Car Loan

[vonarceo]

Hi, nag plaplano ako mag loan ng car this week, i have 250k downpayment, the unit price is 752k, gus2 ko sanang payable for 3years, ngaun meron silang "all in" package, kpag 15% or 20% of the unit ung dinownpayment ko, libre na chattel mortgage, comprehensive insurance and 3years LTO registration, kaso ung bank interest sakin mas magiging mahal, if nag downpayment nman ako ng 250k, walang daw libreng comprehensive insurance, lto and chattel pero mas maliit ung madadagdag sa amount na babayadan ko, anu ba ang mas ok?

if hindi ko kinuha ung all in, nasa magkano ba ung mga chattel mort, comprehensive insurance and lto registration,

ilang araw po ba ma proprocess ung mga chattel mort, comprehensive insurance and lto registration

saan po kaya magandang bank kumuha ng loan? anu ba pinakamababang rates ngaun? magkakaparehas ba lhat ng rates ng mga bank (BDO for example) kahit magkakaiba ng branch?

saan ung madaming freebies like free gas or something etc etc,

anu po ung mga step pra mag loan ng car? anu po ung mga dapat tandaan? mga dapat ingatan?

[av8or5]

how much ba ang interest rate na binigay sa iyo sa "all in"? then compare mo sa nakuha mo bank interest rate outside with what DP you want... the difference could be bigger in savings from Chattel and insurance.. Regarding LTO reg, usually libre naman yan and it has nothing to do with in house financing..

Chattel mortgage is usually one month of your monthly loan amount.

Shop around, usually in house financing promo scheme has higher interest rate then if you yourself got a loan from bank institution.

Interest rates also dependent on the branch and your banking relationship... higher depositor/client usually given a better rate.

[vonarceo]

sir, sabi sa nkausap ko 8% per anum daw kpag all in, payable for 3 years, malaki po ba? usually ba sagot na ng car manufacturer ung lto registration?

and may nabanggit nga po sakin na "in house financing daw" pa elaborate nman sir, medyo newbie po eh, anu po ba mas maganda kung in house financing or kung may other choices pa na mas maganda,

depende ba sa car manufacturer ung interest kpag "in house"?

[Albastru]

I am not sure of OK maglink ng ibang car-related sites dito (pa-delete na lang po if di pwede) pero this article is helpful:
Car financing 101: Breaking it down to the last peso | TopGear.com.ph

Eto analysis ko (anyone can quote me if I am wrong),

In-house financing, 20% DP, all-in
P752,000.00 - base model price
P150,400.00 - 20% DP
P601,600.00 - amount financed (in-house), 601600*1.24/36
P 20,722.00 - monthly
P896,384.00 - Total amount paid in 3 years

Bank rate sa ngayon for 3-year car loan is 5.07% via BPI:
BPI bank financing 3 years, 250K DP, 5.07%
P752,000.00 - base model price
P250,000.00 - DP
P502,000.00 - amount financed (in-house), 502000*1.152/36
P 16,064.00 - monthly
P836,304.00 - Total amount paid in 3 years + chattel mortgage (1 month) + 3 years LTO (P8,000.00)

44K ang difference nila sa total na ibabayad mo. I doubt na ung insurance ng sasakyan na 752K ang base price ay aabot ng 44K.

Check muna with your bank of choice, like BPI if pwedeng free insurance na (tawaran mo na free na ung insurance). If not, try mo na lang tawaran ung amount ng insurance mismo.

Happy car haggling!

[makwin]

"In House" financing in most cases refers to the dealer also acting as the lender. Also known as "Buy Here Pay Here ", medyo lax ang credit criteria ruling nila pero in turn they yield to a higher interest rate and you have to watch out for that, bring an accountant if need be, before signing any document. if your credit standing is good naman, bakit di mo na lang pa take-out sa bank? they might offer you a lower rate compared sa car dealer mismo.