Car Loan Interest Rates?

[ponglet]

BPI disapproved my application but still waiting for BDO..

although my friend's sister who works in BPI says that 15.7% rate for 3 yrs is pretty much good deal already.. medyo nun nagcompute lang kasi ako lumalabas na 30-40K difference ng dealers with the bank..na masmababa pa un sa dealer lumalabas..

will try to apply in Metrobank.. thanks! hope others can give their inputs too..

[shadrach]

hi guys! i have read alot regarding auto loan.. i hope someone could help me out to choice which is a better deal.

unit price: 685000 (mitsubishi lancer glx)

from dealer:
20%: 137000
insurance: 24399
lto reg: 8050 (FREE)
chattel:21184
discount:52583
total cash out: 130,000

monthly amortization for 36mos at 18.76% = 18077.91

from PSbank
20%: 137000
insurance:22,519
lto reg:8050 (FREE - as per SA of mitsu, this is the only discount that i would get)
chattel:13,601
1 month advance:17621.24
total cash out:190741.2

monthly amortization for 35mos at 15.76% (1 month advance) = 17621.24

para po lumalabas na mas ok un binigay na deal ng dealer sa akin.. baka pwede po patulong po sa mga expert dito

ano pa po ba pwede ko gawin pra mapasok ko sa bank un loan na magbibigay pa ng discount un dealer.. thanks!

You should be able to get the discount. Mitsubishi has big discounts on the old style lancers. The GLS has a 47,000 discount.

[kishAn]

*ponglet

try mo din maginquire sa ibang dealer. usually pag discounted yung unit kahit via loan or cash discounted pa din yun. syempre the agent will definitely use all the trick he know just to close the deal with you. pag loan its up to you kung saan iaapply ung discount wether sa downpayment para mababa cash out or sa unit price para mababa ung monthly amorts.

and i think yung rate na nakuha mo is just an ordinary rate eventhough its OMA(one month advance). try mo din sa other bank, the more the merrier, para magpababaan sila ng rate pero go directly sa branch.

just my two cents. good luck on your car purchase

*sir shadrach
how about your Jazz?

[ponglet]

Thanks to KishAn and Shadrach for the inputs.. Career to the nth power na ako starting tom kasi nabenta ko na un car ko... complete na un money ko for downpayment.

[shadrach]

just my two cents. good luck on your car purchase

*sir shadrach
how about your Jazz?

Had to switch dealers...drawing pala SA ko. I should get the unit next week.

[blythe07]

guys, may alam ba kayong promo sa auto loan ng kahit anong bank ngayon? i know BPI had one (free insurance) but it was only until Mar. 31. i applied for an auto loan there but i got denied. saan kaya medyo madaling magpa-approve ng loan? sa BDO daw kasi, medyo mataas ang interest rate e.

[number001]

^PSbank (subsidiary of Metrobank) and East West Bank. Don't know about their rates though.:D

Try to get loan from banks that you are a client of. You have a better chance.

[lancy09]

i got my lancer GLS P693k last dec from citimotors makati

[daimengrui]

guys, may alam ba kayong promo sa auto loan ng kahit anong bank ngayon? i know BPI had one (free insurance) but it was only until Mar. 31. i applied for an auto loan there but i got denied. saan kaya medyo madaling magpa-approve ng loan? sa BDO daw kasi, medyo mataas ang interest rate e.

why ka na deny?

[msgt16]

Hello guys. Newbie here. I'm planning to buy a Honda Civic 1.8S. I've only asked for quotations in the sales agents from Sulit.com. Haven't got the time to go directly to Honda coz I'm busy at work. Anyway, can someone check the quotation given to me from Sulit.com?

HONDA CIVIC 1.8 S M/T SRP 923,000
20% Downpayment 184,600
Chattel Mortgage FREE
Comprehensive Insurance FREE
3 years LTO Registration FREE

TOTAL CASH OUT ALL IN [SIZE=2] [/SIZE][SIZE=2]Php 184,600[/SIZE]

MONTHLY AMORTIZATION is Php17,845 for 5 years.

Too good to be true? That's the best quotation I've received from sales agents from Sulit.com. By the way, ano po pinagkaiba ng mga kotse na galing sa mga sales agent outside of Honda at yung mga direct from Honda? Kasi di naibibigay ng libre ng agents ng Honda ang insurance, mortgage at LTO pero yung sa labas naibibigay. Is it safe to deal with these agents?

Thanks!

[msgt16]

Hello guys. Newbie here. I'm planning to buy a Honda Civic 1.8S. I've only asked for quotations in the sales agents from Sulit.com. Haven't got the time to go directly to Honda coz I'm busy at work. Anyway, can someone check the quotation given to me from Sulit.com?

HONDA CIVIC 1.8 S M/T SRP 923,000
20% Downpayment 184,600
Chattel Mortgage FREE
Comprehensive Insurance FREE
3 years LTO Registration FREE

TOTAL CASH OUT ALL IN [SIZE=2] [/SIZE][SIZE=2]Php 184,600[/SIZE]

MONTHLY AMORTIZATION is Php17,845 for 5 years.

Too good to be true? Anyway, may difference po bang makipagdeal with sales agents outside of Honda? Di kasi naibibigay ng libre yung insurance, mortgage at LTO sa Honda pero yung mga agents sa labas, minsan libre. Is it safe to deal with these agents?

Thanks!

[james00112233]

Hello guys. Newbie here. I'm planning to buy a Honda Civic 1.8S. I've only asked for quotations in the sales agents from Sulit.com. Haven't got the time to go directly to Honda coz I'm busy at work. Anyway, can someone check the quotation given to me from Sulit.com?

HONDA CIVIC 1.8 S M/T SRP 923,000
20% Downpayment 184,600
Chattel Mortgage FREE
Comprehensive Insurance FREE
3 years LTO Registration FREE

TOTAL CASH OUT ALL IN [SIZE=2]Php 184,600[/SIZE]

MONTHLY AMORTIZATION is Php17,845 for 5 years.

Too good to be true? That's the best quotation I've received from sales agents from Sulit.com. By the way, ano po pinagkaiba ng mga kotse na galing sa mga sales agent outside of Honda at yung mga direct from Honda? Kasi di naibibigay ng libre ng agents ng Honda ang insurance, mortgage at LTO pero yung sa labas naibibigay. Is it safe to deal with these agents?

Thanks!

why not try the banks. they will give you a better quotation.

[daimengrui]

My experience in talking with online car dealers? They're a source of broken promises. Save yourself from nuisances and go directly to a bank.

[dbhollanda]

for me ang pinaka best sa lahat ng banks are the following as per rank na to ha...

- rcbc savings
- psbank
- chinabank
- bdo

regards,
dbh

[kishAn]

My experience in talking with online car dealers? They're a source of broken promises. Save yourself from nuisances and go directly to a bank.

yes i agree less hassle and headache. let the bank do all the talking just tell them your preferences

[munskie]

from Chinabank

50% down on a Mazda CX7

amount financed: 747,500.00
rate: 9.41%
PN amount: 842, 376.00
term: 24 months
monthly amort: 35099.00
prompt payment discount: 1022.00
net monthly amort: 34077.00

chattel mort: 13309.00

may not apply to all, special rate daw sabi ng loan officer because our company is a long standing client of theirs.

[james00112233]

from Chinabank

50% down on a Mazda CX7

amount financed: 747,500.00
rate: 9.41%
PN amount: 842, 376.00
term: 24 months
monthly amort: 35099.00
prompt payment discount: 1022.00
net monthly amort: 34077.00

chattel mort: 13309.00

may not apply to all, special rate daw sabi ng loan officer because our company is a long standing client of theirs.

did you try the other bank?

[kishAn]

from Chinabank

50% down on a Mazda CX7

amount financed: 747,500.00
rate: 9.41%
PN amount: 842, 376.00
term: 24 months
monthly amort: 35099.00
prompt payment discount: 1022.00
net monthly amort: 34077.00

chattel mort: 13309.00

may not apply to all, special rate daw sabi ng loan officer because our company is a long standing client of theirs.

sir your rate doesnt make any sense at all 9.41% for 12 mos is kinda high. other banks regular rate for 12 mos plays around 6.5% and 9.3% for 18 mos though your monthly amortization and chattel seems pretty low.

i agree with sir james better shop around first before you make your final decision other banks might give you a much better quotation.

[munskie]

sir your rate doesnt make any sense at all 9.41% for 12 mos is kinda high. other banks regular rate for 12 mos plays around 6.5% and 9.3% for 18 mos though your monthly amortization and chattel seems pretty low.

i agree with sir james better shop around first before you make your final decision other banks might give you a much better quotation.

kindly read my post properly....term is 24 months

i already grabbed this quote, last week pa. if you will compare it to the rates you posted on your reply, what I got is quite low..... 9.41% for 24 months vs the 9.3% for 18 months.

[kishAn]

ooops naduling sorry my bad

thats a very unbeatable rate for other bank

good luck to your car purchase