car loan

[Jheh]

What comprises the CM?

Eto ung quotation sa akin for Honda Mobilio 1.5L V CT, bale 10% dp plus chattel mortgage na 25k and cancellation of chattel mortgage na 700 pesos.

[kishAn]

Ah kaya pala kasama un sa final quotation ng bank sa akin...

Yep if bank PO transaction sa bank talaga payment ng chattel mortgage fee, kasama din yan sa promissory note na pipirmahan mo


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[TheUninvited]

Sakin sa BPI,

Yung chattel mortgage + downpayment, sa dealership ko lahat binigay. hmmm

[Ironwood_Cebu]

question:

i have a pending application for a car loan. during interviews with CIs of banks, almost all of them were asking me "where i intend to use the car?" I always answer family car. I am just wondering, if i answered in such a way like - "i intend to use it as GRAB or anything that can enhance my monthly income", would it be a positive thing for my application?

tia for the answers.

[Sebastian Bach]

question:

i have a pending application for a car loan. during interviews with CIs of banks, almost all of them were asking me "where i intend to use the car?" I always answer family car. I am just wondering, if i answered in such a way like - "i intend to use it as GRAB or anything that can enhance my monthly income", would it be a positive thing for my application?

tia for the answers.

No. slimmer chance for approval, different reqs and this will be under commercial/business rate na din. not a good rate.

[mda]

question:

i have a pending application for a car loan. during interviews with CIs of banks, almost all of them were asking me "where i intend to use the car?" I always answer family car. I am just wondering, if i answered in such a way like - "i intend to use it as GRAB or anything that can enhance my monthly income", would it be a positive thing for my application?

tia for the answers.

It would probably count as a negative if you answer that.

Remember that the car is bank property until you finish paying off the loan.

Pag pinang-grab or uber mo yung kotse (essentially taxi), if you fail to payoff the loan, yung babalik na kotse sa kanila, laspag na and mas mahirap ibenta under repossessed vs a car that is less used.

[Ironwood_Cebu]

It would probably count as a negative if you answer that.

Remember that the car is bank property until you finish paying off the loan.

Pag pinang-grab or uber mo yung kotse (essentially taxi), if you fail to payoff the loan, yung babalik na kotse sa kanila, laspag na and mas mahirap ibenta under repossessed vs a car that is less used.

ah good that i answered in the contrary - said family car.

thanks!

[kebloks]

The bank didn't include the DI (1%) in the PO. Can I just pay the DI Directly to the dealer?

[dr. d]

question:

i have a pending application for a car loan. during interviews with CIs of banks, almost all of them were asking me "where i intend to use the car?" I always answer family car. I am just wondering, if i answered in such a way like - "i intend to use it as GRAB or anything that can enhance my monthly income", would it be a positive thing for my application?

tia for the answers.

puede pa rin.
but the contract will probably be a larger monthly and a shorter schedule.
and the insurance would be for a commercial vehicle.

[kishAn]

The bank didn't include the DI (1%) in the PO. Can I just pay the DI Directly to the dealer?

Nope bank will give the DI to the dealer, dealer should reject or ask the bank to edit the PO


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[kebloks]

^Thanks for the answer

Another question: If the car loan is through bank financing, the down payment should be paid to the bank and not the dealer?

[kishAn]

^Thanks for the answer

Another question: If the car loan is through bank financing, the down payment should be paid to the bank and not the dealer?

Anywhere will do. But if you prefer to pay with the dealer, just pay the dp during unit release not while loan is still in process


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[fleas2016]

Paid to the dealer. Make a copy of the receipt for the bank.

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[kishAn]

Paid to the dealer. Make a copy of the receipt for the bank.

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No need, dealer will provide copy for the bank as part of the requirement as usually indicated in the PO


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[schlitztech]

Guys need your help is 60k dp and P14k for 60mos. For mitsubishi mirage G4 glx CVT is a Good deal?or pwede pa ihaggle already preapproved thru inhouse financing, Free CM, 3yr lto, 1yr ins. Plus freebies. Thank you

[jut703]

Guys need your help is 60k dp and P14k for 60mos. For mitsubishi mirage G4 glx CVT is a Good deal?or pwede pa ihaggle already preapproved thru inhouse financing, Free CM, 3yr lto, 1yr ins. Plus freebies. Thank you

Wow. 31% interest over 5 years.

A usual bank loan of 20% DP (140k) and 25% interest will just require you to pay 11.6k/month.

You're basically paying an extra 60k over the course of 5 years. If you're fine with that, then go ahead and get the in-house loan.

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[schlitztech]

Wow. 31% interest over 5 years.

A usual bank loan of 20% DP (140k) and 25% interest will just require you to pay 11.6k/month.

You're basically paying an extra 60k over the course of 5 years. If you're fine with that, then go ahead and get the in-house loan.

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Thank you. I wonder if 1yr ins, cm, 3yr lto is included in 11.6/month or i need to shell out some cash. If so, thru bank is the best deal for the 20% 140k cash out.

[kebloks]

No need, dealer will provide copy for the bank as part of the requirement as usually indicated in the PO


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Thanks! I got confused, the PO says "Less D.P. C/O BANK P1XX,XXX.00"

[kebloks]

Thank you. I wonder if 1yr ins, cm, 3yr lto is included in 11.6/month or i need to shell out some cash. If so, thru bank is the best deal for the 20% 140k cash out.

I suggest visit banks and make an Excel file with all the costs so you can decide objectively.

Hassle nga lang on your part, but 100k+ savings is no joke.

Here's what I did. This is a corporate(company) rate, that's why low DP, low interest, discount not disclosed.

Description	Security Bank	UCPB
Selling Price	₱1,010,000.00	₱1,010,000.00
Discount	₱0.00	₱0.00
Down Payment	₱101,000.00	₱101,000.00
Down Payment %	10.00%	10.00%
One month advance	₱18,726.92	₱18,483.00
Chattel Fee	₱28,187.00	₱18,700.00
LTO Registration	₱0.00	₱0.00
Insurance (1st year)	₱24,000.00	₱24,000.00
Other Fees
TOTAL Cashout	₱171,913.92	₱162,183.00
Loan Amount	₱909,000.00	₱909,000.00
Months to pay	60	60
Interest of Amount Financed	23.61%	22.00%
Amount Financed with Interest	₱1,123,614.90	₱1,108,980.00
TOTAL Cost of Car with Interest	₱1,224,614.90	₱1,209,980.00
Monthly Amortization	₱18,726.92	₱18,483.00
OVERALL Cost	₱1,276,801.90	₱1,252,680.00

[qtmandy]

Hi guys, need your advise..

I would like to get a car loan however I have doubts if my loan will be approved or not.

1. Is it possible if I'll use my husband's name and not include my name on the application? ( I have a CC issue wayback 2015 and I have not paid it yet)
2. His income is 50k salary + 50k remittance from his mom
3. I've talked to several dealers and they're telling me different answers (some says, they can just use my husband's name without putting my name on it, some says we cannot do that)
4. If a co-maker is really needed, can it be not from a first degree family? Can it be a friend or whoever else
5. Can you guys recommend a sales agent with high approval rates? I've back read and they highly recommend mazinger.. Do you guys still have contact with him?
6. Would like to loan: Toyota Vios 1.3 At at 20% downpayment (promos)

Thanks