car loan

[Ysayyah]

Boss, pwede pa ba ako mag car loan kahit co-maker na ako ng sister ko na kakakuha lang din ng sasakyan?

[Nelson de Leon]

Boss, pwede pa ba ako mag car loan kahit co-maker na ako ng sister ko na kakakuha lang din ng sasakyan?

They will assess you if you are still capable.

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[Hombre829]

Any feedback po sa metrobank autoloan? We are planning to have our first car loan there. Based on their online loan calculator, sa kanila pinakamababa compared to bdo & bpi. Salamat!

Try mo Sir with Security Bank, 1 day approval lang, I can send you form if you want.


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[rico.v]

Actually po, we're thinking of paying the car in cash (for vios 1.3 j). We have available fund to pay 50% of the amount while the other half (300k) will be through personal loan in a rural bank. Mas makakatipid po ba kmi kasi mas mababa interest for personal loan? And, can we haggle the price for the car since magpu-full payment nman kami sa dealer?

What are your opinions about this?

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[fleas2016]

Actually po, we're thinking of paying the car in cash (for vios 1.3 j). We have available fund to pay 50% of the amount while the other half (300k) will be through personal loan in a rural bank. Mas makakatipid po ba kmi kasi mas mababa interest for personal loan? And, can we haggle the price for the car since magpu-full payment nman kami sa dealer?

What are your opinions about this?

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Personal loans usually yields higher interest than a regular auto loan even if the rate is different due to various factors such as the interest calculation method. Just get the product of the monthly amortization and the term and compare right away. Assuming EMI.

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[ale828]

Correct. Personal Loans usually gets the highest interest rate for Loans.

its easier to get a Car Loan with a bigger down payment. Since you have already been approved for a personal loan its easier to get that Car Loan with smaller Interest rate. Maximum DP for car loans is 50% naman.

[rico.v]

Correct. Personal Loans usually gets the highest interest rate for Loans.

its easier to get a Car Loan with a bigger down payment. Since you have already been approved for a personal loan its easier to get that Car Loan with smaller Interest rate. Maximum DP for car loans is 50% naman.

Based on my calculation po ( assuming it is correct) pg mga nsa 350k na loan amount, pg personal loan mga nsa 20% ang interest including mga charges payable in 3 years. While ung autoloan mga nsa 25% payable in 5 years. San po kya mas mkkatipid. Both have 10k++ monthy amortization.

Another question po, pg full payment bnili ung vehicle wala na chattel mortgage? Di po kc ako familar s mga ganyang term. Pag wala po, meaning mas mkkatipid kami pg binili ng cash?

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[ale828]

Based on my calculation po ( assuming it is correct) pg mga nsa 350k na loan amount, pg personal loan mga nsa 20% ang interest including mga charges payable in 3 years. While ung autoloan mga nsa 25% payable in 5 years. San po kya mas mkkatipid. Both have 10k++ monthy amortization.

Another question po, pg full payment bnili ung vehicle wala na chattel mortgage? Di po kc ako familar s mga ganyang term. Pag wala po, meaning mas mkkatipid kami pg binili ng cash?

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Why not get the car Loan for 3 years? it would surely get a lower interest rate than the Personal loan of the same duration.
if you buy cash mas mura syempre wala interest, plus not if its still possible sure but you can option out of a full insurance and just get the Third party insurance.

[rico.v]

Why not get the car Loan for 3 years? it would surely get a lower interest rate than the Personal loan of the same duration.
if you buy cash mas mura syempre wala interest, plus not if its still possible sure but you can option out of a full insurance and just get the Third party insurance.

Mas higher po kc MA pag 3 years, which is something we cannot afford.

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[ninjababez]

Mas higher po kc MA pag 3 years, which is something we cannot afford.

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afaik malaki difference ng MA sa 3 vs 5 years, and ofcours mas mababa interest. kung 25% sa 5 years nasa 15-18% ang 3 year loan (IIRC).

[rico.v]

Salamat po s mga input nyo.

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[ale828]

Mas higher po kc MA pag 3 years, which is something we cannot afford.

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is the amount of your personal loan and amount to be loaned from the bank for the car loan the same?
if the amount is the same the Monthly Amortization with the car loan should be lower. since it will give a better interest rate.
did you get a quote already for the car loan with your 50% DP?
you should get the car loan straight from the bank not the in house financing of car showrooms.

[rico.v]

is the amount of your personal loan and amount to be loaned from the bank for the car loan the same?
if the amount is the same the Monthly Amortization with the car loan should be lower. since it will give a better interest rate.
did you get a quote already for the car loan with your 50% DP?
you should get the car loan straight from the bank not the in house financing of car showrooms.

Thank you for that info. Im just using online car loan calculator from different banks.

Yes the loan amount will be the same whether auto or personal loan.

The interest rate for car loan is lower than personal loan. Both for 36 months to pay. But the MA is higher in car loan.

Interest rate in personal loan (36 months term) is lower than autoloan (60 months term) . Both have almost the same MA .

And yes, interest rate is lower in banks rather than in house financing.

Thank you for the input. It gives us options on what loan to avail.

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[Syuryuken]

mas ok pala pag same bank ka naglalabas ng sasakyan wala pang requirements approved na agad check lang nila yung history mo

[ninjababez]

mas ok pala pag same bank ka naglalabas ng sasakyan wala pang requirements approved na agad check lang nila yung history mo

ditto bro
IIRC bago ko pa yata mapalipat sa pangalan ng boss ko yun authority to deduct sa account nya, pwede na daw ako kumuha ng montero (upto 1.5M value car loan)

[epsalvador]

pag ba may bounced check sa acct (isa lang naman) will it affect your car loan application?

[epsalvador]

pag ba may bounced check sa acct (isa lang naman) will it affect your car loan application?

nvm approved na ako hehe salamat

[tsik_r2d2]

Can someone share their thoughts on the bank with lowest rate / best offer?
Thanks!

[epsalvador]

Can someone share their thoughts on the bank with lowest rate / best offer?
Thanks!

nagcompare ako sa lahat ng malalaking banks (BDO, BPI, Metrobank, Security Bank, PNB, RCBC)
best rates talaga sa metrobank. 3years nila- 8.36% interest rate, for OMA.
may on going promo din sila may cashback depending on the amount you applied for.

[Query453]

I got mine for 9.15% for 3 years.. but that is an annual rate... effective rate is 14.87% - cbc


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