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  1. Join Date
    Feb 2005
    Posts
    229
    #21
    Quote Originally Posted by 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
    tama ka sir. kaya lang ... low down equates to high monthly amortization ...
    sayang ... pero if u can afford , why not? good luck!

  2. Join Date
    Feb 2005
    Posts
    469
    #22
    Quote Originally Posted by thebluemystery
    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.

  3. Join Date
    Feb 2005
    Posts
    469
    #23
    anyway 23 ka pa naman you have time in the world para mag-ipon. pare ang hirap ng may loan sabi ko sa yo.

  4. Join Date
    Jan 2006
    Posts
    36
    #24
    Quote Originally Posted by hbk
    medyo mabusisi kung 2nd hand unit, i have loan in BPI for 2nd hand unit

    ...

    they will only loan a max of 90% yata of the market value to you. Their market value is usually low.
    How much was their appraisal? Anong unit & model pina-appraise mo?

  5. Join Date
    Mar 2005
    Posts
    1,011
    #25
    Quote Originally Posted by orly_andico
    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...

  6. Join Date
    Feb 2008
    Posts
    14,181
    #26
    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....

  7. Join Date
    Mar 2008
    Posts
    199
    #27
    ipunin mo na lang muna bro.. bata pa naman tayo e. =)

  8. Join Date
    Mar 2008
    Posts
    104
    #28
    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...
    Last edited by blueguy; March 21st, 2008 at 02:22 PM. Reason: rephrase

  9. Join Date
    Feb 2008
    Posts
    14,181
    #29
    ^^ In fact its never better to have a loan, its always better to pay cash when buying a car because its much cheaper in the long run. I know some people like to buy things NOW and since they don't have the capacity to pay in full they loan that is ok but just make sure you never think of the low monthly payments and extend your loan term more than 2 years since super lugi ka na nyan with the high interest rates....

    Bottomline, wag pilitin bumili pag di kaya. Never hostage your future income (afterall we never know the future. You can get fired, or laid-off or your business could go under) for present use. Patience is a virtue, pagipunin mo na lang and you would be glad 3, 5 years from now you call your car your own....

  10. Join Date
    Mar 2008
    Posts
    104
    #30
    Quote Originally Posted by tidus1203 View Post
    ^^ In fact its never better to have a loan, its always better to pay cash when buying a car because its much cheaper in the long run. I know some people like to buy things NOW and since they don't have the capacity to pay in full they loan that is ok but just make sure you never think of the low monthly payments and extend your loan term more than 2 years since super lugi ka na nyan with the high interest rates....

    Bottomline, wag pilitin bumili pag di kaya. Never hostage your future income (afterall we never know the future. You can get fired, or laid-off or your business could go under) for present use. Patience is a virtue, pagipunin mo na lang and you would be glad 3, 5 years from now you call your car your own....
    Depende sa capacity to pay niya, if you are assured nga of a good job, although pwede mo naman i fast track ang long term loan if you have available funds na and shorten it, then recompute everything, like what my friend did. But if you can afford to pay in cash, then pay in cash....that's the best

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Car Loan: a beginner's guide