Car Loan Interest Rates?

[qman]

bank direct mas maganda you can haggle pa.
Inhouse normally mataas ng upto 10% yan compare sa mga banko kaya nagbibigay sila ng napakababang DP.

[Haruto]

Hi. balak namin kumuha ng kotse. and Loan po ito. Hyundai Getz. binigyan na kami ng Quotation na 28K DP All in na (3 years LTO, Insurance, Mortgage) freebies like LCD etc
5 years to pay siya * 12,000 per Month.

e-papasa palang namin yung Credit Application form. hindi ko alam kung mas maganda na derekta sa banko or hindi.

another problem kasi namin is
1. New Business palang kami. Started March 2010. so wala pang way para makakuha kami ng ITR or kung ano man.
2. sa bank naman we do put some money in their pero most of the time nasa bahay lang ito (lahat ng kinita ng business namin. kasi 24/7 hours ito and daytime kami nagbabantay ng shop so no time to go bank talaga.

wow 28,000 philippine peso lang ang down payment? ambaba ah (no knowledge whatsoever about buying bnew pa eh.. nakikita ko kasi lagi mga at least 100k+ ang dp...)! tapos 12k lang monthly for 5 years so basically nasa 720k+ lang yung getz? kasama na po ba dun yung chattel, etc. etc. insurance, lto, etc. saka yung interest sa 12k monthly?

[mtbjr]

Hi mga sirs, nagpa-email ako ng quotation sa Cruze LS A/T from the sales agents from Chevy Pasig & Quezon Avenue. Nung binabasa ko yung mga rates ng banks dito sa thread na ito kaysa sa binigay sa akin na quotation, parang halos pareho lang ang bank & dealer. Plan ko kasi this coming NOV to avail for an auto loan for my 1st car at wala pa akong alam sa mga cars, puro computer lang . Ano sa palagay niyo?

Chevy Pasig
- 151,778 total cashout
- 18,055/mo for 5 years
- 3 YRS LTO REG.
- INSURANCE W/ AOG
- CMF
- Tint, Matting, Seat cover, Rust Proofing, 24 hrs.
- Roadside Assistance, 1year free pms including parts and labor
- 5years free service check-up
- 3 Years or 100,000 kms. (whichever comes first.)


Chevy Quezon Avenue
- 130,000 total cashout
- 17,469/mo for 5 years
- 3 yrs. LTO Reg. w/ TPL
- Compre insurance
- Chattle Mortgage
- Rust Proofing, Tint, Seat Cover, and Floor Matting
- 3 years or 100,000kms. whichever comes first
- Emergency Roadside Assistance (nationwide) during the warranty period.
- Payments must be made under the name of Advan Motor, Inc.

[actor21]

Chevy Quezon Avenue
- 130,000 total cashout
- 17,469/mo for 5 years
- 3 yrs. LTO Reg. w/ TPL
- Compre insurance
- Chattle Mortgage
- Rust Proofing, Tint, Seat Cover, and Floor Matting
- 3 years or 100,000kms. whichever comes first
- Emergency Roadside Assistance (nationwide) during the warranty period.
- Payments must be made under the name of Advan Motor, Inc.

ito mura to..ang toyota vios ko nasa 140k tapos 15k monthly

[rommer09]

Hello guys! newbie here!

Ask ko lang kung saang maganda Ford dealer? Plannig to get a Ford fiesta but I think masyadong malaki yung computation nung SA ko.

In-house financing
Ford Fiesta 1.5 Sports

Unit price- 816,00
DP- 60% (489,600)
Chattel- 19,000
Insurance- 40,800
LTO- Free!
Total Cash out- 549,400

AMT financed - 326,400
Monthly- 8,296 for 60months

Tapos ang free nya lang eh Tint, floor matting, at cloth seatcover.

Pa help naman guys! Thanks in advance!

[kishAn]

Hello guys! newbie here!

Ask ko lang kung saang maganda Ford dealer? Plannig to get a Ford fiesta but I think masyadong malaki yung computation nung SA ko.

In-house financing
Ford Fiesta 1.5 Sports

Unit price- 816,00
DP- 60% (489,600)
Chattel- 19,000
Insurance- 40,800
LTO- Free!
Total Cash out- 549,400

AMT financed - 326,400
Monthly- 8,296 for 60months

Tapos ang free nya lang eh Tint, floor matting, at cloth seatcover.

Pa help naman guys! Thanks in advance!

based on the figure you posted interest rate is at 52%. if you go to a bank like Mertobank interest rate will be around 29% with a monthly amortization of less than PHP7,100 only and because you will pay 60% DP it means low amount to be finance. with that CM Fee should be lower also at around PHP11,3oo only.

[boldventure]

*rommer09

Try nyo metrobank sir, mas malayong mas mababa baka nasa 27% for 5 yrs and yun chattel halos same with the monthly amount

For insurance try direct link may promo sila ngayon, up to 40% discount
bala less than 20K lang yan with AOG

[james00112233]

Hello guys! newbie here!

Ask ko lang kung saang maganda Ford dealer? Plannig to get a Ford fiesta but I think masyadong malaki yung computation nung SA ko.

In-house financing
Ford Fiesta 1.5 Sports

Unit price- 816,00
DP- 60% (489,600)
Chattel- 19,000
Insurance- 40,800
LTO- Free!
Total Cash out- 549,400

AMT financed - 326,400
Monthly- 8,296 for 60months

Tapos ang free nya lang eh Tint, floor matting, at cloth seatcover.

Pa help naman guys! Thanks in advance!

just go to bank and shop also for an insurance. tinaga ka ng husto sa insurance.

[rommer09]

Salamat sa tulong nyo guys! siguro hanap hanap muna ako sa mga bangko! Kinawawa ako masyado ng SA ko sa computation nya. haha. nag pa quote na din ako sa direct link for insurance pero wala pang reply

[tidus1203]

Kalokohan yang insurance, sakin ang quote was P36,000... Also for a Fiesta Sport. Will get mine at Direct Link may free AOG pa. Pero location dependent yun, if bahain ang lugar mo baka di sya free...

[J27R]

Hallo!! Baguhan lang po dito pero been reading the thread for quite sometime. I need some advice po regarding DP of a Chevrolet Cruze 1.8 LS m/t and Honda Civic 1.8 S m/t. Planing to get one on Dec. and here are some of my questions:

1. How much will be for total cash with 20% DP payable for 3 years.
2. Magkakaiba ba ang financing ng different car dealers? planing to get from Pampanga Showroom.
3. What are included with the total cashout (insurance,lto. etc.,)
4. Pros and Cons with both car.
5. Is it true regarding with the A/C of the cruze that cooling power is not the good?
6. Which bank gives better interest?
7. In-house financing or direct bank financing?
8. requirements to get a loan for an OFW.

Thank you in advance. Di ko po kasi maasikaso gawa ng I'm working abroad.

[qman]

Hello guys! newbie here!

Ask ko lang kung saang maganda Ford dealer? Plannig to get a Ford fiesta but I think masyadong malaki yung computation nung SA ko.

In-house financing
Ford Fiesta 1.5 Sports

Unit price- 816,00
DP- 60% (489,600)
Chattel- 19,000
Insurance- 40,800
LTO- Free!
Total Cash out- 549,400

AMT financed - 326,400
Monthly- 8,296 for 60months

Tapos ang free nya lang eh Tint, floor matting, at cloth seatcover.

Pa help naman guys! Thanks in advance!

In House - LOW DP and LOW Cash OUT but interest is almost doubled ng bank sometimes.

Bank Loan - Min DP is 20%, Low Interest rates. Cash Out is HIGH. kasi maliban sa DP mo kailangan bayaran mo pa rin ang Chattel and Insurance at the same time. And if the Dealer gives you a discount ipabawas mo ito sa Unit Price not sa DP mo. Para mas mababa ang Monthly Amort mo

[jomac004]

Tanong lang po:

I got a quotation from a broker, he will use Sterling bank of asia for the loan:

GLS Sport adventrue - 865,000
50% DP - 432,500 - 55,000 (Disc) = 377,500
Free LTO, Chattel TPL
Amount to be financed - 432,500
36 months to pay
Monthly - 15,619 for 36 months

nag compute ako parang 30% intetest rate for 3 years. Base sa nakikita kung mga posts dito para sobrang laki ata ng interest rate considering na 3 yrs to pay? O baka nagkamali lang sya?

Paki provide naman mo ng mga insights.

Thanks in advance.

[introvertbud]

Hello Ma'am / Sirs,

I have some question since it's my first time to buy a car. I don’t have any siblings and cousins to whom I can ask these questions. I’m an orphan. L For the past 2 weeks, I do back reading to get some insights from the members.

I applied for auto financing through an agent (from http://sulit.com.ph). I got approved by BDO for Honda City 1.3A M/T, 20% DP, 5 Years. Price of the car is 691,000.

According to my agent's initial quotation:
20% DP = 138,200
Amount to be loaned = 552,800
MA = 13,282/month.
3Y LTO = 6,250
1Y Comprehensive Insurance = 25,913 + 4,330 (AOG)
Total Cash out = 170,363
Chattle Mortgage = FREE

Questions:
1. Is my mothly amortization rate OK? I inquired before with BDO directly and the MA is approximately 12,200 – 12,500/month only for the same terms.

I even inquired with a sales executive from Honda Shaw and he gave me a quote for the same terms of 12, 700/month

2. In relation to #1, can I apply for another car loan with BDO directly separate from my application thru the agent so I can get the lower rates? I tried shopping around and it seems BDO has the best rate.

3. Should I sign the following documents with BDO bank officer?
- Disclosure statement on loan/credit transaction
(Agent just asked me to fill in the amount to be financed, should I be the one to fill in the finance charges e.g. interest %p.a., etc.)

- Promissory note w/ Chattel Mortgage
(She just asked me to fill in the name of maker in Schedule A. What about the principal amount, interest, etc. in Schedule B?)

- Confirmation of Purchase
- Undertaking (for consumer lending auto loans – Brand new)

If yes, could you please explain to me the importance of signing them in front of the bank officer instead of me just giving the agent the signed documents?

Should I stick with my agent?

[mark_t]

1. You have 2 choices do your own legwork, or thru an agent.
If you don't like the services of loan agents you can simply just walk
to the nearest banks and apply for approval. That is basically what loan
agents do.
2. Your Bank approval is valid for 30 days and silent 90 days. What that
means is even if you did not push thru with the purchase, your loan
approval will still be in the system for 90 days. So do not rush with your
purchase. This will allow you to make a bigger down payment for your
purchase. If you choose to see it this way.
3. Sign it inside the Bank premises, you may need the benefits of
face recognition should you need other bank services in the future.

Frankly, you already have your Loan Approval with BDO.
Try the other banks as well on their rates.

In my limited experience with car loans, denied apps with BDO gets
approved at BPI Savings.( In fact I find it rude that an application
for a loan(for my brother) was literally thrown back at me and was
told that applicant was unqualified which when brought to BPI Savings
was approved within the day.)(But that is another story)

If your apps is denied at say 20% down then re apply at 30% down to get
approved.

If you have no supporting documents go BDO.
If you have supporting documents go BPI. I find BPI more technical
in approving loans. Mas maayos sila kausap.

No offense to Mazinger Z who helped me with BDO in the past
but kupal yon nasa Head Office nila.

[mark_t]

Tanong lang po:

I got a quotation from a broker, he will use Sterling bank of asia for the loan:

GLS Sport adventrue - 865,000
50% DP - 432,500 - 55,000 (Disc) = 377,500
Free LTO, Chattel TPL
Amount to be financed - 432,500
36 months to pay
Monthly - 15,619 for 36 months

nag compute ako parang 30% intetest rate for 3 years. Base sa nakikita kung mga posts dito para sobrang laki ata ng interest rate considering na 3 yrs to pay? O baka nagkamali lang sya?

Paki provide naman mo ng mga insights.

Thanks in advance.

Hindi sya nagkamali. I also tried Sterling Bank and mas mahal
pa sila sa "IN HOUSE".

What were they thinking? And excited pa sila!

[_Qwerty_]

masyadong mataas yang quote sayo.. 10% per annum ang interest.. hanap ka nang ibang bank..

Tanong lang po:

I got a quotation from a broker, he will use Sterling bank of asia for the loan:

GLS Sport adventrue - 865,000
50% DP - 432,500 - 55,000 (Disc) = 377,500
Free LTO, Chattel TPL
Amount to be financed - 432,500
36 months to pay
Monthly - 15,619 for 36 months

nag compute ako parang 30% intetest rate for 3 years. Base sa nakikita kung mga posts dito para sobrang laki ata ng interest rate considering na 3 yrs to pay? O baka nagkamali lang sya?

Paki provide naman mo ng mga insights.

Thanks in advance.

[macho palito]

got my Honda City 1.5E last September. I did all the legwork. Got approval from BPI * 28.4% 25%DP 60mos

Here is the breakdown

Unit Price 821,000
DP 205250 Chattel 16000 Insurance
24000
1 month 13096.8 Total 258347


monthly 13,096.80

Its not that hard to go straight to the bank.

[mazingerZ]

1. You have 2 choices do your own legwork, or thru an agent.
If you don't like the services of loan agents you can simply just walk
to the nearest banks and apply for approval. That is basically what loan
agents do.
2. Your Bank approval is valid for 30 days and silent 90 days. What that
means is even if you did not push thru with the purchase, your loan
approval will still be in the system for 90 days. So do not rush with your
purchase. This will allow you to make a bigger down payment for your
purchase. If you choose to see it this way.
3. Sign it inside the Bank premises, you may need the benefits of
face recognition should you need other bank services in the future.

Frankly, you already have your Loan Approval with BDO.
Try the other banks as well on their rates.

In my limited experience with car loans, denied apps with BDO gets
approved at BPI Savings.( In fact I find it rude that an application
for a loan(for my brother) was literally thrown back at me and was
told that applicant was unqualified which when brought to BPI Savings
was approved within the day.)(But that is another story)

If your apps is denied at say 20% down then re apply at 30% down to get
approved.

If you have no supporting documents go BDO.
If you have supporting documents go BPI. I find BPI more technical
in approving loans. Mas maayos sila kausap.

No offense to Mazinger Z who helped me with BDO in the past
but kupal yon nasa Head Office nila.

okay lang sa akin bro. Anyways to those interested just PM me I'll be gladly of assistance naman. Thanks

[jefskie]

*mazingerZ

nag work po ba kayo sa bank?

Ganito yung deal samin ng SA namin.

Nissan Urvan Estate - 1,370,000

Downpayment 20% - 199,000

Free 3 yrs LTO, Chattel Mortgage, Insurance + AOG, Matting, Rust Proof, Tint

Monthly - 32,370 for 48 months

Mahal po ba yang kuha namin? Kung mahal sa inyo po kami kukuha ng second car namin if ever nag work kayo sa bank thanks.