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.

[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!

[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.

[greatauror28]

Tingin ko kaya mo mag auto loan and most banks will be more than happy to lend you one given you have good credit standing.
Para mas magaan ang monthly payments mo, try to put down more than minimun downpayment, say 25% upwards.
Kahit nga mas mataas na model, or mas malaking sasakyan feeling ko aaprubahan ka pa rin.

Do your research regarding banks' rates compared to in-house financing.
Mas matrabaho ang auto loan thru banks but you'll benefit from lower interest rates.

Cheers on your new ride!

[kulugongpogi]

Im only earning 50k gross a month pero na approve ako for hyundai accent 1.6 GLS. Sabi pa ng dealer all 5 banks kung saan nila nilapit un loans ko naaprove lahat. Kaya mo na yan kaya go ahead.

[danegoesonline]

of course. I only earn 20 k per month and i am surviving

[dr. d]

of course. I only earn 20 k per month and i am surviving

please elaborate, po.

[MR_BIG18]

of course. I only earn 20 k per month and i am surviving

possible, possible, when i had a high maintenace hobby, i gave myself a budget of 10-12k monthly, what i did was, i just didnt go out at fridays and saturday nights, didnt smoke or drink....

[confused shoes]

Monthly expenses rough estimate for a compact car.

Maintenance(P6000/6month, casa): P1000
Gas at 10Km/day (300Km at 10Km/L): P1200
Tires at P4000 each (4 years): P350
Registration at P5000(3 years): P200
Insurance at P30000: P3300

Total montly expense for your car: P6,050
Monthly amortization (5 years): P10,000

*meron ka pang natitirang P4000 na pangkain sa isang buwan.

[_Cathy_]

possible, possible, when i had a high maintenace hobby, i gave myself a budget of 10-12k monthly, what i did was, i just didnt go out at fridays and saturday nights, didnt smoke or drink....

What hobby

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[_Cathy_]

of course. I only earn 20 k per month and i am surviving

Net income??? I don't have amortization and I still can't afford to pay for my car insurance and registration and I earn above 20k

[jut703]

Net income??? I don't have amortization and I still can't afford to pay for my car insurance and registration and I earn above 20k

This is the internet Cath, marami talagang fakers. 😑

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[_Qwerty_]

72 months? masyado na yatang matagal yan sir.. malaki masyado interest babayaran mo..