car loan

[chris45]

Oo nga po.. Exactly naka tie up nga po for 3 years..

3 years warranty ko sa dealer kaya ni make sure ko 3 years lang din lang car loan ko para may extra fund na ako for car insurance na hindi tie up sa bank after..

medyo di clear sakin yung participation fee nila.. ₱2K hindi naman nag increase sa succeeding years.. sa 2nd year ko yung premium is ₱21,946.58 then 3rd year(last) ang premium is ₱19,692..

I'm not sure if mahal sya.. kasi ang ginawa ko na lang po na formula is add the 2 premiums then divide 3 (thinking kunwari di libre ang 1st year) parang ₱14K each year.. naisip ko mukhang oks na ang ₱14K...

Let me know po if meron akong na missed to check para din sa next time ma consider ko and makatulong din sa iba if ever..

Thank you in advance po [emoji4]

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ayos ah. ilan percent downpayment mo?

[misseksaherada]

ayos ah. ilan percent downpayment mo?

50% po yung downpayment ko..

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[papi smith]

Ayos naman yang 14k average annual premium, parang cover lang sa 560k, ang usual issue lang naman sa BPI insurance is Yung hirap Ng claim

[misseksaherada]

Ayos naman yang 14k average annual premium, parang cover lang sa 560k, ang usual issue lang naman sa BPI insurance is Yung hirap Ng claim

based po sa reviews nga ganun daw po BPI hehehehe pero mas ok na lang din Sir kung wag na lang ako mag claim.. Oks lang sakin magbayad.. basta safe.. [emoji41] [emoji56]

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[gelo_30]

based po sa reviews nga ganun daw po BPI hehehehe pero mas ok na lang din Sir kung wag na lang ako mag claim.. Oks lang sakin magbayad.. basta safe.. [emoji41] [emoji56]

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hi newbie here, ask ko lang po anung pagbabasehan ng starting date ng monthly amort mo. ung date ng downpayment or date ng releasing ng sasakyan. salamat sa sasagot.

[ninjababez]

based po sa reviews nga ganun daw po BPI hehehehe pero mas ok na lang din Sir kung wag na lang ako mag claim.. Oks lang sakin magbayad.. basta safe.. [emoji41] [emoji56]
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sa akin naman, more on the side of "wala kasi ako pambayad sa mabangga ko" kaya kumukuha parin insurance kahit matanda na auto ko hehehe

[_Qwerty_]

usually nag start yan within 1 month after ma release yung sasakyan.. depende sa cutoff nang banko..

sa akin Dec. 23 ko nakuha.. 1st amortization Jan. 12.

hi newbie here, ask ko lang po anung pagbabasehan ng starting date ng monthly amort mo. ung date ng downpayment or date ng releasing ng sasakyan. salamat sa sasagot.

[misseksaherada]

hi newbie here, ask ko lang po anung pagbabasehan ng starting date ng monthly amort mo. ung date ng downpayment or date ng releasing ng sasakyan. salamat sa sasagot.

Sa case ko Sir gelo, simula nung nag down ako umandar na ammortization ko.. may dalawang option binigay sakin.. nakalimutan ko na yung term.. Errrr.. basta yung isa 1 month advance at yung isa hindi.. sa downpayment ko kasabay na nung 1 month advance ko..

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[misseksaherada]

sa akin naman, more on the side of "wala kasi ako pambayad sa mabangga ko" kaya kumukuha parin insurance kahit matanda na auto ko hehehe

After ng tie up insurance ko magtanong ako ng latest na ok sa claims (tagal pa..) .. agree po ako Sir Ninja, mas ok pa din talaga may insurance.. [emoji106]

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[ray_noel]

Sa case ko Sir gelo, simula nung nag down ako umandar na ammortization ko.. may dalawang option binigay sakin.. nakalimutan ko na yung term.. Errrr.. basta yung isa 1 month advance at yung isa hindi.. sa downpayment ko kasabay na nung 1 month advance ko..

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OMA term nung may one month advance. Mas maliit interest...


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[alvindashv]

Good Morning!

May I ask if possible ba ko ma approve for car loan.

Background:

I'm currently employed and in a regular position. 1 year na on December 1.
I live with my relatives for free.
My gross monthly salary ranges from 45-50k a month.

Also, which bank is the best for auto loan in terms of lowest effective interest rate.
Nag checheck ako online thru their website, and I think Metrobank has the lowest monthly amortization.
Also found out the BPI offers free Chattel Mortgage and Free 1 year insurance.

Thank you.

[_Qwerty_]

madali ma approve.. magkano don sa salary mo ang natitira? you have to allocate gas, parking, insurance, maintenance pa..

Good Morning!

May I ask if possible ba ko ma approve for car loan.

Background:

I'm currently employed and in a regular position. 1 year na on December 1.
I live with my relatives for free.
My gross monthly salary ranges from 45-50k a month.

Also, which bank is the best for auto loan in terms of lowest effective interest rate.
Nag checheck ako online thru their website, and I think Metrobank has the lowest monthly amortization.
Also found out the BPI offers free Chattel Mortgage and Free 1 year insurance.

Thank you.

[17Sphynx17]

Good Morning!

May I ask if possible ba ko ma approve for car loan.

Background:

I'm currently employed and in a regular position. 1 year na on December 1.
I live with my relatives for free.
My gross monthly salary ranges from 45-50k a month.

Also, which bank is the best for auto loan in terms of lowest effective interest rate.
Nag checheck ako online thru their website, and I think Metrobank has the lowest monthly amortization.
Also found out the BPI offers free Chattel Mortgage and Free 1 year insurance.

Thank you.

Lowest offer usually comes from banks you have a pre-existing relationship with so they can give you preferred rates, and not just their "standard rates" as what you find online.
But as previously mentioned by another who commented, though 50k a month ka, how much is left as "savings" currently? Will that be enough for you to pay for amort, maintenance, expenses in running the car while at the same time still having savings for other expenses should they arise (medical, mechanical breakdown/emergency outside of warranty, maintenance of other items not car related)

[yubby24]

Good Morning!

May I ask if possible ba ko ma approve for car loan.

Background:

I'm currently employed and in a regular position. 1 year na on December 1.
I live with my relatives for free.
My gross monthly salary ranges from 45-50k a month.

Also, which bank is the best for auto loan in terms of lowest effective interest rate.
Nag checheck ako online thru their website, and I think Metrobank has the lowest monthly amortization.
Also found out the BPI offers free Chattel Mortgage and Free 1 year insurance.

Thank you.

You can start applying to the banks which you have accounts with. Most banks now have online application so it should not take much of your time. Just be ready with the usual requirements, (COE, payslips, copy of IDs).

Free 1st year insurance is common but you will be tied to them until your loan ends.

Buying the car is just the first expense. Consider the monthly amorts, gas, parking, toll, maintenance and budget for going out (since when you already have a car, you can go out anytime you want). How much is left from your net after your household expenses and savings is deducted.

[ray_noel]

Hi tsikoters, i plan to settle my car loan this year instead of next year and when i asked the bank about my remaining payment they sent me the statement of account summary...

they put a bank service charge of 12k.

Do you happen to encounter this charge when settling your car loan?

Tried to email them and 10 days still no answer, tried to call their customer service they cannot provide me the answer.


I cannot remember before in my ecosport if i have this charge from different bank after settling the car loan.


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[tarzegetakizerd]

Hi tsikoters, i plan to settle my car loan this year instead of next year and when i asked the bank about my remaining payment they sent me the statement of account summary...

they put a bank service charge of 12k.

Do you happen to encounter this charge when settling your car loan?

Tried to email them and 10 days still no answer, tried to call their customer service they cannot provide me the answer.


I cannot remember before in my ecosport if i have this charge from different bank after settling the car loan.


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baka yan yung penalty dahil ica-cash mo na po yung remaining amount. the bank doesn't like it because mababawasan kita nila. Kaya ipepenalize nila yung advanced cash payment

[papi smith]

Yes, most probably present value of opportunity loss.

[ray_noel]

baka yan yung penalty dahil ica-cash mo na po yung remaining amount. the bank doesn't like it because mababawasan kita nila. Kaya ipepenalize nila yung advanced cash payment

Yes, most probably present value of opportunity loss.

Thanks for clarifying... parang termination fee ng loan kasi hindi ako tumupad na 3years dapat...

Additional question, im trying to compute if how much interest i’m paying... ito yung payment history...
32,778x22months=721,116
Remaining balance=425,827
Total amount paid=1,146,943(14.6% interest rate)

I remember 18% interest ko for 3years... hindi ba dapat around 12% lang sana yan? 18%/3years... sa feb pa mag start ang 3years payment ko... Pwede ba ito contest?



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[17Sphynx17]

Thanks for clarifying... parang termination fee ng loan kasi hindi ako tumupad na 3years dapat...

Additional question, im trying to compute if how much interest i’m paying... ito yung payment history...
32,778x22months=721,116
Remaining balance=425,827
Total amount paid=1,146,943(14.6% interest rate)

I remember 18% interest ko for 3years... hindi ba dapat around 12% lang sana yan? 18%/3years... sa feb pa mag start ang 3years payment ko... Pwede ba ito contest?



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That's not how you compute it. Cumulutative interest ang method ng compute dito, not like how you compute annual interest rate sa time deposit or savings account.

Thats why on the start you can see you are paying more interest from your monthly payment amount compared to your principal amount. But as you continue paying interest share paid goes down and your principal amount share paid goes up compared to the previos amount for that monthly payment you made.

Yung sinabi sa iyo na 18% interest for a 3 year loan (I assume this was the sales pitch sa iyo) is basically the simplified way to get from "A to B". So nagloan ka for a 1m amount, at the end of 3rd year, 1,180,000php ang total binayaran mo all in all. Just to simplify it to a layman, but hindi ganun pag compute kasi nga cumulative interest is what actually applied to the loan.

Yung sa compute mo, nalimutan mo add yung OMA payment mo kaya kala mo 14.6%. IF you add the 32,778 OMA payment, makukuha mo yung as per sales pitch sa iyo na over 3 years, 18% interest applied to your 1m loan.

EDIT: re cumulative interest. You can also look at it this way why hindi siya 6% Year on year to get a total of 18% over 3 years.

You can easily see how much interest was charged to you during the first year for when you started with a 1m loan.
Year 1, by the end of year 1, you paid a total interest of 98,181.31php in interest for the 1m amount, of what could be interpreted as an annual interest rate of 9.8% for quick maths. (basing on the feb to feb interest amount paid)

At the start of year 2, you had a remaining principal amount of 672,067.31php that needs to be paid for Year 2 naman.

I know hindi din correct to say 9.8% is what applied kasi nga cumulative interest rate, but hindi ko hawak ngayon yung finance app sa windows 10. May app siya dun for amortization computation of loans to easily get the cumulative rate. Hehe! But it provides a better glimpse lang of how the interest was applied at the start.

Hope that clears it up.

[ray_noel]

That's not how you compute it. Cumulutative interest ang method ng compute dito, not like how you compute annual interest rate sa time deposit or savings account.

Thats why on the start you can see you are paying more interest from your monthly payment amount compared to your principal amount. But as you continue paying interest share paid goes down and your principal amount share paid goes up compared to the previos amount for that monthly payment you made.

Yung sinabi sa iyo na 18% interest for a 3 year loan (I assume this was the sales pitch sa iyo) is basically the simplified way to get from "A to B". So nagloan ka for a 1m amount, at the end of 3rd year, 1,180,000php ang total binayaran mo all in all. Just to simplify it to a layman, but hindi ganun pag compute kasi nga cumulative interest is what actually applied to the loan.

Yung sa compute mo, nalimutan mo add yung OMA payment mo kaya kala mo 14.6%. IF you add the 32,778 OMA payment, makukuha mo yung as per sales pitch sa iyo na over 3 years, 18% interest applied to your 1m loan.

Thanks!!! Ang pagka intindi ko kasi equal interest rates per annual...pero hindi pala... sige thanks! Settle ko na ito... still 14.6 vs 18% is better...

also, makakaligtas ako sa kanila sa comprehensive insurance nilA, free daw first year pero, nidivide lang sa 3years pala...

Thanks thanks


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