Car loan (First time car buyer)

[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.

[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.

[ericb]

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]

[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.]

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]

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]

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

[Mel Vin]

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]

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

[Mel Vin]

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?

[kai s.]

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

Tingin ka dito sa model/brand specific threads kung saang dealer may magandang deal Ako kasi di na ko nagcompare ng iba-ibang casa at offer, basta kumuha lang ako sa malapit samin haha. Pero very good experience with Metrobank Shaw pagdating sa mismong autoloan.

[Mel Vin]

Tingin ka dito sa model/brand specific threads kung saang dealer may magandang deal Ako kasi di na ko nagcompare ng iba-ibang casa at offer, basta kumuha lang ako sa malapit samin haha. Pero very good experience with Metrobank Shaw pagdating sa mismong autoloan.

Thank you sir

[raptrovic]

Hi,

Sorry di ako makapag post ng new question kaya makikipost na lang ako dito.

Noob question lang po.

First time car buyer po. I just received a text message from BPI na approved na daw po yung loan application ko. The question is, ano na po ang next step?

[jujjay]

Hi,

Sorry di ako makapag post ng new question kaya makikipost na lang ako dito.

Noob question lang po.

First time car buyer po. I just received a text message from BPI na approved na daw po yung loan application ko. The question is, ano na po ang next step?

better talk to the agent handling your loan what the steps are after their approval. at least galing na sa kanila.

im my case, what i remember was after loan approval, payment na nun DP ko sa dealer. after doing so, the dealer will then coordinate with the bank for the release of the unit.

to be safe, in all my emails, kasama sa loop both the dealer and bank sa usapan. para at least both sides are updated.

[pongscript]

Hi,

Sorry di ako makapag post ng new question kaya makikipost na lang ako dito.

Noob question lang po.

First time car buyer po. I just received a text message from BPI na approved na daw po yung loan application ko. The question is, ano na po ang next step?

Go to different casa that has the car that you want thentest drive it, or even go further and try different cars, you currently have the power since you are already preapproved.
Next is to get a deal for each casa, you can then contact each then ipasa mo yung deal from casa to casa para mag deal beat sila.. you will see how these leaches will try to get you.. maguunahan yan, pagandahan ng deal. Any additional accessories, promo and freebies should be welcome, you can even try to demand one. Dont be guilty kasi ganyan talaga kalakaran jan.


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[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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[sirkosero]

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!

24 hours lang turn around time nila sa car loan. I suggest ask other banks para may option. East west is also good for car loans.

I still think getting a newer 2nd hand car is most practical. You will not be paying depreciation

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[ice15]

Sorry for the OT... Medyo may pagtatalo kami ni misis...

Buying a car. Sales person calculates na car loan based on in-house loan and bank loan...

Pero nung old days, naalala ko na we can go to our (bank) branch, they give us a calculation and they can coordinate pick-up of the unit from the closest dealership... Available pa ba itong option na ito?

Nung old days kasi, naaalala ko na mas mababa yung interest if you go to the bank directly.