Car Loan Interest Rates?

[alnr]

hmm based on your comments guys i think i got a good discount na. tnx

Actually the first rate that they gaved me for 3yrs was 17% but since the manager of the bank was my moms friend she gaved me a discount, then the last quote that she gaved is that 11.06%. sagad na daw yan.

hmm, mababa na nga din. sa metrobank kasi nasa 21.94% for 48 months. pwede din ba ako mag-inquire sa friend ng mom mo? :D

[mazzipino]

hmm based on your comments guys i think i got a good discount na. tnx

Actually the first rate that they gaved me for 3yrs was 17% but since the manager of the bank was my moms friend she gaved me a discount, then the last quote that she gaved is that 11.06%. sagad na daw yan.

Which PNB branch, if you don't mind?

[pinoylurker]

I inquired this morning at Hyundai and they gave me this quote, regular and promo for Sept.

Unit Price: 578,000 for the i10

Regular:
DP: 68,000
Amount to be financed: 510,000.00
48/mos = 15,420.00
60/mos = 13,509.00

months | (In MO X MA) | Interest
48 648,960.00 186,560.00
60 698,280.00 235,880.00


Promo:
DP: 115,600.00
Amount to be financed: 462,400.00
48/mos = 13,520.00
60/mos = 11,638.00

months | (In MO X MA) | Interest
48 740,160.00 230,160.00
60 810,540.00 300,540.00

Off-course the good deal is the regular financing loan, but I have a low budget on the dp. What can you suggest? Can I just call a bank and ask for a better deal?

Thanks

[forevernoob]

I inquired this morning at Hyundai and they gave me this quote, regular and promo for Sept.

Unit Price: 578,000 for the i10

Regular:
DP: 68,000
Amount to be financed: 510,000.00
48/mos = 15,420.00
60/mos = 13,509.00

months | (In MO X MA) | Interest
48 648,960.00 186,560.00
60 698,280.00 235,880.00


Promo:
DP: 115,600.00
Amount to be financed: 462,400.00
48/mos = 13,520.00
60/mos = 11,638.00

months | (In MO X MA) | Interest
48 740,160.00 230,160.00
60 810,540.00 300,540.00

Off-course the good deal is the regular financing loan, but I have a low budget on the dp. What can you suggest? Can I just call a bank and ask for a better deal?

Thanks

hi pinoylurker! i believe it will be in your best interest to visit the banks first. the rates that they are charging you are ENORMOUS! yes the will sweeten the deal with free lto, chattel mortgage, etc. but that's only because they will make tons of money from u.

the hyundai regular rate for 60 months is essentially 59% while the "promo" rate is about 51%. compare that to metrobank's 29.61% (up to end of sept) or sterling bank's 32.61% (the loan i got). other banks' interest rates will not be that far-off. using metrobank's rate vs. hyundai's "promo" rate, provided u make a 115,000 downpayment, u will eventually save a total of 103,500 (60 months) or 1,725 per month.

if downpayment is the issue, find a bank that's willing to accept 15% downpayment. bottom line, don't get in-house financing if u can get a loan from a bank.

[heuer77]

i got mine for 26.2% payable in 48 months (4 years) with a DP of 25%. Medyo tumaas siya because the unit is Montero for which ginagatasan for Dealer's Incentive (daw). Mababa na rin siya kung tutuusin kung ibabawas mo yung 26.2 - 3 = 23.2%.

[kurt23]

Guys,

share ko lang..i was about to close the deal sana with metrobank for a honda city 1.5E eto yung deal:

Unit price: 806,000.00
40% DP = 322,400.00
60% Amount to be financed = 483, 600.00
28.48% for 60 months(5 years) = 10,400.00+/month
Chattel = 11,000+

Okay na sana yung deal and magbabayad na sana ako kanina kaso biglang may One Month Advance pa pala on top of that!!..so kelangan ko mag cash out ng 10,400.00 din...napaisip tuloy ako kasi parang lugi ako dahil yung computation ng monthly amort ko e for 60 months hindi naman 59 months..so lumalabas kelangan ko magbayad ng 10,400 OMA na hindi naman mababawas sa loanable amount ko..in short di ako nag GO sa deal kasi parang lugi ako..or ganun ba talaga yun and mali lang ang pagkakaintindi ko? :D

ngayon ko lang nalaman na may ganun pa pala kelangan bayaran kaya nagulat ako..10K din yun and hindi basta basta...comments and suggestions naman mga sir/maam...salamat ng marami!!

[_Qwerty_]

advance lang.. pero 60 months din dapat ang total ammortization non diba?

[heuer77]

Guys,

share ko lang..i was about to close the deal sana with metrobank for a honda city 1.5E eto yung deal:

Unit price: 806,000.00
40% DP = 322,400.00
60% Amount to be financed = 483, 600.00
28.48% for 60 months(5 years) = 10,400.00+/month
Chattel = 11,000+

Okay na sana yung deal and magbabayad na sana ako kanina kaso biglang may One Month Advance pa pala on top of that!!..so kelangan ko mag cash out ng 10,400.00 din...napaisip tuloy ako kasi parang lugi ako dahil yung computation ng monthly amort ko e for 60 months hindi naman 59 months..so lumalabas kelangan ko magbayad ng 10,400 OMA na hindi naman mababawas sa loanable amount ko..in short di ako nag GO sa deal kasi parang lugi ako..or ganun ba talaga yun and mali lang ang pagkakaintindi ko? :D

ngayon ko lang nalaman na may ganun pa pala kelangan bayaran kaya nagulat ako..10K din yun and hindi basta basta...comments and suggestions naman mga sir/maam...salamat ng marami!!

the one month advance (OMA) will be deducted from your total months(59 months na lang, kung 6 years ang ammortization mo). the bank should tell you that.

[kurt23]

advance lang.. pero 60 months din dapat ang total ammortization non diba?

sir parang mag advance lang ako ng 1 month pero after nun 59 months na lang ang babayaran? :D....thanks!

[_Qwerty_]

yes ganon lang yun.

sir parang mag advance lang ako ng 1 month pero after nun 59 months na lang ang babayaran? :D....thanks!

[heuer77]

Guys,

share ko lang..i was about to close the deal sana with metrobank for a honda city 1.5E eto yung deal:

Unit price: 806,000.00
40% DP = 322,400.00
60% Amount to be financed = 483, 600.00
28.48% for 60 months(5 years) = 10,400.00+/month
Chattel = 11,000+

Okay na sana yung deal and magbabayad na sana ako kanina kaso biglang may One Month Advance pa pala on top of that!!..so kelangan ko mag cash out ng 10,400.00 din...napaisip tuloy ako kasi parang lugi ako dahil yung computation ng monthly amort ko e for 60 months hindi naman 59 months..so lumalabas kelangan ko magbayad ng 10,400 OMA na hindi naman mababawas sa loanable amount ko..in short di ako nag GO sa deal kasi parang lugi ako..or ganun ba talaga yun and mali lang ang pagkakaintindi ko? :D

ngayon ko lang nalaman na may ganun pa pala kelangan bayaran kaya nagulat ako..10K din yun and hindi basta basta...comments and suggestions naman mga sir/maam...salamat ng marami!!

hello bro kurt23,

the bank offers 2 payment scheme, OMA and the regular rates. OMA for which offers a lower rate for a mere 1-2% from the regular only that you will have to pay the monthly in advance (kaya nga OMA - as in One Month Advance) kasama na dun sa Chattel (kung meron) + your downpayment. Both rates computed based on 60 months banks offering.


AFAIK, metrobank and BPI are in competition. BPI has this promo for the whole month na 'MABABA' daw ang rates except for Montero.

[kurt23]

Salamat mga sir!

akala ko kasi mag advance na ako ng 1 month now tapos 60 months pa din ang babayaran ko after :D ..thank you..mukhang matutuloy na yung deal na yun..salamat uli

[huff2u]

hi, tanong lang po..

unit amount is 830,000
dp is 20& = 166,000
balance to finance is 664,000
period is 4 yrs (48 months)
tapos OMA = 18,200
monthly for 48 months is 18,200
magkno po interest rate niya?

mahal po siya ano? iyan ang rate ng RCBC Savings Bank.
need feedback..
thank you po sa lahat...

[_Qwerty_]

31.57% for 4 years, sa ngayon eh mahal nga yan.. other banks can give you lower interest than that.

[gastromd]

mahal nga. try to inquire at metrobank and bpi family banks...

[Ienrant]

pano ba mag compute para makuha yung interest rate? yung sa loan calculator ko parang iba nalabas, yung computation at sa calcu ko magkaiba eh.

[Altis2009]

Here is how to compute the interest given the amount financed, 48 Months term and Monthly Amortization.

Amount financed = 664,000
Term = 48 Months
Monthly = 18,200

Interest Rate = ( (Term x Monthly) - (Amount financed))
____________________________________ x100%
Amount financed

= ((48 x 18,200) - 664,000)
________________________ x 100%
664,000
Interest Rate = 31.566265060240963855421686746988% (exact value)
= 31.57%

Try Metrobank. Nung nagtanung ako dati yung 60 months nila 28.48%.
Nabasa ko rin sa newspaper promo sila from Oct.1 to November 30, 2009.

Sa BPI until Oct. 11 yung promo.
I will visit BPI today kc approved na ako for Altis 1.6G M/T.
And hopefully malabas ko na yung Altis ko this October.

[james00112233]

Also check this thread:
http://tsikot.yehey.com/forums/showthread.php?t=62601

[GAIDEN]

Di po ba pag nag-apply ng bank auto loan, eh may computations sila? and those computations are based on the srp? so, if na-approve na yung bank loan at nakahanap ka ng dealer that will give you discount, will the computations i.e. the monthly amortization, and chattel fees, also adjust based on the discounts gained?

[_Qwerty_]

yung discount.. binabawas sa downpayment.. so kung halimbawa.. 80% yung i loan mo.. yung loan amount eh 80% nung SRP pa din.. yung discount don babawasin sa 20% na downpayment.