Car loan (First time car buyer)

**ericb** · May 31st, 2016 06:58 PM

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.

**papi smith** · May 31st, 2016 10:39 PM

Seems good enough to me, more so if it comes with AON, I assume the car is worth 1M. Participation seems to fit the 1/2 of 1% of insured amount standard.

**ericb** · June 1st, 2016 09:10 AM

Originally Posted by papi smith

Seems good enough to me, more so if it comes with AON, I assume the car is worth 1M. Participation seems to fit the 1/2 of 1% of insured amount standard.

Yes Sir, they gave me a sample form (though the car is different, the price is the one closest to my car of choice) with the computation of participation fees and insurance and it says there that insurance for 2nd and 3rd year comes with AON (will need to make sure with the bank though). Thank you for the response.

**adoratflorencia** · April 5th, 2017 06:07 PM

[QUOTE=ericb;2730725]Yes Sir, they gave me a sample form (though the car is different, the price is the one closest to my car of choice) with the computation of participation fees and insurance and it says there that insurance for 2nd and 3rd year comes with AON (will need to make sure with the bank though).

I was told CPA is one if not the biggest insurers in Hong Kong. I talked to my bank about it, planning to subscribe. And their price is reasonable. Good enough for me.

**kai s.** · June 1st, 2016 12:44 PM

Originally Posted by ericb

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 amounts sound about right. From experience, okay naman Charter Ping An. I answered this same question in another thread about insurance yesterday

If this is Metrobank, I highly recommend their Shaw branch, the one in S&R. Gave me a good deal (matched the lowest interest rate I found, adjusted my loan amount etc etc) and they were very accommodating, especially the branch manager.

**ericb** · June 1st, 2016 01:00 PM

Originally Posted by kai s.

The amounts sound about right. From experience, okay naman Charter Ping An. I answered this same question in another thread about insurance yesterday

If this is Metrobank, I highly recommend their Shaw branch, the one in S&R. Gave me a good deal (matched the lowest interest rate I found, adjusted my loan amount etc etc) and they were very accommodating, especially the branch manager.

Yes Sir Metrobank (Emerald Ave.) sya, unfortunately sya yung pinaka mababang rate na napagtanungan ko so di ako sure kung makakahingi pa ba ako ng adjustment :P May promo sila ngayon, pag promo ba pwede pa humingi ng adjustment?

Ano ano pa pwede i-negotiate pag bank-financing na may promo?

**ohwtfitzsean** · June 8th, 2016 10:00 AM

anyone here recently applied for a BPI car loan? Hindi ba talaga nila fnfree ang chattel mortgage? TIA

**Mel Vin** · June 29th, 2016 07:30 PM

Originally Posted by ohwtfitzsean

anyone here recently applied for a BPI car loan? Hindi ba talaga nila fnfree ang chattel mortgage? TIA

Hello sir nag inquire ako sa BPI last monday di po kasama and chattel mortgage.

Mas mababa pa rin rate ng MBTC

**OscarCharlie12** · June 30th, 2016 10:10 AM

Try PS bank sir, extended ata promo nila free chattel and insurance din.

**Mel Vin** · June 29th, 2016 01:57 PM

Originally Posted by kai s.

The amounts sound about right. From experience, okay naman Charter Ping An. I answered this same question in another thread about insurance yesterday

If this is Metrobank, I highly recommend their Shaw branch, the one in S&R. Gave me a good deal (matched the lowest interest rate I found, adjusted my loan amount etc etc) and they were very accommodating, especially the branch manager.

Sir gud day po. Ask po anong unit ng sasakyan or saan dealer nyo na may maganda deal?