Car Loan: a beginner's guide

**thebluemystery** · August 26th, 2005 04:56 PM

certainly wala pa kong idea about equity and ammortization.. mga terms sa bank when you are applying for a car loan..

i'm 23 and 11 months and a half na ko here sa work and regular na..

I would like to ask lang if paano ang requirements for me.. i want to apply sana for a loan.. i just want to buy a second hand car paano ba makaka avail ng loan sa second hand cars? hope to hear from you and guide me more about this.. coz goal ko this year is maka buy ng 1st car ko

thanks and any help will do

**dragon21** · August 26th, 2005 05:17 PM

The bank will probably need the following:

1. Certificate of employment.
2. Income Tax Return
3. Character references for background check
4. Equity/downpayment are synonymous

If you're already married, marital consent, your spouse as co-maker. There are actually three components of a loan

1. Principal
2. Rate
3 Tenor (duration)

The longer the tenor, the higher the rate. If you can afford it the best arrangement will be highest equity, shortest tenor. Shop around the banks. I'll give you a hint. Get a quote from BPI, have it approved, then show it to BDO. Chances are, BDO will give a better offer.

Second hand cars are a bit trickier since the banks usually hedges themselves by undervaluing a car, and normally they don't give a loan on older models. They're quite picky with brands as well.

**chieffy** · August 26th, 2005 05:26 PM

bago ang lahat hafee beerday!!! kita ko birthday list sa web page...

tanong ko lang baka merong company car loan iyan company mo? nagbabakasakali lang dahil baka nalaktawan mong basahin sa mga benefits list mo iyon...

**baiskee** · August 26th, 2005 05:30 PM

Originally Posted by chieffy

bago ang lahat hafee beerday!!! kita ko birthday list sa web page...

tanong ko lang baka merong company car loan iyan company mo? nagbabakasakali lang dahil baka nalaktawan mong basahin sa mga benefits list mo iyon...

yep...tanong mo company mo since regular ka na. ;)

happy birthday na rin.

**jedi** · August 26th, 2005 05:51 PM

officemate ko si blueMyst... wala pang Car loan benefit sa company namin sa ngayon

**coiter** · August 26th, 2005 05:55 PM

check mo muna sa mga banks kung magkano yung minimum monthly salary required. baka naman kumpletuhin mo lahat ng requirements di pala pasok sa required. anyway, usually nakapost sa website yun as well as other requirements. and for 2nd hand car loans, i think the maximum age of the car should be 5 yrs. so yr 2000-up lang ang i-aapprove nila. plus may minimum loan amount. so pagisipan mo rin ng mabuti since it's a 2nd hand car. the maintenance cost will surely be higher than a brand new unit, on top of the ammortization. wag mo rin masyadong habaan yung term. hirap yan lalo na kung assumption mo ay tataas sweldo mo every year. unless sobrang laki talaga ng kinikita mo. pero kung ganun naman, pagipunan mo na lang at bilhin mo ng cash. anyway. happy bday na rin at good luck!

**1D4LV** · August 26th, 2005 06:17 PM

tip lang....among the banks locally, BPI Family Bank ang pinakamaluwag sa mga requirements. yun nga lang you have to shoulder 30% of the cost of the car, so 70% lang ng market value ang ipapaloan nila sa iyo.

**j_avonni** · August 26th, 2005 06:28 PM

Pag second hand car, mas mataas ang interest, mas maigsi ang paying period, mas maliit ang loanable amount (70% of the appraised value). Ang pwede mong makuhang sasakyan ay up to 5 years old lang.

Pag inappraise ang sasakyan, other banks will charge you for appraisal fee, like BPI Family (about P700). Insular Savings is not charging appraisal fee.

Consider getting a brand new car - kahit na yung pinakamura - such as Vios, City or even Picanto or Getz.

**BlueBimmer** · August 26th, 2005 06:33 PM

and your monthly payment should ideally be 50% of ur salary, max 70%..kundi mamumulubi ka nyan..

**1D4LV** · August 26th, 2005 06:36 PM

Originally Posted by j_avonni

Pag second hand car, mas mataas ang interest, mas maigsi ang paying period, mas maliit ang loanable amount (70% of the appraised value). Ang pwede mong makuhang sasakyan ay up to 5 years old lang.

Pag inappraise ang sasakyan, other banks will charge you for appraisal fee, like BPI Family (about P700). Insular Savings is not charging appraisal fee.

Consider getting a brand new car - kahit na yung pinakamura - such as Vios, City or even Picanto or Getz.

bro. wala ng insular savings bank ngayon. its citibank savings bank. citibank bought them na mga two months ago. i doubt if they still offer car loans, kasi maski yung mga savings account dun, biglang nagtaasan yung mga ADB requirements eh.

also try RCBC Savings, Landbank, China Bank.