Car loan (First time car buyer)

[tonytonytonton]

Hi kamotekid1968, its the new Innova.

sir *tonytonytonton, yung akin almost 2 months yung reservation ko dahil di ako nakapag-DP kasi i was waiting for the insurance cheque nung time na yun. wild guess, mitsu mirage ba yan? walang stock?

[_Qwerty_]

Why would you pay for the downpayment kung wala pa yung unit? Reservation lang ang hinihingi nila diba?

[tonytonytonton]

Thanks dr. d, my only concern is what if I already made a DP, then biglang ipitin ang release to prioritize others or in-house financing buyers, or I'm just thinking to much. I'll just talk to my SA and see.

there is a supposed/rumored/impending price increase.
this is probably why there is a mad rush to buy.
when will the price increase? i don't know. and, i believe, neither do the SAs.

if i were me... if SA can not promise that the unit i'd reserve now would be price-increase-free, i'd psyche myself into not hurrying, and just "let nature take its course".
tough decision.
good luck.

[dr. d]

Thanks dr. d, my only concern is what if I already made a DP, then biglang ipitin ang release to prioritize others or in-house financing buyers, or I'm just thinking to much. I'll just talk to my SA and see.

they will ipit you in favor of others who either generate more profits from them, or have very strong friendship or family ties.
but this happens only when the cars are in hot pursuit.

my advice is, make that down payment only if you are willing to wait for your car to arrive, even if it takes a longer time.

[tonytonytonton]

Thanks! Update: Unit paid and is ready for pickup. Am still thinking if I will take it home before the holy week holidays or take it home together with the OR/CR. They also already provided the conduction sticker so wala ng palitan yan =))

Appreciate the assistance guys!

they will ipit you in favor of others who either generate more profits from them, or have very strong friendship or family ties.
but this happens only when the cars are in hot pursuit.

my advice is, make that down payment only if you are willing to wait for your car to arrive, even if it takes a longer time.

[ki3210]

Mga Sirs pa help nmn kung ok yung Car Loan na inapplyan nmin sa PS Bank

Unit : Honda BRV-S

DP : 197,800
Chattel mortage : 13,862
Insurance : 23,977 for 1 yr
LTO : Free for 1 yr.
3rd party liability : 1,600

Total : 237,239

Monthly : 16,532 (26.650%)

Pwede na po ba ito? nalalakihan kasi ako pero wala din ako idea 1st time car buyer.

[dr. d]

Mga Sirs pa help nmn kung ok yung Car Loan na inapplyan nmin sa PS Bank

Unit : Honda BRV-S

DP : 197,800
Chattel mortage : 13,862
Insurance : 23,977 for 1 yr
LTO : Free for 1 yr.
3rd party liability : 1,600

Total : 237,239

Monthly : 16,532

Pwede na po ba ito? nalalakihan kasi ako pero wala din ako idea 1st time car buyer.

brand new car?
the LTO and TPL should be good for three years. ..can't register a new car for only one year's worth.

if nalalakihan kayo, it's because your car is swimming in the 1M price pool.
there are cheaper cars in the market, po, that will probably serve your needs adequately. you can still back out...

and, can you really, really afford it? or, do you have to tighten your belt? because you might have to loosen that belt soon, and your car goes to the re-possessed lot.
think hard, sir.

[ki3210]

brand new car?
the LTO and TPL should be good for three years. ..can't register a new car for only one year's worth.

if nalalakihan kayo, it's because your car is swimming in the 1M price pool.
there are cheaper cars in the market, po, that will probably serve your needs adequately. you can still back out...

and, can you really, really afford it? or, do you have to tighten your belt? because you might have to loosen that belt soon, and your car goes to the re-possessed lot.
think hard, sir.

Thank you Sir sa reply nyo.

Yup, brand new car. We can really really afford it, wala lng kasi akong idea akala ko nung una DP lng yung illbas sa una hahahaha. Namamahalan ako sa Insurance ngulat ako na ganun pla price nun. Thank you Sir!!!

[dr. d]

Thank you Sir sa reply nyo.

Yup, brand new car. We can really really afford it, wala lng kasi akong idea akala ko nung una DP lng yung illbas sa una hahahaha. Namamahalan ako sa Insurance ngulat ako na ganun pla price nun. Thank you Sir!!!

if you can afford a bigger down payment, it will probably save you a bit more money.
ask the bank to quote you another scheme, with the biggest down payment you can afford, and see how much money you will save.

[Calistro]

Thank you Sir sa reply nyo.

Yup, brand new car. We can really really afford it, wala lng kasi akong idea akala ko nung una DP lng yung illbas sa una hahahaha. Namamahalan ako sa Insurance ngulat ako na ganun pla price nun. Thank you Sir!!!

Pwede tawaran yan insurance sa bangko sir, ayos nyo lang pakikipagusap sa manager or kung suno kausap nyo heheh

[irishluc]

Share ko lang yung experience namin (my boyfriend and I) regarding sa pag-acquire ng car through bank financing.

First off, nag-search muna kami online (mostly checking autodeal.com since accessible agad yung specs and may option yung site to compare 3 cars at a time) kung anong car ang kukunin namin para pagdating sa mga showroom, meron na kaming target na model na iccheck. Showroom, make and model are as follows:

Honda Marcos Highway - City VX Navi (okay sana yung Modulo version, pero out of stock na).
Hyundai Pasig - Accent Diesel Sedan (wala na din stock and by the time na may stock na sila, additional 20K on the price).
Toyota Pasig - Altis 1.6 and Vios (can't remember kung anong variant).
Ford Libis - Fiesta Trend and Ecosport
Mazda Greenhills - Mazda 2 Hatch

After watching a lot of reviews and survey din sa forums and friends, we decided to get Honda City, since yun yung may pinakamababang DP and at the same time, gustong-gusto din talaga namin. Originally, 39K for the DP, but we managed to haggle ng 34K with 19,183 monthly. We're able to get zero DP offer from Ford Libis, with almost same monthly for the high-end Fiesta, but due to certain feedbacks, Honda City pa rin ang nagwagi

Na-approve kami sa East West Bank for 15% DP, it took us 2 days to know that we were approved. For East West, they require 4 PDCs for the renewal of insurance (Oriental Assurance Corporation - with AOG and other riders). By the way, we're both from BPO na parehong hindi ma-approve approve sa CC application, kaya it came as a surprise They probably considered our tenure (5 yrs for me and 8 yrs for my boyfriend), also our combined net income (exceeding 50K). We're expecting our car to be ready by next week

[dr. d]

Share ko lang yung experience namin (my boyfriend and I) regarding sa pag-acquire ng car through bank financing.

First off, nag-search muna kami online (mostly checking autodeal.com since accessible agad yung specs and may option yung site to compare 3 cars at a time) kung anong car ang kukunin namin para pagdating sa mga showroom, meron na kaming target na model na iccheck. Showroom, make and model are as follows:

Honda Marcos Highway - City VX Navi (okay sana yung Modulo version, pero out of stock na).
Hyundai Pasig - Accent Diesel Sedan (wala na din stock and by the time na may stock na sila, additional 20K on the price).
Toyota Pasig - Altis 1.6 and Vios (can't remember kung anong variant).
Ford Libis - Fiesta Trend and Ecosport
Mazda Greenhills - Mazda 2 Hatch

After watching a lot of reviews and survey din sa forums and friends, we decided to get Honda City, since yun yung may pinakamababang DP and at the same time, gustong-gusto din talaga namin. Originally, 39K for the DP, but we managed to haggle ng 34K with 19,183 monthly. We're able to get zero DP offer from Ford Libis, with almost same monthly for the high-end Fiesta, but due to certain feedbacks, Honda City pa rin ang nagwagi

Na-approve kami sa East West Bank for 15% DP, it took us 2 days to know that we were approved. For East West, they require 4 PDCs for the renewal of insurance (Oriental Assurance Corporation - with AOG and other riders). By the way, we're both from BPO na parehong hindi ma-approve approve sa CC application, kaya it came as a surprise They probably considered our tenure (5 yrs for me and 8 yrs for my boyfriend), also our combined net income (exceeding 50K). We're expecting our car to be ready by next week

if you can afford a bigger down payment, you might save more money.
ask the bank to compute you a deal, using the biggest down payment you can afford.

btw... pumayag ang banco na combined salary kayo...?
so, under whose name will the car be?
and, in the unlikely event na mag-split kayo, papano ang hati-an ng sasakyan?
you have to consider these things.

[L1quid]

Share ko lang yung experience namin (my boyfriend and I) regarding sa pag-acquire ng car through bank financing.

First off, nag-search muna kami online (mostly checking autodeal.com since accessible agad yung specs and may option yung site to compare 3 cars at a time) kung anong car ang kukunin namin para pagdating sa mga showroom, meron na kaming target na model na iccheck. Showroom, make and model are as follows:

Honda Marcos Highway - City VX Navi (okay sana yung Modulo version, pero out of stock na).
Hyundai Pasig - Accent Diesel Sedan (wala na din stock and by the time na may stock na sila, additional 20K on the price).
Toyota Pasig - Altis 1.6 and Vios (can't remember kung anong variant).
Ford Libis - Fiesta Trend and Ecosport
Mazda Greenhills - Mazda 2 Hatch

After watching a lot of reviews and survey din sa forums and friends, we decided to get Honda City, since yun yung may pinakamababang DP and at the same time, gustong-gusto din talaga namin. Originally, 39K for the DP, but we managed to haggle ng 34K with 19,183 monthly. We're able to get zero DP offer from Ford Libis, with almost same monthly for the high-end Fiesta, but due to certain feedbacks, Honda City pa rin ang nagwagi

Na-approve kami sa East West Bank for 15% DP, it took us 2 days to know that we were approved. For East West, they require 4 PDCs for the renewal of insurance (Oriental Assurance Corporation - with AOG and other riders). By the way, we're both from BPO na parehong hindi ma-approve approve sa CC application, kaya it came as a surprise They probably considered our tenure (5 yrs for me and 8 yrs for my boyfriend), also our combined net income (exceeding 50K). We're expecting our car to be ready by next week

hindi naman sa pagiging KJ, pero parang anhirap nyang ganyan ah, yung monthlies nyo is almost half of your combined income na. Keyword "income" and not savings. meron pa yang around 10k monthly expenses para gamitin (fuel, parking, toll fees, etc).

Medyo long stretch yang gagawin nyong dalawa, honestly speaking. If hindi maganda maging ending nyan mahihirapan kayo magloan pambili ng bahay in the future, kahit sobrang capable pa ng income nyo.

Yun lang, ingat and good luck!!

[Zach06]

Mga sir question po, naka Autodebit bo ang Payment Scheme ko sa PNB for my Monthly Amortization. Na release yung Auto ko ng Feb 24 2017 up until now hindi pa po nababawasan ung Debit Card ko. Is it possible ba na biglain nila ung 1st Amortization ko na 2 months agad ang singilin? Thanks sa info.

[irishluc]

if you can afford a bigger down payment, you might save more money.
ask the bank to compute you a deal, using the biggest down payment you can afford.

btw... pumayag ang banco na combined salary kayo...?
so, under whose name will the car be?
and, in the unlikely event na mag-split kayo, papano ang hati-an ng sasakyan?
you have to consider these things.

We've actually considered yung higher DP pero 1K lang yung mababawas sa monthly so we went with the lower DP. My boyfriend's 10 yr old car is waiting for its buyer, then we'll use that money as additional car maintenance/payment fund.

Mukha naman sigurong pumayag yung bank kasi sakin nakapangalan yung car, yet I have the lower net monthly income. Naconsider na rin namin na in the event magsplit kami, kung anong gagawin namin sa car, that's actually one of the things that we initially considered

[irishluc]

hindi naman sa pagiging KJ, pero parang anhirap nyang ganyan ah, yung monthlies nyo is almost half of your combined income na. Keyword "income" and not savings. meron pa yang around 10k monthly expenses para gamitin (fuel, parking, toll fees, etc).

Medyo long stretch yang gagawin nyong dalawa, honestly speaking. If hindi maganda maging ending nyan mahihirapan kayo magloan pambili ng bahay in the future, kahit sobrang capable pa ng income nyo.

Yun lang, ingat and good luck!!

Yep, malaking chunk ng salary namin ang mapupunta sa car. Prior to finalizing the transaction with the dealer, we've ran the numbers. Turns out that we can manage to pay for the monthly and maintenance without sacrificing our non-negotiables (life insurance, savings, utilities, groceries still intact). I even pegged my budget to my current average take home pay, even if I am expecting an increase in a couple of months. We also have my partner's 10 yr old car's expected buyer (nag-down na yung buyer), soon as we get the new car, and the money will be used to start up the car payment/maintenance funds.

As for the house, kakatransfer lang ng title to my partner's name, and should we want to move to a different place, we have time pa to save.

[kamotekid1968]

i think what sir *dr. d meant was to pay for a DP of more or less 30-40%, the higher the DP and the shorter the loan years will give you a huge savings.

[dr. d]

i think what sir *dr. d meant was to pay for a DP of more or less 30-40%, the higher the DP and the shorter the loan years will give you a huge savings.

yespo.
larger down payment... shorter loan years.. bigger monthlies..
make the permutations (combinations) po, and see which is affordable and still offers the most savings.

[kamotekid1968]

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! ;)

[shadow]

Yep, malaking chunk ng salary namin ang mapupunta sa car. Prior to finalizing the transaction with the dealer, we've ran the numbers. Turns out that we can manage to pay for the monthly and maintenance without sacrificing our non-negotiables (life insurance, savings, utilities, groceries still intact). I even pegged my budget to my current average take home pay, even if I am expecting an increase in a couple of months. We also have my partner's 10 yr old car's expected buyer (nag-down na yung buyer), soon as we get the new car, and the money will be used to start up the car payment/maintenance funds.

As for the house, kakatransfer lang ng title to my partner's name, and should we want to move to a different place, we have time pa to save.

How about medical emergencies?


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