Car Loan Interest Rates?

[GAIDEN]

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.

Ah ganun ba, so that means na final na yung quotation na ibinibigay ng bank. kasi, pag 80% ang ififinance ng bank, mas kaunti ang monthly amortization. I thought based siya sa net worth nung unit after talks with the dealer.

Tanong ko na lang din, may option ba tayo na hindi i-avail yung insurance from the bank, particularly metrobank, but sa other insurance firms instead? kasi mukhang mataas insurance fee nila, relative sa others that also include AOG.

[_Qwerty_]

you can get your insurance anywhere.. sabihin mo lang don sa bank na sa iba ka kukuha nang insurance.. coordinate mo lang kasi kailangan yung comprehensive insurance bago mo mailabas yung sasakyan..

[GAIDEN]

you can get your insurance anywhere.. sabihin mo lang don sa bank na sa iba ka kukuha nang insurance.. coordinate mo lang kasi kailangan yung comprehensive insurance bago mo mailabas yung sasakyan..

okay. thanks sir!

[kix4030]

mga sir need your advise,

i just got my car loan approved at bpi. 30.2% for 5years.. ok na ba yun? may nabasa kasi ako sa previous posts na sa metrobank 28% lang. available pa kaya yun? thanks!

[marckd1]

^^Yes, extended ang promo ng Metrobank upto November 30.

[79alo]

hi guys...need some info about getting a brand new montero sport 4x2, san b maganda kumuha ng car loan with lowest interest p.a. within 3 years term need the car by the end of this year...thanx guys...

[mazzipino]

hi guys...need some info about getting a brand new montero sport 4x2, san b maganda kumuha ng car loan with lowest interest p.a. within 3 years term need the car by the end of this year...thanx guys...

www.bdo.com.ph
www.psbank.ph
www.metrobank.ph
www.bpi.com.ph
and many more....

[GAIDEN]

Sirs I need some advice. Got my car loan approved last Oct. 19 pa, so the loan expires on Dec. 19. Originally, 20% dp ang quote sa akin nung bank manager ng metrobank, he even gave me two copies of that quotion including all necessary fees. Then when I was about to pay the whole downpayment plus all adittional fees just this week, biglang nagsabi yung bank manager na may problema daw. Na yung na-approve na loan ko requires 30% dp instead of just 20%. Pu-puwede ba yun?

Less nga yung monthly amortization ko, pero magdadagdag naman ako ng almost 100k for the d.p., which is as of now quite difficult for me, given the deadline.

Is there any way na puwedeng ipa-consider or ireklamo ito? Thanks

[james00112233]

just go to other banks.

[mazzipino]

Sirs I need some advice. Got my car loan approved last Oct. 19 pa, so the loan expires on Dec. 19. Originally, 20% dp ang quote sa akin nung bank manager ng metrobank, he even gave me two copies of that quotion including all necessary fees. Then when I was about to pay the whole downpayment plus all adittional fees just this week, biglang nagsabi yung bank manager na may problema daw. Na yung na-approve na loan ko requires 30% dp instead of just 20%. Pu-puwede ba yun?

Less nga yung monthly amortization ko, pero magdadagdag naman ako ng almost 100k for the d.p., which is as of now quite difficult for me, given the deadline.

Is there any way na puwedeng ipa-consider or ireklamo ito? Thanks

Typical bank trick! Sometimes it's a legitimate reason, but sometimes it's a load of BS.

They did that to us and pissed us off when we were going for an Explorer - we agreed 40% then at the last minute they demanded 50% for a 1 year loan. It's a matter of principle, so we changed banks and problem solved. Weird thing was, it was from Metrobank to PSBank - I thought they were sister companies...

[gelahascue]

i would like to ask about East West Bank. i am planning to apply my fortuner vvti car loan at this bank kasi nandito rin credit card ko eh para pwdeng auto debit na lang. may nakapagsabi kasi sakin na pwde ka daw makipagbargain sa mga bangko sa mga interest rate nila sa car loan. sino na dito naka-apply sa East west bank kasi sabi mga nasa 4% per annum lang ang east west kapag 5 years to pay and 500K DP (yan lang kaya ko). totoo kaya ito?

[ajOT]

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%

sir, am relatively confused on this computation diagram for checking on the interest rate of the loan...
this is my loan:
Amount financed = 600,000
Term = 48 Months
Monthly = 20,417

[redshift]

sir, am relatively confused on this computation diagram for checking on the interest rate of the loan...
this is my loan:
Amount financed = 600,000
Term = 48 Months
Monthly = 20,417

That is quite an expensive loan...

20,417 X 48 = 980,016 total amount paid

Interest rate = (980,016 - 600,000)/600,000
Interest rate = 63.34% this is too high for a 48-month loan...PSBank is offering around 28% for a 60-month term.

[_Qwerty_]

yes i agree.. mahal yang 20,417 for 48 months.. parang 16% per annum na yan..

[ajOT]

That is quite an expensive loan...

20,417 X 48 = 980,016 total amount paid

Interest rate = (980,016 - 600,000)/600,000
Interest rate = 63.34% this is too high for a 48-month loan...PSBank is offering around 28% for a 60-month term.

yeah it is too darn.. coz I had my Car loan in an in-house financing services...

is there anyway for me to transfer my loan in a bank? how? do I have to wait for maturity period or something?

I just got the car last October 29, 2009

[kihtmaine]

yeah it is too darn.. coz I had my Car loan in an in-house financing services...

is there anyway for me to transfer my loan in a bank? how? do I have to wait for maturity period or something?

I just got the car last October 29, 2009

Toyota Financing ka ba?

[jEnnAholic]

Hi to all, just wanna ask if this offer is good?

2009 HONDA CITY 1.3 S AT ( P 761,000 )

DP 211,000
chattel 17,000
Insurance
w/ 3yrs tpl & AOG 24,749.61

Mo. amortization (5yrs) 12,157.00
Rustproofing 4,000 -- Do I really need to pay for this? or can I negotiate this for free? aside from the tint?

I read that Metrobank offered the best deal and I applied for car loan kaso lang di na approve ang loan ko kaya ni-refer nila ako in-house financing, I was approved naman by the BPI syempre same owner (Ayala group), gusto ko pa sana malaman yung ibang offer ng bank kaso they end up with this bank na. Nanghihinayang ako sa offer ng Metrobank even their Insurance is 19K lang, chatel is 13k. Anyways happy na din finally approved na ako and plan to get the car next week.

Pero what else can I ask as freebies or negotiate para naman hindi ako lugi with their offer.Sorry this is my first time to buy a car. I appreciate your comments.

[emms1121]

JennAholic,

Mukhang Ok naman binigay sa yo na rate at almost 25% in 5 years. Rustproofing dapat libre na. You can haggle for more freebies like visors, leather seats etc. When talking with dealers dapat lagi ka may point of comparison. HTH.

[m_mangalus]

Guys, to know the lowest int rate, we must know the EFFECTIVE INTEREST rates(w/c is the real int we are paying) ng mga banks. compuond interest kc computation dahil monthly amortization. e.g. here in Singpore, nka post sa mga bank yun effective rate nila for autoloan nsa e.i. 7.7%/yr, pag compute in simple interest formula nagiging 4.1%/yr lng sya. naghahanp din kc ko ng mababng rate, dahil plan namn bumili. but yun nka post sa mga banks sa atin are nominal rates,.. non the less the lowest the nominal rate per annum will also translate to lower effective rate,.last time i check nsa 10-12%/yr effective rates ng mga banks so dapt nsa 5-7%/annum nominal rates na nkapost sa kanila, thus for;

3 yrs - 15-21%
4 yrs 20-28%
5 yrs 25-35%

but since the prevailing interst rate sa pinas (last time i check) is nsa 4.5% lng set by BSP (bec of financial crisis), 9-10% effective int are reasonable, or nominal rate of 5%-6%/annum.

please paki correct nalng po kung may mali...

cheers!

[temperatetub]

Just send a PM to Mr. MazingerZ no probs if you are eligible for the loan that you want. He's not only friendly but very helpful as well as he will give you the best rate in town! Click on his name and send him a private message including your contact details and he'll contact you imediately.