Car loan (First time car buyer)

[champlm]

Hi everyone, I'm planning on getting a car loan to buy my first car (bnew). The bank has offered me free chattel mortgage and insurance for the first year, provided I renew my insurance with them for the 2nd and 3rd year, the bank quoted me 25k and 22k (2nd and 3rd year) and participation fees for the 1st to 3rd year are as estimated to be 5k, 4.2k+, 3.8k+. My question is, is this the usual insurance and participation fee for brand new cars? I'm planning on getting the Altis 1.6V btw.

Any reviews with Charter Ping An?

Thank you.

the participation fee kung ok ba o hindi depends on the type of car na bibilhin mo. For a sedan, parang mahal yan.

Nabili mo na ba yung unit?

[ericb]

the participation fee kung ok ba o hindi depends on the type of car na bibilhin mo. For a sedan, parang mahal yan.

Nabili mo na ba yung unit?

Hindi pa Chief, pero karamihan naman sa napagtanungan ko (forums and personal friends) eh sabi nila mukhang reasonable naman for a bnew sedan.



Sir ohwtfitzsean, try to inquire sa metrobank sir, may free chattel/insurance (di kasama LTO, pero pwede makuha ng free sa dealer) sila hanggang July 9. Dun po kasi ako nag inquire e. Sayang yung promo ng security bank natapos na few months ago. Sana makatulong kahit paano

[jut703]

the participation fee kung ok ba o hindi depends on the type of car na bibilhin mo. For a sedan, parang mahal yan.

Nabili mo na ba yung unit?

Participation is usually 0.5% of insured amount. So 4-5k is normal for a 1M car.

Some insurance companies offer 0.25% participation but that's the exception and not the norm.


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