Car loan (First time car buyer)

[vvti2.0]

ofcourse, CASH is KING padin kung meron ka man lang din bat di mo pa icash diba? Had mine for 30% DP on a 3-year contract with BDO. after doing all the math, i would say, indeed, the higher the DP and shorter terms will definitely give you huge savings! ;)

Yes it is very true that cash is king, pero ang problema halos di ibigay sayo ng dealership ang freebies, babaratin ka pa sa discount.

Purchase a Fortuner last November, paid in cash, nilabas unit within 4 hours. around 35k lang discount na binigay and the usual useless freebies.

[dr. d]

Yes it is very true that cash is king, pero ang problema halos di ibigay sayo ng dealership ang freebies, babaratin ka pa sa discount.

Purchase a Fortuner last November, paid in cash, nilabas unit within 4 hours. around 35k lang discount na binigay and the usual useless freebies.

put ourselves in the dealers' shoes.
what is the usual or acceptable discount for cash purchases, po?
dealers make more money, if buyer buys via installment. so why should they encourage cash purchases by giving big discounts?

[kamotekid1968]

based on experience, medyo mababa nga magbigay ang toyota ng discount regardless of the unit na kukunin mo. as shared on the other thread, torn between Toyota Vios Base and J but my agent offered me 20k discount for both Base and J models but for Vios E, 40k unlike sa Mirage G4 na nakuha ko, 75k ang binigay sakin at binawas ko sa SRP nalang para lumiit ang DP at monthly ko.

[hunkie]

Question lang mga boss, medyo nalilito lang ako sa process parang nabasa ko here somewhere not sure.

Once, ma-approve ng bank, send sila PO sa bank then booking.

1. Pwede na ba release ng sasakyan sa casa kahit walang or/cr?
2. Pano pag gusto ko hintayin or/cr?
3. Kelan magsisimula amortization, upon release ng sasakyan? Or sa booking date?

I'm thinking pagka down at mabook na sa bank. Aasikasuhin na yung or/cr. Then habang wala pa si or/cr di ko muna kunin para safe sa insurance. I'm assuming na dahil di pa narerelease si sasakyan, di pa magsisimula si amortization. I'm not sure if this is correct

[L1quid]

Question lang mga boss, medyo nalilito lang ako sa process parang nabasa ko here somewhere not sure.

Once, ma-approve ng bank, send sila PO sa bank then booking.

1. Pwede na ba release ng sasakyan sa casa kahit walang or/cr?
2. Pano pag gusto ko hintayin or/cr?
3. Kelan magsisimula amortization, upon release ng sasakyan? Or sa booking date?

I'm thinking pagka down at mabook na sa bank. Aasikasuhin na yung or/cr. Then habang wala pa si or/cr di ko muna kunin para safe sa insurance. I'm assuming na dahil di pa narerelease si sasakyan, di pa magsisimula si amortization. I'm not sure if this is correct

1. Yes.
2. Pede naman, mapapagalitan ahente mo dito kasi sold na tapos kumakain ng space sa garahe kanila parang inventory costs kumbaga, magandang incentive para madaliin nila yung or/cr in my opinion.
3. Kapag nakasetup ka one month ahead yung 1st MA kasabay ng pagsign mo ng bank docs IIRC, otherwise a month later.

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[hunkie]

1. Yes.
2. Pede naman, mapapagalitan ahente mo dito kasi sold na tapos kumakain ng space sa garahe kanila parang inventory costs kumbaga, magandang incentive para madaliin nila yung or/cr in my opinion.
3. Kapag nakasetup ka one month ahead yung 1st MA kasabay ng pagsign mo ng bank docs IIRC, otherwise a month later.

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Salamat boss, regarding sa 2nd point, yun nga naisip ko para madaliin nila yung pagaasikaso ng or/cr sa lto kaya di ko muna kukunin, kahit excited na ako.

Approved na kasi ako SECB, kaso gusto ko after 15th of the month and due date ko sa MA, kaya it means pala sa 15th ko na next month i-process lahat para siguradong after 15th ang MA ko?

[L1quid]

Salamat boss, regarding sa 2nd point, yun nga naisip ko para madaliin nila yung pagaasikaso ng or/cr sa lto kaya di ko muna kukunin, kahit excited na ako.

Approved na kasi ako SECB, kaso gusto ko after 15th of the month and due date ko sa MA, kaya it means pala sa 15th ko na next month i-process lahat para siguradong after 15th ang MA ko?

Pede naman siguro iset yun. Try mo kausapin yung bank and let them know kung pede nga ba.
Yung akin i remember somewhere in the first 7 days of the month ko ginawa akin nuon eh, pero yung due date ko para sa MA was around the 23rd. Nakalagay nga ata sa papel yun from the bank, sorry diko maalala.

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[hunkie]

Pede naman siguro iset yun. Try mo kausapin yung bank and let them know kung pede nga ba.
Yung akin i remember somewhere in the first 7 days of the month ko ginawa akin nuon eh, pero yung due date ko para sa MA was around the 23rd. Nakalagay nga ata sa papel yun from the bank, sorry diko maalala.

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Thank you sir, much appreciated. Get it now. Try ko. Update rin ako in the next few weeks sa process for a newbie like me. Approved na ko sa SECB.

[pongscript]

1. Release na yan after magkapirmahan ng docs(within the day)
2. Kahit di mo na hintayin, usually good for 1 week yung paper, at prompt naman sila usually sa or/cr unlike sa motorcycle..
3. Naka indicate dun sa docs yung kelangan ang simula ng ammort mo, pwede mo kausapin if gusto mo paadjust yung date with fee but usually nililibre na nila yun, depende sa ahente. Pero di naman pwede na ipasched mo after 2 months.. usually sa susunod na buwan after release.


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[pongscript]

At pwede mo pa email yung copy ng or/cr if di mo mapipickup directly.. eg busy.. :-)


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[Curious85]

Hi, first time buyer here. Nag in house financing ako and the agent asked me to sign a lease agreement. Question is, bakit lease agreement and not purchase agreement yung doc? I think bago lang yung agent na nagaassist sakin kasi hindi nya maexplain kung bakit.

[dcvingkamotekid]

sir *Curious85, just an advice, if you have the monies, you could go straight sa bank and apply for a loan...that way, bank ang kausap mo at di kung sino-sinong agent ng isang dealership. downside lang is, mas malaki DP mo sa bank (minumum of 20% afaik) pero low interest rate compared to in-house financing. at the end of the day, it is still your call.

[ArjAngel]

also got a loan through bank, security to be specific, ok naman sila madali din approval at ok kausap

[carwhacko]

Yes malaki cash out sa bank mismo pero pag sa dealer laki discount sa cash out pero bawi sa laki ng monthly amortization mo.


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[captjacksparrow]

Hi po, need advice. Someone offered me (kakilala) an Innova E AT diesel for 17,661 monthly for 5 yrs with 500K DP plus 32K for Insurance and 28.8K for Chattel. But then he is giving me 65K discount so initial cashout would be around 495.8K. Is this a good deal? Car SRP is 1.309M

[marioskid]

Kasi sa CRV 2007 eh pag 26thou hindi kasama acts of God

[marioskid]

Kasi sa CRV 2007 eh

[Salzburg]

I get it when you take a loan for a business, but a car loan it's not for everyone. If the car doesn't bring you some profit, you should think twice about it. I get it that there are a lot of people that can afford to pay the loan from the sallary (or even better - to buy it without a loan) but a lot of young people take loans, buy cars and after that they need to pay the loan, fill the tank of the car, repair the car (if needed). I mean that a car loan can bring more expenses than the benefit of the car. I encourage people to invest borrowed money in things that will (in the end) help them return the loan and make extra profit. I took a loan from a company that I found on lainaailmanvakuuksia when I needed to buy a few beehives. Now I'm selling honey, returned the money and make a little profit.

[jnsk]

Planning to get 2nd hand car, but then, my inlaws told me na much better kung brand new, atleast sure ako sa performance. So eto na nga, nagtry ako magapply online kahapon sa PSBank, and after ilan hrs, nag CI agad sila both company and bahay. Ang nakakatuwa pa dito, nanghingi ng pang meryenda yung nag CI sa bahay.

After that, I received a text from PSBank that my application for auto loan was approved. Then they provide a contact details of an agent from PSBank na maghahandle ng loan ko. My question is, possible ba talaga yung ganito kabilis na proseso even hindi pa ko nagpasa ng requirements? I'm still shocked kasi after ilan try sa BPI na disapproved, sa PSBank, wala pang 1 day approve agad.

I remember sabi ng nagCI samin sa bahay eh siya na daw bahala sa approval ko sa loan. Hahahaha! Ano po ba proseso ng ganito? Thanks!

[misseksaherada]

I'm still shocked kasi after ilan try sa BPI na disapproved, sa PSBank, wala pang 1 day approve agad.

I remember sabi ng nagCI samin sa bahay eh siya na daw bahala sa approval ko sa loan. Hahahaha! Ano po ba proseso ng ganito? Thanks!

Wala po ako idea sa PSBank.. Pero nakaka amaze nga na sobrang mabilis ngayon mag process ng loans.. If di naman kayo nagmamadali Sir better check other banks din, don't settle for 1 or 2..mas ok kung marami kang options at kung saan ka meron maraming perks.. lowest interest rate, etc.
Yun po kung wala pa kayong experience sa autoloan baka po naman marami na kayong cars.. Galing lang din po ito from my experience nung time na nagdi-decide ako.. Banks will become competitive din on giving perks..


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