lowest auto loan rate

[captjacksparrow]

For me, hanap ka pa ng ibang bank... 30% interest mataas siya....


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Tanong ko na din po pala kung tama computation ko. Yung interest rate ba pano kinukuha? Kunin ko lang ba interest rate dun sa balance ko (minus the DP):
Example:
Car SRP is 1.309M
DP = 500K
Balance = 809K
Monthly = 17,661
To compute for interest rate:
[(17,661 x 60) / 809,000 ] - 1
= (1,059,660 / 809, 000) - 1
=31%

or dapat ba buo including pinagDP like this:
{[(17,661 x 60) + 500K] / 1,309,000} - 1
= 19%

halaga ng kotse is 1.309M, total babayaran ko 1.559M.

TIA

[n_spinner06]

Tanong ko na din po pala kung tama computation ko. Yung interest rate ba pano kinukuha? Kunin ko lang ba interest rate dun sa balance ko (minus the DP):
Example:
Car SRP is 1.309M
DP = 500K
Balance = 809K
Monthly = 17,661
To compute for interest rate:
[(17,661 x 60) / 809,000 ] - 1
= (1,059,660 / 809, 000) - 1
=31%

or dapat ba buo including pinagDP like this:
{[(17,661 x 60) + 500K] / 1,309,000} - 1
= 19%

halaga ng kotse is 1.309M, total babayaran ko 1.559M.

TIA

I think di dapat kasama yung down payment kasi di mo naman inutang yun so wala dapat interest na patong dun. So yung 1st computation ang tama imho.

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[ray_noel]

Tanong ko na din po pala kung tama computation ko. Yung interest rate ba pano kinukuha? Kunin ko lang ba interest rate dun sa balance ko (minus the DP):
Example:
Car SRP is 1.309M
DP = 500K
Balance = 809K
Monthly = 17,661
To compute for interest rate:
[(17,661 x 60) / 809,000 ] - 1
= (1,059,660 / 809, 000) - 1
=31%

or dapat ba buo including pinagDP like this:
{[(17,661 x 60) + 500K] / 1,309,000} - 1
= 19%

halaga ng kotse is 1.309M, total babayaran ko 1.559M.

TIA

Yes, tama ang 31% ... try metrobank, sila pina ka mababa na na inquire ko so far...


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[Maria Salve]

Tanong ko na din po pala kung tama computation ko. Yung interest rate ba pano kinukuha? Kunin ko lang ba interest rate dun sa balance ko (minus the DP):
Example:
Car SRP is 1.309M
DP = 500K
Balance = 809K
Monthly = 17,661
To compute for interest rate:
[(17,661 x 60) / 809,000 ] - 1
= (1,059,660 / 809, 000) - 1
=31%


halaga ng kotse is 1.309M, total babayaran ko 1.559M.

TIA

Tama yan 31% per annum interest rate na computation mo.

Ang napupuna ko sa mga bank lenders, habang humahaba ang number of years na gusto mo matapusan ang car loan mo ay sumasabay ang pag taas ng interest rate. Kung kaya mo ng 36 months (3 years) to pay siguradong mas mababa ang interest rate ALTHOUGH mas tataas ang monthly payments mo way beyond 17k. Malamang aabot ng mga 25k per month for 36 months.

[captjacksparrow]

Thank you guys. Try ko muna punta sa mga bangko bukas

[captjacksparrow]

Yes, tama ang 31% ... try metrobank, sila pina ka mababa na na inquire ko so far...


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boss, if you dont mind, can you share yung interest rate na inoffer ni Metrobank? Thanks

[ray_noel]

Last January...

Metrobank 5.16%/annum
RCBC 6%/annum




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[captjacksparrow]

Last January...

Metrobank 5.16%/annum
RCBC 6%/annum




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Thanks!
ilan years to pay ito? I believe this is true for less than 3 yrs right? sobrang baba e

[ray_noel]

Thanks!
ilan years to pay ito? I believe this is true for less than 3 yrs right? sobrang baba e

I took 3 years... so try to go to metrobank first and that will be your baseline... tyaga2 lang, you will find better deal din soon...


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[17Sphynx17]

I took 3 years... so try to go to metrobank first and that will be your baseline... tyaga2 lang, you will find better deal din soon...


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The rate really depends, because interest for car loans is really cumulative. Your first payments tend to be front loaded interest (mostly paying the interest and less on the premium.) As you do more successive payments, the balance will slowly shift.

One year/12 month loan, the rate we got quoted, with OMA is under 4%.

For 2 year loan, with OMA, total interest is about 9.5%.So per year, you could say about 4.25% for the loan (I know that's not how you divide it but just keeping it simple for discussion's sake).

This really depends on your bank. Preferably, you have an existing relationship with the bank you are asking for the car loan. That way you get preferred rates rather than just "advertised" rates.

For the same 1 year loan, dealer offer around 9 to 10%.