still make your money talk smart...

- servantguy -

[mokong22]

Sa secutiry bank 1 day lang sakin. Nag apply ako ng tuesday. Tumawag bank wednesday approved na raw ako. Saturday nilabas ko na new car hehe.

Mag lalabas ako truck this october balita ko mababa daw interest rate ng ps bank. Any idea mag kano rete ng ps bank?

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[Syuryuken]

Sa secutiry bank 1 day lang sakin. Nag apply ako ng tuesday. Tumawag bank wednesday approved na raw ako. Saturday nilabas ko na new car hehe.

Mag lalabas ako truck this october balita ko mababa daw interest rate ng ps bank. Any idea mag kano rete ng ps bank?

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mas mababa RCBC subukan mong i-compare

[mokong22]

mas mababa RCBC subukan mong i-compare

Ok sir try ko nga dumaan bukas

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[pinkies]

Ok sir try ko nga dumaan bukas

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magkano sa rcbc?

[mokong22]

magkano sa rcbc?

Tanong ulit natin sir gusto ko din malaman rate ng rcbc?

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[shadow]

Masyado ka lang siguro excited. Relax lang.


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[jumilae12]

Hello good day po!

I am interested buyer of Mitsubishi Mirage 1.2 GLX MT. I am employed in a construction company for 2 years and 8 months and a regular employee. i am from Ilocos but when i got my job i lived in Caloocan for 2 years, then i was assigned here in Davao for 8 months and planning to buy a car na dito. last year my gross income is 19k without overtime, then nung naassign ako out of town nag increase ako to 23,500 gross plus my mga out of town incentives pa po ako na di declared sa payslip kasi di sya taxable and direct nalang pumapasok sa account ko. Ngayon po these are my problems kung maaapprove ba ng bank:

1. 23,500 ang gross na nakalagay sa COE ko without out of town incentives indicated at may mga overtime pay pa po akong di rin nakasama sa COE ko which is umaabot ng 10k per month. pero ang total gross ko sana if Basic Salary + Incentives + Overtime umaabot po ng 38k.
2. 8 months palang po ako sa davao, magiging factor po ba na bago lang ako sa lugar? (company provided po ang bahay ko dito at 5 years pa po ako iaassign ng company namin dito)
3. wala po akong co-maker kasi matanda na yung parents ko, sapat na ba yung item 1 para maapprove ako ng bank?
4. yung ITR ko is 2016 pa at ang nagrereflect na Annual gross ko pa is yung 19k pa.

Sana po masagot yung questions ko, first time buyer po kasi. Thanks

[josejuan]

Hello good day po!

I am interested buyer of Mitsubishi Mirage 1.2 GLX MT. I am employed in a construction company for 2 years and 8 months and a regular employee. i am from Ilocos but when i got my job i lived in Caloocan for 2 years, then i was assigned here in Davao for 8 months and planning to buy a car na dito. last year my gross income is 19k without overtime, then nung naassign ako out of town nag increase ako to 23,500 gross plus my mga out of town incentives pa po ako na di declared sa payslip kasi di sya taxable and direct nalang pumapasok sa account ko. Ngayon po these are my problems kung maaapprove ba ng bank:

1. 23,500 ang gross na nakalagay sa COE ko without out of town incentives indicated at may mga overtime pay pa po akong di rin nakasama sa COE ko which is umaabot ng 10k per month. pero ang total gross ko sana if Basic Salary + Incentives + Overtime umaabot po ng 38k.
2. 8 months palang po ako sa davao, magiging factor po ba na bago lang ako sa lugar? (company provided po ang bahay ko dito at 5 years pa po ako iaassign ng company namin dito)
3. wala po akong co-maker kasi matanda na yung parents ko, sapat na ba yung item 1 para maapprove ako ng bank?
4. yung ITR ko is 2016 pa at ang nagrereflect na Annual gross ko pa is yung 19k pa.

Sana po masagot yung questions ko, first time buyer po kasi. Thanks

For question 3. Yes it's possible na walang co-maker but make sure you have already built a good relationship with the bank.

My mom got recently approved sa bdo without a co-maker coz she's a widow and di rin ako pwde kasi i just started working. 1st time nya rin mag loan sa bank kasi all of her past loans were gsis salary loans.

Dun kami nag apply sa depository bank ng savings acct nya and kinausap talaga namin ang assigned sa auto loan and manager.

Accrd to them, just make sure na your monthly amortization wont exceed around 30% of your monthly income or else baka mahirapan sa approval if direct apply ka sa bank.

We're planning to get fortuner matic.. 30% down.. 23k monthly.. 60 months to pay * 25.80% interest in arrears


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[hunnie08]

Good deal na ba ang nakuha ko sa toyota financial? free na kasi ang insurance at chattel mortgage nya e. Kinompare ko sila sa metrobank promo mas mura pa rin nabigay ni TFS. 40% dp kami at 60mos to pay lalabas nasa 13k na lang ang Innova.
Mura ang monthly ni metrobank ng less than 300 pero kasi di libre ang CM at Insurance so in total mas mura pa rin si TFS

Bank
Innova J Diesel MT
Selling Price 1,056,000.00
DP 40% 422,400.00
Loan Amount: 633,600.00
5yrs 12,962.66
total loan payables 777,759.60
interest for 5yrs 144,159.60
Total unit price 1,238,159.60
LTO -8,200.00
CM 14,000.00
Compre Insurance 24,000.00
cash discounts -10,000.00
Total price 1,228,159.60

DP 422400
compre 14000
insurance 24000

Cashout 460,400.00

CASA
Innova J Diesel MT
Selling Price 1,056,000.00
DP 40% 422,400.00
Loan Amount: 633,600.00
5yrs 13,250.00
total loan payables 795,000.00
interest for 5yrs 161,400.00
Total unit price 1,175,689.00
LTO -8,200.00
CM -17,216.00
Compre Insurance -24,495.00
cash discounts -5,000.00
Total price 1,212,400.00

dp 417,400.00
13,250.00


430,650.00

[zechs]

Question guys,

Pag nagbayad na ba ng reservation fee dapat naka-locked in ka na sa price na yun? Nagtext ung agent na na nagincrease daw ng 40K ung unit price 2 months after nagbayad kami ng reservation fee.

Should we still be getting the pre-increase srp dapat or no choice na with the increased srp?

This is at Ford by the way.

[mox646]

Question po. First time mag loan sa car, tinanong ko yung SA kung may mortgage fee sa toyota financing. Yung binigay nya daw na quote is leasing hindi mortgage. Ano po pinagkaiba nun sa mortgage? Pag sa bank kasi mortgage dba.


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[lomibaojsoeph]

Hello Im curently working at Broadway Motor.. ( Nissan, Suzuki and Hino Truck )
If may plan po kayo mag avail ng car, maybe i can help you .. i can give you better discount..

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[MamBad]

Need help since first car via Bank PO.

What document allows me to take my car home from the dealer. Is it the ATD?


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[kris_13]

Need help since first car via Bank PO.

What document allows me to take my car home from the dealer. Is it the ATD?


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Yung PDC tapos pirma-pirma then DP tapos uwi na with the car.

Check the car mabuti baka may mga tama. Sa umaga mo ilabas para maliwanag.

[MamBad]

Yung PDC tapos pirma-pirma then DP tapos uwi na with the car.

Check the car mabuti baka may mga tama. Sa umaga mo ilabas para maliwanag.

Salamat Sir. Wala naman kaso no OR/CR tapos dalin sa bahay diba? I just need to make sure insured na when I leave regardless or OR/CR status.


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[Jheh]

Hi mga lodi,

Newbie here, magtatanong lang sana kung kailangan ba talaga ng co maker kapag magapply ng car loan? May nabasa kasi ako dati (Di ko lang matandaan saan un) na kapag 50k gross income monthly, di na kakailanganin ung co maker. Please advise. And ayos lang ba magapply muna online sa mga banking institutions bago pmunta ng dealer or dealer muna bago sa banks? Thank you

[MamBad]

Hi mga lodi,

Newbie here, magtatanong lang sana kung kailangan ba talaga ng co maker kapag magapply ng car loan? May nabasa kasi ako dati (Di ko lang matandaan saan un) na kapag 50k gross income monthly, di na kakailanganin ung co maker. Please advise. And ayos lang ba magapply muna online sa mga banking institutions bago pmunta ng dealer or dealer muna bago sa banks? Thank you

Getting pre-approval from bank is a good first step so you know up to what amount they will approve makes shopping much easier since you know what you can and cannot buy.

BPI has a pre-approval screening online you can start with that.



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[glenn_duke]

Yung PDC tapos pirma-pirma then DP tapos uwi na with the car.

Check the car mabuti baka may mga tama. Sa umaga mo ilabas para maliwanag.

Uso paba PDC sa mga bank loan?