If this is my monthly salary would it be enough to buy a bnew car?

[matthewpark84]

Not sure if this thread, or a similar thread is already existing but i did try searching for similar threads.

I'm currently an employee of a company (not self employed) and is earning 67k gross. Recently left my previous job and has been employed in a new company for 10 mos pa lang. I'm planning to buy a car but through auto loan (as many of you have said that in house financing offers bigger rates). My target year would be towards early quarter of 2014 or last quarter of 2013. I'm currently living with my parents. Now my question is...is my gross income reasonable enough for a bank to grant me an auto loan assuming i want to buy a Ford Fiesta 1.4 HB manual tranny, or is that too much for my pay grade?

[Retz]

^

I think wala naman magiging problem with the bank as you are earning and have the capacity to pay. Just make sure kaya ng budget mo ung monthly payment and pms.

[stickers]

yun 67k mo solo mo lang? if not, you yourself can assess if sa natitira eh enough money to shed for the amortization, gasoline, parking, and maintenance.

ok na ok yan kung single ka at 6 footer.

[Retz]

^

napaisip ako doon sa 6 footer ah. may double meaning ba un sir?

[matthewpark84]

67k solo ko lang. Single (though may gf) so expenses ko sakin lang mostly transpo expense, phone bill and groceries. Would the banks offer better deals if di na meet yung initial desired terms mo? baka kasi pag di na meet basta basta nalang irereject without letting out other options

[jansky]

Bank gonna love it... aplay ka lang.. aaprubahan ka nila as long as wala ka rin bad record sa credit card

[shelu]

bangko hahabol sa iyo para maka loan ka na sa kanila. hehehehe.

[Retz]

Just make sure bank give you a reasonable monthly rate.

[Manilablock]

You should have a savings of at least 5 months of your monthly expenses, mahirap ung bigla kang mawalan ng source of income while nagbabayad ka pa ng car. Its also a good trial kung magsurvive ka sa matitira mong salary kung monthly nagbabayad ka ng amortization + gasoline + parking.

[leodawesome]

AFAIK not more than 25-30% ng take home pay mo yung future monthly amort mo. Take note, take home yun. For a fiesta let's say you'll consume around 4k worth of gasoline per month. At least 2k worth of parking per month (ave. of 22 workdays at 90-100php per day). Then every month dapat nagtatabi ka ng atleast 1k for your insurance renewal next year. Try mo isave yan mga amount na yan every month (monthly amort + gas + parking), then tingnan mo kung may matitira pa sayo bukod sa total amount nyan at dun sa monthly expenses mo talaga. Then from there decide kung yung natira ba sayo enough para makaipon ka ulit or sakto lang. Not to mention every 6 months ang PMS, which could cost ranging from 3k-10k max. Oh, and dapat may savings ka pa or emergency fund bukod dun.

About the bank approval naman, swak na swak na sa mga banks yang ganyang salary range. Sila pa hahabol sayo. Goodluck!

[manilamako]

Like what a previous poster said, just make sure you don't have any bad credit history and you'll get approved in no time. You'd have to submit a copy of your bank statement too for at least the last 3-5 months so they could monitor if hindi ka lang naglagay ng "show money" dahil bibili ka ng kotse. As long as steady yun pasok ng pera no problemo. Apply to as many banks as you can too so you could get the best deal possible. 5 year term for a fiesta di naman aabot siguro ng 13k siguro so comfortable ka padin naman

[victorevolution]

will you be approved by the bank? - yes definitely you would be approved with flying color

can a 67k salary maintain the car in general? -for pms and monthly amortization yes but! as one member said you must see the hidden expenses such as insurance, gas money, parking fee, and spare parts(expect the worst in case of warranty claims)

my suggestion, drop it, you told us that you still live with your parents, getting a car is a non essential investment for you and it would just be a money pit.

for a real advice, save up buy a land and build a house on it(value always appreciate huwag lang sa disaster prone areas) after you have done that, then and there should you only think of having a car

[stavros]

Why would you invest with something that is depreciating in value. Mag taxi ka muna if tamad maglakad. 10 months pa lang sa work kotse na agad gusto savings muna ang priority dapat. Hehe..

[bayen]

kaya yan idol. may PHP 45,560 ka pang net. assuming na 32% witholding tax mo. am sure minus living and other expenses may matitira ka pang 15k pang month for a car.

[dr. d]

Not sure if this thread, or a similar thread is already existing but i did try searching for similar threads.

I'm currently an employee of a company (not self employed) and is earning 67k gross. Recently left my previous job and has been employed in a new company for 10 mos pa lang. I'm planning to buy a car but through auto loan (as many of you have said that in house financing offers bigger rates). My target year would be towards early quarter of 2014 or last quarter of 2013. I'm currently living with my parents. Now my question is...is my gross income reasonable enough for a bank to grant me an auto loan assuming i want to buy a Ford Fiesta 1.4 HB manual tranny, or is that too much for my pay grade?

in my opinion, save enough to buy the car on cash basis. with a little discipline, you should have enough in 2 years.

[jhnkvn]

1. I hope you aren't a 30 plus year old living with his parents

2. You're living with your parents, don't be ashamed to abuse it and use THEIR vehicles instead. If you're ashamed, start by moving out of the house first.

3.. A car is always a liability.. (unless you're the type who invests in limited production uber high-end vehicles) heck, depreciation hits the moment you have your car leave the CASA doors and ticks every single day of ownership.

4. As for advice, work and stow away cash to have it work for you. The magic of compound interest is frightening to say the least.

--

The problem with real estate is that the most profitable industry is real estate development (think: Ayala)... high-risk, high-reward, but you'll be needing a massive balance sheet to start with. When starting out, buying a lot and constructing a house is a lot more than buying a Ford Fiesta.

If you're looking for real-estate in the short-term, forget it. You're better off gambling in Solaire if you want a quick buck.

Of course land will appreciate in value. However, your question now should be: is it appreciating more than inflation?

Best real-life advice? Find something you love and whack your brains out on how to profit from it. Tignan mo isang kaibigan ko na kakakita ko lang kanina, he loves women and fast forward a few years, he owns a couple of "KTVs" sa Quezon Avenue and some "spas" scattered around Metro Manila. It's not a business I'd enter (actually, I'd love to but my mother's gonna kill me first), but hey.. it's pretty profitable! :naughty2: sayang di ako suki........................... black covers on plates.. gonna love them.

[CVT]

Not sure if this thread, or a similar thread is already existing but i did try searching for similar threads.

I'm currently an employee of a company (not self employed) and is earning 67k gross. Recently left my previous job and has been employed in a new company for 10 mos pa lang. I'm planning to buy a car but through auto loan (as many of you have said that in house financing offers bigger rates). My target year would be towards early quarter of 2014 or last quarter of 2013. I'm currently living with my parents. Now my question is...is my gross income reasonable enough for a bank to grant me an auto loan assuming i want to buy a Ford Fiesta 1.4 HB manual tranny, or is that too much for my pay grade?

Umutang ka na lang sa mga magulang mo, at sila ang hulugan mo... Whether bank rate or parents' rate,- the 'profit' is still in the family... Win-win situation....

19.2K:book:

[foresterx]

67k is a lot of money for a single guy living with his parents. when i was single i could live with 30k a month and i was paying for everything including association dues for my condo. sa 30k na yon nakaka gimik na ko non. so 67k a month without paying for anything else kayang kaya mo kumuha nan kahit mga cars na nasa 1.2M price range kung di ka magastos. my suggestion ipon ka muna pang down mga 3-400k, kung next year ka pa kukuha starting now tabi ka na ng 25k a month para ma reach mo yung 3-400k pang down by next year buo na yon.

[Horsepower]

here's an autoloan calculator from BPI

BPI Family Auto Loan

normally, you'd have to base on the 1/3 of your net income every month.

[A121]

I think that is reasonable enough. I got a new car kasi malapit na magretire yung ginagamit kong sasakyan.

Gawin mo na lang goal as time progresses is to look for better opportunities.