Car Loan: a beginner's guide

[Psylocke]

this can't be right... ang alam ko all the banks follow the "30% rule" -- the maximum amortization they will allow, is 30% of your NET.

there's this other rule of thumb kasi, 1/3rd of your net income goes to food, 1/3rd goes to housing, and the last 1/3rd is discretionary income. it's this last third that can be applied to a loan or whatever.

even if you live with your parents or are otherwise not spending 1/3rd of your net income on housing, the bank will STILL apply the 30% rule.

Yeah, 30% rule... When I applied for my loan (50% DP, 1 year to pay) the bank had me declare a 90k net income...

[tidus1203]

Let me revive the thread here and add my thoughts....

For a brand new car I think you can go ahead and follow their suggestions. Pero for 2nd hand I would just skip getting an auto loan and instead get a personal loan so you skip all those appraisal ek ek the banks need to do. Then just pay youre personal loan accordingly. The best bit is in case di ka nakabayad ng personal loan you only ruin your credit worthiness but the car is still yours

Also as many already said try to maximize your DP and try to pay the balance at the shortest time possible. Not only will it save your in interest expenses but we never know the future. Who knows you can lose your job (there is no such thing as job security anymore) before your balance is done and that will mean a lot of trouble for you.

But of course as the others also suggest saving up for it is still the best. Sarap ng feeling of paying in cash and mas rewarding talaga....

[lloydwena]

ipunin mo na lang muna bro.. bata pa naman tayo e. =)

[blueguy]

But it's better to have a loan if you can afford the DP and MA and other fees.

Try reading other threads especially the posts of *kane..you will learn a lot...

[march3]

Let me revive the thread here and add my thoughts....

For a brand new car I think you can go ahead and follow their suggestions. Pero for 2nd hand I would just skip getting an auto loan and instead get a personal loan so you skip all those appraisal ek ek the banks need to do. Then just pay youre personal loan accordingly. The best bit is in case di ka nakabayad ng personal loan you only ruin your credit worthiness but the car is still yours

Also as many already said try to maximize your DP and try to pay the balance at the shortest time possible. Not only will it save your in interest expenses but we never know the future. Who knows you can lose your job (there is no such thing as job security anymore) before your balance is done and that will mean a lot of trouble for you.

But of course as the others also suggest saving up for it is still the best. Sarap ng feeling of paying in cash and mas rewarding talaga....

sir parang ngang mas ok to ah.. kasi plan ko din po sana mag carloan sa banko ng bagong navara.. kaso ang taas nga po ng interest eh.. pano po ba kung cash na nga lang yung iloan ko? ano po kaya yung mga requirements? at ano po ba yung mga dapat gawin? (reason kung bat magloloan) alin po kaya yung mas ok? saka mahirap po ba maaprubahan pag cash na lang yung iloan? para po wala ka isipin na if ever na di ka makabayad e mawawala yung auto mo hehehe.. salamat po

[mazzipino]

How long are loan approvals valid for?

[MAXBUWAYA]

sa brand new hindi na uso ag 30% down, hindi nyo ba napansin ang nissan, ford , mitsuboshi eh may mga P100k downpayment. may 75 pa nga eh

[BlackPrince]

sa brand new hindi na uso ag 30% down, hindi nyo ba napansin ang nissan, ford , mitsuboshi eh may mga P100k downpayment. may 75 pa nga eh

tama ka sir. kaya lang ... low down equates to high monthly amortization ...
sayang ... pero if u can afford , why not? good luck!

[Tacoma_34]

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

for me a bit crazy, a loan just for a car? mag ipon ka na lang kaya muna tapos i-cash mo na lang soon ng second hand.

[Tacoma_34]

anyway 23 ka pa naman you have time in the world para mag-ipon. pare ang hirap ng may loan sabi ko sa yo.