Car Loan: a beginner's guide

**hbk** · August 26th, 2005 06:37 PM

medyo mabusisi kung 2nd hand unit, i have loan in BPI for 2nd hand unit

first thing i did is show them a photocopy of OR/CR of the unit, then all other requirements to have the loan approved, eg income tax, cert of employment, etc..forgot na. You will also need a co-maker. The car should not be more than 5yrs old

after they evaluate that you are eligible, then you will have to bring the unit to BPI Family Bank, main branch in paseo for them to evaluate the car and determine the market value of it. Alam ko they will also have it stenciled. medyo hassel ito kasi you
would need to ask the seller to bring it there.

they will only loan a max of 90% yata of the market value to you. Their market value is usually low.

**BlackPrince** · August 26th, 2005 06:53 PM

having a savings account/checking acct with the bank you intend to get a loan from will be a plus factor.

I thnk some 2nd hand car dealers have tie up with iBank or AMA Bank.
Good luck.

**j_avonni** · August 26th, 2005 07:00 PM

Originally Posted by happy_gilmore

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.
.

Thanks for the update.

**MAXBUWAYA** · August 29th, 2005 11:08 PM

REMEMBER to shop around for the best interest rate. Kung aprub ka sa isa, pa aprub ka padin sa iba. You can always hagle sa interest rate. And dont get excited over approval. Remember bangko ang kikita sa iyo. sa Auto loan Walang katalo-talo ang bangko.

And check out for freebies and ***y bank employees hehehehehe

**revoGSX** · August 29th, 2005 11:28 PM

sometimes a good standing credit card will help, i-CI (credit investigation) ka kasi ng mga banks..

tama din po suggestions nila, apply a car loan from different banks para ma-haggle mo yung interest rate

just remember, if you missed 3 consecutive payments, hahatakin na ng bank auto mo, i think hindi mo na mababawi..

**konde** · August 30th, 2005 12:37 AM

And check out for freebies and ***y bank employees hehehehehe

kumpleto na lahat dapat mo malaman pag dating sa car loan, pero eto ang kicker!!! :bwahaha:

**orly_andico** · August 30th, 2005 12:45 AM

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

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.

**usong725** · August 30th, 2005 01:58 AM

bat nd na lng cash ang iloan mo? tapos un na lng pambili mo ng 2nd hand car?

ganun kc ginawa ko. alang kahirap hirap.

**MAXBUWAYA** · August 30th, 2005 10:53 AM

Originally Posted by usong725

bat nd na lng cash ang iloan mo? tapos un na lng pambili mo ng 2nd hand car?

ganun kc ginawa ko. alang kahirap hirap.

Eto the best idea, we did it once apply for busness loan then ibinili ng kotse.

Mas maliit ang interest dito, although mahirap mag apply kasi ang bangko ang mentality is the dapat pag d ka nakabayad may mahahatak dapat sila.