Car Loan: a beginner's guide

[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

[dragon21]

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]

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]

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]

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

[coiter]

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]

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]

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]

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

[1D4LV]

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.

[j_avonni]

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.

[hbk]

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.

[hjcals]

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?

[BlackPrince]

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.

[MAXBUWAYA]

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]

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]

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]

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]

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]

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.