Car Loan Interest Rates?

[mazzipino]

Nice thread! Good infos for us who have no expe in car financing. ^^

Just a quick question, let's say u got a good deal from your bank. What happen to:

Insurance
Free Chattel
Free Lto
Free tint, undercoat, accessories, etc

Are they still free? Or depende sa bank kung may tie up sila sa dealer? what if kung wala?

Yeah everything what bentotz said + nothing is free! Even the "free" tint, undercoat etc aren't free because they are pretty much a standard requirement these days given by the casa for most, if not all vehicles. The word "free" is just a psychological factor, IMO - makes customers feel good knowing they have got something for "free" when in reality it isn't.

Free chattel, LTO and Insurance are usually included in the "All-In Cash Out" with a small % of discount.

[jabbronx]

Thanks po sa replies nyo. Mas maliwanag na ngayon after reading this thread.

So after getting a good deal from your bank, you now have to haggle with SAs for a lower chattel fee naman. haha

I'm drooling over the new honda civic. Planning to get by end of this year hopefully. Bka po may kilala kayo na OK na dealer/SAs pa-PM naman po or pa post. I heard OK sa HOnda Q. AVE.

Thanks again!

[bentotz]

Thanks po sa replies nyo. Mas maliwanag na ngayon after reading this thread.

So after getting a good deal from your bank, you now have to haggle with SAs for a lower chattel fee naman. haha

I'm drooling over the new honda civic. Planning to get by end of this year hopefully. Bka po may kilala kayo na OK na dealer/SAs pa-PM naman po or pa post. I heard OK sa HOnda Q. AVE.

Thanks again!

Hi, chattel is computed by the bank not by the dealer. This is based on the amount that will be financed by the bank.

You can ask your dealer for more discounts and freebies.

For the insurance, don't limit your options on the offers of the bank or your dealer. Most of the time, their quotation is high. If you shop around (non-insurance companies), you can get a low quotation but with the same
insurance policy that your bank/dealer offered.

Hope this helps.

[welscua]

Nice thread! Good infos for us who have no expe in car financing. ^^

Just a quick question, let's say u got a good deal from your bank. What happen to:

Insurance
Free Chattel
Free Lto
Free tint, undercoat, accessories, etc

Are they still free? Or depende sa bank kung may tie up sila sa dealer? what if kung wala?

Pag OK ka na sa Bank then wala na yang mga free insurance, LTO and chattel kasi for in-house financing lang yan pero actually built-in na yan sa computation nila.

Pag OK ka na sa bank then next step is to search for a good car dealer. Magtanong ka sa bank ng contact nilang car dealer and mag walk-in ka rin sa iba, like what I did. Sabi nga "Don't be shy". Buyer ka kaya you have all the rights para sa ma-inspect mo yung car (ask for a test ride also) mag-haggle sa mga car dealers then compare kung san ka makakakuha ng magandang deal and with good reputation sa after-sales service, then yun ang pa-contact mo sa bangko na nag-approve ng car loan mo.

Also, kahit sa bank ay mag-compare ka rin ng interest rate nila. Nowadays banks are giving low interest rates dahil konti lang ang naglo-loan sa kanila due to crisis.

SHARING IS CARING....

[kurt23]

Guys,

Ito yung binibigay sakin ng metrobank naia. Help naman kung good deal na ito:

Unit: 2009 Honda City 1.3S A/T
List price: P 756,000.00
DP: 302,400.00 (40%)
Monthly: 9714.00
Term: 60 months/5 years
Rate: 28.48% OMA
Chattel: 11,105

From SA ng Honda Makati:

Free LTO
Free Tint

Guys..sa tingin nyo okay na ba yun? Ano pa kaya pwede ko i-haggle? Salamat po!!

[kurt23]

Guys,

Ito yung binibigay sakin ng metrobank naia. Help naman kung good deal na ito:

Unit: 2009 Honda City 1.3S A/T
List price: P 756,000.00
DP: 302,400.00 (40%)
Monthly: 9714.00
Term: 60 months/5 years
Rate: 28.48% OMA
Chattel: 11,105

From SA ng Honda Makati:

Free LTO
Free Tint

Guys..sa tingin nyo okay na ba yun? Ano pa kaya pwede ko i-haggle? Salamat po!!

[mazzipino]

Guys,

Ito yung binibigay sakin ng metrobank naia. Help naman kung good deal na ito:

Unit: 2009 Honda City 1.3S A/T
List price: P 756,000.00
DP: 302,400.00 (40%)
Monthly: 9714.00
Term: 60 months/5 years
Rate: 28.48% OMA
Chattel: 11,105

From SA ng Honda Makati:

Free LTO
Free Tint

Guys..sa tingin nyo okay na ba yun? Ano pa kaya pwede ko i-haggle? Salamat po!!

28.48% OMA for 5 years, 60% loanable amount is not a bad deal at all, I think.

[bentotz]

Guys,

Ito yung binibigay sakin ng metrobank naia. Help naman kung good deal na ito:

Unit: 2009 Honda City 1.3S A/T
List price: P 756,000.00
DP: 302,400.00 (40%)
Monthly: 9714.00
Term: 60 months/5 years
Rate: 28.48% OMA
Chattel: 11,105

From SA ng Honda Makati:

Free LTO
Free Tint

Guys..sa tingin nyo okay na ba yun? Ano pa kaya pwede ko i-haggle? Salamat po!!

28.48% is already a good deal. Try to haggle for more freebies from your SA.. or better yet, try to call all honda dealership in ncr and ask if they can give you a better deal..and if they did, then ask your agent if he/she can match it..

[[ICEMAN]]

Yeah I agree. 28% is a good deal!

[forevernoob]

28.48% is already a good deal. Try to haggle for more freebies from your SA.. or better yet, try to call all honda dealership in ncr and ask if they can give you a better deal..and if they did, then ask your agent if he/she can match it..

I went to Metrobank and they gave me the same deal (or 28.61% in arrears) but for 20% downpayment. I decided to get a loan from my bank, which is Sterling Bank of Asia. They gave me 20% down and 32.61% for 60 months. It was higher by a few hundred pesos a month but their customer service is excellent. I got approved in 1 day. Although, I'm not sure if it's because I'm already a depositor. Try them out, especially the one on Emerald Ave., Ortigas Center.

[MarkL]

These rates are for 60 months (or 5 years) Brand New Unit

PSBank and BPI

In Arrears (standard) - 35.57%
In advance - 34.20%


BDO

In Arrears (standard) - 33.28%
In Advance - 32.02%

BDO also has an autoloan promo package composed of free Gas Card c/o Caltex (amount ranges from 1,000-1,500) or Coby TFT Car DVD. This promo depends on the actual loan amount. You can get the Coby TFT DVD if the loan amount is >=700k

* di po ako nag aadvertise. I dont work for a bank. I just happen to have come across these rates during my own search. Pero maganda contakin na lang si MazingerZ ('might be able to give a better deal)...

Sir, per annum ba yan? or yan na for 5 years?

[forevernoob]

Sir, per annum ba yan? or yan na for 5 years?

mark, all add-on rates na ginagamit sa car loan are for the duration of the entire loan. in the case above, 5 years yan.

[alnr]

just inquired from metrobank today, for a 500k loan amount they can give a 21.94% interest rate for 48 months while 28% naman for 60 months. alam ko great deal na ito. meron ba sa inyo nag avail nito?

thanks!

[Hayster]

PNB gaved me a 11.06% rate for 3years and my downpayment is 50%. guys do you think mababa na to?

[james00112233]

PNB gaved me a 11.06% rate for 3years and my downpayment is 50%. guys do you think mababa na to?

I think that's a good deal.

[forevernoob]

PNB gaved me a 11.06% rate for 3years and my downpayment is 50%. guys do you think mababa na to?

that's a very good rate. are u sure it's for 36 months? i suppose this is the rate for one month advance payment.

[mazzipino]

PNB gaved me a 11.06% rate for 3years and my downpayment is 50%. guys do you think mababa na to?

Even for a normal rate that's a good deal. Are you sure it isn't for 24 months?

[Hayster]

Im sure thats for 36months and for 24months they gaved me 10.16%, but i have no idea if this is a good deal already.

[mazzipino]

Im sure thats for 36months and for 24months they gaved me 10.16%, but i have no idea if this is a good deal already.

That's very good. This is what they have on their website:

12 Months 6.55% 5.67%
18 Months 9.60% 8.65%
24 Months 14.10% 13.06%
36 Months 21.96% 20.76%
48 Months 32.64% 31.21%

[Hayster]

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.