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!