Car Loan Interest Rates?

[jayeatworld]

I had a quote last March. 25% in 48 months. 32.22% 5 years. Its quite high. Haggle.... haggle... haggle... You dictate the tempo.

32.22% is high for 5yrs. Is 31.8 high for 4yrs? If so, what's the right interest rate for 4yrs?

Thanks mey0r!

[willvill]

security bank offered me 31% 5 years. I haggled for 25%...wala pa silang reply.

I think meron nakakuha ng 25% for 5 years...backtrack this thread.

[actor21]

Toyota Financial Services 31.4% in 5yrs sa 15% DP all in for Vios 1.5AT, yan ang nakuha ko + full tint windshield (aside from usual freebies)..plus 5k gas card

[reloaded_acer]

I'm getting a Honda Jazz 09 1.3MT from Honda Quezon Ave.

Their initial quote for in-house financing was:

SRP P722,000
20% down + Insurance + LTO + Chattel Mortgage = P185,388

Includes:
Tint, Mat and Rustproof and probably other stuff I can't remember.

48 months = P16,499
50 months = P14,258

Lumalabas na 37.11% ang interest.


Then I told them that I have another contact willing to give me just 34% interest.

The SA replied saying they can give me 31.8% interest at P15,888/mo for 4yrs. Kasi sinabi daw niya 32% yun nahanap ko sa labas.

Is this a good deal? Napababa ko na from 38.11% to 31.8%. Last price na raw nila yun.This is my first time buying brand new so not sure how this works.

Thanks!

i think its high. you can get lower depending on the bank you can get around 25-28%. try bpi .try to haggle sabihin mo naman me nag offer sa yo ng 26% para habulin nila yun. don't rush.. wait and see for the best offer.

[thefounder]

i check BDO SM fairview and i was really surprised kasi sila ang may pinakamababang rates na nakuha ko. In comparison with the table below:

BPI - 20-21% 3 yrs interest rates
BDO - 16-18% 3 yrs interest rates
Honda - 25% for 3 yrs interest rates
Mitsubishi - 22% for 3 yrs interest rates

Take note mabilis din processing dito. Highly recommended ko BDO for bank financing.
This is no joke, just want to help out!

[maf]

Hello, noob here. :hiya: Been "researching" diff. banks to find the lowest interest rates I can get rin. Also talked on the phone with car dealers. When they knew I would get a loan from the bank they said to mention the D.I. (dealer's incentive) to the bank officer. Usual po ba ang ganito? Thanks!

[hgm727]

Computation for Everest Limited w/out DVD Package

SRP 1,470,000

DP 30% 441,000

Monthly 5yrs 26,192

DP 441,000
Chatell 34,182
Insurance 38,875
Total 514,057
Less Disc 30,000
Total Net DP 484,057

Computation for the Standard Everest W/ DVD Package

SRP 1,444,000

Monthly 5yrs 25,729

Dp 30% 433,200
Chattel 30,812
Insurance 40,425
Total 504,437
Less Disc 30,000
Total Net DP 474,437

what can u say about this offer by the SA?

[beereo]

Bords pm me ur contact details and i could give you a very low interest rate and a nice overall loan package.

i have a question which is not related to interest rates: in your bank, is there a need for a co-maker or guarantor such as one's spouse?

[mazzipino]

Hello, noob here. :hiya: Been "researching" diff. banks to find the lowest interest rates I can get rin. Also talked on the phone with car dealers. When they knew I would get a loan from the bank they said to mention the D.I. (dealer's incentive) to the bank officer. Usual po ba ang ganito? Thanks!

Dealer's Incentives are what freebies the SA has included in your deal - this is usually free accessories, extended warranty, full tank of fuel etc...

You must mention the DI to the bank officer because the banks have their own SA that they deal with at the dealerships, so they simply use the DI for comparison purposes and to figure out what deal to give you.

If you're really cunning, you could give a 'beefed up' list of DI's to the bank in order for them to give you a better deal - SA's lie all the time so why can't we ;)

[mazzipino]

Computation for Everest Limited w/out DVD Package

SRP 1,470,000

DP 30% 441,000

Monthly 5yrs 26,192

DP 441,000
Chatell 34,182
Insurance 38,875
Total 514,057
Less Disc 30,000
Total Net DP 484,057

Computation for the Standard Everest W/ DVD Package

SRP 1,444,000

Monthly 5yrs 25,729

Dp 30% 433,200
Chattel 30,812
Insurance 40,425
Total 504,437
Less Disc 30,000
Total Net DP 474,437

what can u say about this offer by the SA?

I've just calculated the deals to have a whopping 53% interest for 60 Months!!

Also, the insurance seems pretty high, where's the LTO fee, free I presume?

Best bank loan deal I have seen on the Internet for 60 Months is: Security Bank 32.99% (31.76% one month adv), but of course there's still haggling pa!

Try the bank first or if you don't want to, significantly reduce that interest rate because that is just daylight robbery!

[innoBOB[09JmtG]]

mahal ang in house financing kahit saang anggulo mo tignan

always loan with banks

[bentotz]

Hi, nagapply ako ng loan sa bpi.. 32.09% yung interest rate na binigay nila for 5 years.. mataas ba yun? pwede ko pa kaya i-haggle na ibaba nila ?? TIA

Another question, pag nag apply ba ko ng loan sa bpi makati, tapos nagpunta ko ng bpi mandaluyong, ieentertain pa kaya nila ako? para kasing ang gulo ng kausap ko sa pinuntahan kong branch eh..

[mazzipino]

Hi, nagapply ako ng loan sa bpi.. 32.09% yung interest rate na binigay nila for 5 years.. mataas ba yun? pwede ko pa kaya i-haggle na ibaba nila ?? TIA

Another question, pag nag apply ba ko ng loan sa bpi makati, tapos nagpunta ko ng bpi mandaluyong, ieentertain pa kaya nila ako? para kasing ang gulo ng kausap ko sa pinuntahan kong branch eh..

32.09% ain't bad for 5 years, but try to haggle pa, there's no harm in trying.

Sometimes different bank managers have different SA's, better to go to Makati. From my past experiences, if you go to a different branch they will just call the banks loan department anyway.

[welscua]

I got mine 24.1% (48 months) from BPI-Marikina, account holder ako sa bank nato but it took me some time and nag-haggle talaga ako until bumigay din sila up to the last day na ibinigay ko sa kanila; I told the bank manager that if they can't lower their interest ay entertain ko na yung approved loan from BDO. I always tell them na di ako nagmamadali, I just submitted all the docs without giving them any assurance na sa kanila ako kukuha ng financing. Also, I informed them in the beginning na may account din ako sa BDO and under process na rin yung financing ko dun.

My advice to new car buyers thru financing:

1. Don't be tempted by initial low cash-out ng mga car dealers, at the end of the day ay babawi sila sa interest rate, believe me. Drawback, mataas ang initial cash-out mo pag hindi in-house financing but lower interest. Tip: try to add all your monthly payment sa in-house and thru bank, you will notice mas mababa sa bank.
2. Don't apply for car loan sa mga bank representatives inside the casa, may patong pa rin mga dealers.
3. Apply for car loan direct to the bank.
4. Approach at least 2 different banks then compare and try to haggle. Let them beat each other. Maganda if you are an account holder kasi if the bank knows you are a good client then they won't let you go to other bank easily.
5. Take your time and control your excitement. Remember, you are the one holding the money-bag and the rest are just simply after your bag.
6. Compute mo na yung kaya mong monthly payment para di maapektuhan yung budget mo then dun ka magbase ng loan duration.
7. Lastly and most important, check which car will suits your need.

It took me 6 months bago ko naiuwi yung family car na gusto ko. I am happy with the car and with my loan.

Hope this helps.

SHARING IS CARING....

[welscua]

I'm getting a Honda Jazz 09 1.3MT from Honda Quezon Ave.

Their initial quote for in-house financing was:

SRP P722,000
20% down + Insurance + LTO + Chattel Mortgage = P185,388

Includes:
Tint, Mat and Rustproof and probably other stuff I can't remember.

48 months = P16,499
50 months = P14,258

Lumalabas na 37.11% ang interest.


Then I told them that I have another contact willing to give me just 34% interest.

The SA replied saying they can give me 31.8% interest at P15,888/mo for 4yrs. Kasi sinabi daw niya 32% yun nahanap ko sa labas.

Is this a good deal? Napababa ko na from 38.11% to 31.8%. Last price na raw nila yun.This is my first time buying brand new so not sure how this works.

Thanks!

31.8% from SA? You can lower it to around 28% direct from the bank. I got the same offer from a casa before I bought my car but my friend who has a car rental business told me the secret of the trade, go to the bank direct then haggle, if your are not happy then try another bank

SHARING IS CARING.....

[mazzipino]

*welscua - when did you acquire the 24.1% (48 Months)? recently? what did they offer you initially?

[james00112233]

*welscua - when did you acquire the 24.1% (48 Months)? recently? what did they offer you initially?

sa tingin ko mababa yung interest na yan for 48months

[welscua]

*welscua - when did you acquire the 24.1% (48 Months)? recently? what did they offer you initially?

I acquire my car last June 2008, initially ay 27 % for 48 months pero ng makita nila na good client ako and complete docs ay sila na ang tumatawag sa bahay. I told them na I am still looking for a competitive rate kasi approve din ako sa ibang banks. Then last offer ng BPI ay 24.7% then afternoon ay ibinaba nila ng 24.1 % then grab ko na. But, I heard may mga quota yung banks para sa loan kaya agressive yung ibang bank na ibaba yung rate.

For this year ay mas ibinaba nila ang interest due to economic situation and to encourage prospective buyers, even bank to bank interest rate ay ibinaba ng central bank. Maraming bangko and show to them that you are a serious car buyer. Take your time and tell them na you are still waiting for other banks offer. I got an offer also of 34% for 60 months during that time pero di kona kinagat kasi talagang talo ako dun.

SHARING IS CARING.....

[mazzipino]

Nowadays what's a decent bank interest rate for 60 months?

[mey0r]

Nowadays what's a decent bank interest rate for 60 months?

Around 30 to 33% for 5 year, 23 to 26% for 48 months. I had my approved loan with BPI 25% for 4 years (arrears).