car loan

[papi smith]

Which is why it is better to pay in cash, I assume that kaya mo ipunin ung loan mo earlier than now kasi you even paid interest and the balance of the principal you are paying now is even had higher than what you already paid (maybe, guess lang). So kung dinelay mo lang siguro ng 1 year ang purchase kaya mo na i- cash, plus add to the fact aabutan mo pa siguro ang pandemic discounts, well, even if di mo inabutan, kaya mo pa rin ma cash Kasi I see your posts na may pang invest ka pa sa stocks recently.

Yan ang katwiran ko sa wife ko, ung babayad natin na interest, yun ang kita ng pera natin, and we don't earn that high an interest rate in any of our placements.

[carxynogen]

Which is why it is better to pay in cash, I assume that kaya mo ipunin ung loan mo earlier than now kasi you even paid interest and the balance of the principal you are paying now is even had higher than what you already paid (maybe, guess lang). So kung dinelay mo lang siguro ng 1 year ang purchase kaya mo na i- cash, plus add to the fact aabutan mo pa siguro ang pandemic discounts, well, even if di mo inabutan, kaya mo pa rin ma cash Kasi I see your posts na may pang invest ka pa sa stocks recently.

Yan ang katwiran ko sa wife ko, ung babayad natin na interest, yun ang kita ng pera natin, and we don't earn that high an interest rate in any of our placements.

I have the same justification on why I paid in cash rather than pay some of the amount via bank loan.
Ang ginawa ko nalang ngayon is supposedly the monthly that I should have paid to the bank, dineduct ko nalang monthly sa salary ko at transfer it to my other bank account na hindi nagagalaw.

In 3 yrs, I will be getting back what I should have loaned to the bank.
Plus, I earned the interest which is supposedly makuha sana ng bank.

[ray_noel]

Which is why it is better to pay in cash, I assume that kaya mo ipunin ung loan mo earlier than now kasi you even paid interest and the balance of the principal you are paying now is even had higher than what you already paid (maybe, guess lang). So kung dinelay mo lang siguro ng 1 year ang purchase kaya mo na i- cash, plus add to the fact aabutan mo pa siguro ang pandemic discounts, well, even if di mo inabutan, kaya mo pa rin ma cash Kasi I see your posts na may pang invest ka pa sa stocks recently.

Yan ang katwiran ko sa wife ko, ung babayad natin na interest, yun ang kita ng pera natin, and we don't earn that high an interest rate in any of our placements.

Thanks bruh... if i just saw this pandemic coming baka nga idelay ko kasi less travel ngayon... tapos dumating pa yung bagong mux... [emoji1787][emoji1787][emoji1787] naka eps na... pambihira. Pero next time na cash na ako kay telluride... [emoji2][emoji2][emoji2]


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[17Sphynx17]

Thanks bruh... if i just saw this pandemic coming baka nga idelay ko kasi less travel ngayon... tapos dumating pa yung bagong mux... [emoji1787][emoji1787][emoji1787] naka eps na... pambihira. Pero next time na cash na ako kay telluride... [emoji2][emoji2][emoji2]


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I wouldn't say having a car loan to pay your obligation for the purchase is bad in itself. I would however, consider shorter term car loans of 1 to 2 years max so that the interest is not "Too large" in the grand scheme of things.

There are reasons why those with investments recommend pursuing options where they loan instead of immediately paying in full for an asset. It is because they believe they can use the cash value during the loan term for other things to "work for them" better than just paying for the purchase outright.

Parents taught me that if I plan to buy a car, I should already have all the money to purchase it plus the buffer yet still get a car loan with the 1 to 2 year option as the options to consider. Reason being is not just for possible use in investment, but also to use that "currently available" cash on hand for an emergency instead should something happen in the middle of the loan term, be it for personal, business or medical emergency.

But that's just a matter of preference as well and how you plan to utilize best your finances

If you do get a Telluride, Thumbs Up. I really like that car based on all the videos I've seen. I like it more than its twin, the Palisade.

But, I or my family have no plans in the near term to acquire a new family vehicle. But I foresee we will explore buying an electric car with limited mileage for city driving in maybe 5 years that you can charge with an outlet (no special accessories and draws less than 10amps). I think an electric car with a 100-150kms max "stored" range is more than enough for a week's worth of city driving for us. We won't sell our petrol/diesel cars anyway. So if we need more range, they are still there. Maybe minus 1 vehicle only. =) It won't surely be a Leaf (in its current form) though as that doesn't have active cooling.

[ray_noel]

So i received a response from my bank.

[qoute]

Please be advised that in case of pre-termination of your auto loan, you also need to settle the 1st year free insurance promo of your motor car insurance amounting to P42,398.89 and this will be added to your payoff amount.

[/qoute]

I need help guys. As in!

In this true? A free 1 year insurance may not be free upon early/pre-termination of the car loan?

So aside from 3% pre-termination fee, i have to pay the 1st year free insurance.

Thanks in advance.


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[dreamur]

So i received a response from my bank.

[qoute]

Please be advised that in case of pre-termination of your auto loan, you also need to settle the 1st year free insurance promo of your motor car insurance amounting to P42,398.89 and this will be added to your payoff amount.

[/qoute]

I need help guys. As in!

In this true? A free 1 year insurance may not be free upon early/pre-termination of the car loan?

So aside from 3% pre-termination fee, i have to pay the 1st year free insurance.

Thanks in advance.


Sent from my iPhone using Tapatalk

Read the fine prints bai. I think you are required to pay the insurance premium for the 2nd and 3rd year, so preterminating your loan before the 3rd year deprives the insurance company the revenue stream, so they need to recover the first year coverage that was initially given for free.

[papi smith]

That's what "free insurance" is for [emoji38]

[dr. d]

So i received a response from my bank.

[qoute]

Please be advised that in case of pre-termination of your auto loan, you also need to settle the 1st year free insurance promo of your motor car insurance amounting to P42,398.89 and this will be added to your payoff amount.

[/qoute]

I need help guys. As in!

In this true? A free 1 year insurance may not be free upon early/pre-termination of the car loan?

So aside from 3% pre-termination fee, i have to pay the 1st year free insurance.

Thanks in advance.


Sent from my iPhone using Tapatalk

if it's in the contract, then it's in the contract.
if it's not in the contract, you may contest it, and you'll probably win.

but do we really want a fight with anyone?

[ray_noel]

Thanks everyone!!! I already settled this sa bank... overall 40k less sa total car loan ang nabayaran ko... that’s including my prem insurance next year + those other charges....

next year, save up na muna and isas sa major expenses...


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[papi smith]

Just thinking out loud, ano kaya present value ng 40k na yan? But I agree, it is already savings, lalo na wala ka naman paggagamitan ng cash on hand mo. Kami di pa nakapag save, dami pa gagastusan sa bahay, tiling ng garage, landscape, pundar ng mga gamit, etc. Pinilit lang namin makalipat at baka bigla na naman topakin si boss at mag declare ng ECQ.

[sdollos]

Out auto loan just got approved by PSBank pero mali yung car na nakalagay. It said na Vios when we were applying for a Fortuner Q. Sabi ng agent, kailangan da i reprocess. Is there a possibility na hindi sya ma approve then?

I work from home tapos also applied sa Security Bank. Sabi kailangan lang daw i verify ng employer by replying to an email na galing sa kanila na dun ako nagtratrabaho. Meron na bang naka experience nun didto? Na approve po ba?

[dr. d]

Out auto loan just got approved by PSBank pero mali yung car na nakalagay. It said na Vios when we were applying for a Fortuner Q. Sabi ng agent, kailangan da i reprocess. Is there a possibility na hindi sya ma approve then?

correct it, po.
at the very least, you might end up with a smaller loan that may not cover the cost of acquisition of a fortuner.
at ung mamalasin, void ang contract, and you will have to start all over again. better re-start now, than later. sayang oras.

[dr. d]

I work from home tapos also applied sa Security Bank. Sabi kailangan lang daw i verify ng employer by replying to an email na galing sa kanila na dun ako nagtratrabaho. Meron na bang naka experience nun didto? Na approve po ba?

background check.
i believe it's routine in loan applications.
i would do the same, if someone were attempting to get a big loan from me. i'd like to know if this person has the capability to pay.

[Yatta]

Out auto loan just got approved by PSBank pero mali yung car na nakalagay. It said na Vios when we were applying for a Fortuner Q. Sabi ng agent, kailangan da i reprocess. Is there a possibility na hindi sya ma approve then?

I work from home tapos also applied sa Security Bank. Sabi kailangan lang daw i verify ng employer by replying to an email na galing sa kanila na dun ako nagtratrabaho. Meron na bang naka experience nun didto? Na approve po ba?

Better make sure na ma-void nga nila yung initial application. There was a scam a few months ago about a Toyota dealership in Mindanao who used an applicant's documents to loan another unit.

Background/credit investigation: Bank agents may call your employer or even do a house visit (not necessarily your house, but ask around your neighborhood, sorry ka na lang if di mo kasundo yung makausap).