lowest auto loan rate

[nova2013]

Hi guys! im newbie here.. i just to ask and clarify something regarding the price/ inerest of the toyota innova that i got.. I got my 2013 innova G 2.5 diesel a/t last december 28, 2012.. i'm outside the country so my sister is the one made the transaction regarding the car.. at first the dealer told us that our dp will be 150,000 and the monthly amortization will be aroung 19000.. so i agree with that.. then he asked my sister that someone from the bank will call my other ( since the car will be name to my mother), and it was PSbank who called and approved us for the five-year loan and told us just to contact the dealer. so my sister called again the dealer and asked if how much will be our DP and monthly, he said the the same price 150K for the DP and arounf 19K for the monthly.. so the next day we decided to purchase the car since they have PROMO and it will only last till the end of december and went to TOYOTA DASMA to give the DP, we gave the 150K downpayment and toyota calculated again our month amortization.. in our surprise it was different!!! here it is:

price of the car: 1,165,000
20% DP: 150,000 ( supposed to be 233,000 but we were discounted by 83K)
monthly amortization for 60 months: 22, 904..
ALL-in (insurance, LTO reg and mortgage was included, also we have freebies like rust proofing, mat, tint, fuel, seat cover, cover for the car, labour services, etc)
the amount of the inerest for the 60 months that i computed was around 360K
I WOULD LIKE TO ASK IF IT IS TO MUCH OR MOST LIKELY THE INTEREST FOR THE 60 MONTHS PAYNET WILL COST LIKE THAT? HOPE YOU GUYS CAN ANSWER

- - - Updated - - -

Hi guys! im newbie here.. i just to ask and clarify something regarding the price/ inerest of the toyota innova that i got.. I got my 2013 innova G 2.5 diesel a/t last december 28, 2012.. i'm outside the country so my sister is the one made the transaction regarding the car.. at first the dealer told us that our dp will be 150,000 and the monthly amortization will be aroung 19000.. so i agree with that.. then he asked my sister that someone from the bank will call my other ( since the car will be name to my mother), and it was PSbank who called and approved us for the five-year loan and told us just to contact the dealer. so my sister called again the dealer and asked if how much will be our DP and monthly, he said the the same price 150K for the DP and arounf 19K for the monthly.. so the next day we decided to purchase the car since they have PROMO and it will only last till the end of december and went to TOYOTA DASMA to give the DP, we gave the 150K downpayment and toyota calculated again our month amortization.. in our surprise it was different!!! here it is:

price of the car: 1,165,000
20% DP: 150,000 ( supposed to be 233,000 but we were discounted by 83K)
monthly amortization for 60 months: 22, 904..
ALL-in (insurance, LTO reg and mortgage was included, also we have freebies like rust proofing, mat, tint, fuel, seat cover, cover for the car, labour services, etc)
the amount of the inerest for the 60 months that i computed was around 360K
I WOULD LIKE TO ASK IF IT IS TO MUCH OR MOST LIKELY THE INTEREST FOR THE 60 MONTHS PAYNET WILL COST LIKE THAT? HOPE YOU GUYS CAN ANSWER

[wongjm]

Sa mga expert tsikoteers natin dito, tanung ko lang po itong bagong rate ng MBTC sakin kung OK na?

18.9247% for 48 months. 20%DP nonOMA

Pa GO ko napo ba itong rate nato ? Salamat po sa mga reply nyo.

[Flip]

^ ilan rate nyan sir pag converted to EIR? nag shop din kasi ako between MBTC and BPI. BPI quoted me 10.xx % EIR while MBTC 8.xx % EIR.

[wongjm]

*Flip, di ko lang alam sir, basta binigay sakin yung monthly ko for 48 months tapos compute lang ako ng percentage

[Flip]

^ kinompute ko, we got the same quote from MBTC. nasa 8.7ish % EIR nga di ko lang natanong kung OMA, much better than BPI's 10ish% and take note OMA tong mas mahal.

[wongjm]

Mas mababa nga sir sa MBTC,naka special rate ata sila, alam ko sir sa MBTC di na cla OMA ngayon unlike before.Pero sobra strict cla sa requirements at approval ngayon, kaya medyo matagal approval sa kanila.Mag 1 week na kaka CI palang sa house namin kanina nung taga MBTC.

- - - Updated - - -

Mas mababa nga sir sa MBTC,naka special rate ata sila, alam ko sir sa MBTC di na cla OMA ngayon unlike before.Pero sobra strict cla sa requirements at approval ngayon, kaya medyo matagal approval sa kanila.Mag 1 week na kaka CI palang sa house namin kanina nung taga MBTC.

[Flip]

Ah ok, thanks sa tip sir. tipid din yan kung ma approve, assuming going rate is around 10%. anyways you mentioned po na "bagong rate", ibig bang sabihin ay may una nang binigay sayong rate? if so, how much naman po?

[wongjm]

After verification ng MTBC sa mga docs namin, di ata inapprove yung 20%dp at 60months, kaya pinapili kami ng 30%dp*60months or 20%dp*48months pero parang sa computation ko from previous 60months nasa 25%parang 5% per annum pero sa 48 months parang bumaba to 4.7% nalang per annum

[Flip]

Ok sir, thanks. gusto ko lang po kasi tanchahin kung how much more or less rates ng banks baka saktan na ako ng loan officer kung umapela pa ako sa lowest rate.hehe

[trucker111]

can somebody post the formula on how to compute the monthly amortization?

[Pipefish]

can somebody post the formula on how to compute the monthly amortization?

Loan amount / xx months X interest rate = monthly amortization

Sent from my GT-N7000 using Forum Runner

[silverworx]

Loan amount / xx months X interest rate = monthly amortization

Sent from my GT-N7000 using Forum Runner

Good day guys. di nadin ako mkapagback read..Ano po bank na nagooffer nang lowest loan rate tas easy approval? thanks!

[onemanga31]

nagback read ka lang sana ng 2 pages. hays

[hilikus]

noob question lang. papano ba proseso kung bibili ka ng 2nd hand car from the original owner at icacarloan mo sa bank? lets say a 2009 montero. need bang makita ng bank yung unit? pano ba? walkthrough naman guys. thanks.

[yose]

*Flip sir pano ba nacocompute yung EIR? yung straight calculation lang alam ko eh. hehe. Salamat po.

^ kinompute ko, we got the same quote from MBTC. nasa 8.7ish % EIR nga di ko lang natanong kung OMA, much better than BPI's 10ish% and take note OMA tong mas mahal.

[jurismom]

Hi Newbie here.

just want to get your opinion if this is a good deal.

I was approved Auto loan by BPI Family Bank.

Here is the rate that they gave me:

INNOVA E A/T DSL = 1,054,000.00

10% DP - 105,400.00
CM - 21,200.00
LTO - 8,200.00

Amount to be finance:
P948,600.00 = payable for 5yrs P20,481.00/month
Interest rate: 29.54% IAR

Got the LTO Free from my dealer. BPI gave me the Free Insurance for 1 year but with automatic renewal clause which premium computation I find not that expensive as compare with other insurance.

Freebies:
TINT
RUSTPROOFING
MATTING
WINDOW VISOR
UMBRELLA
KEYCHAIN
EWD
CAR COVER
1st 1,000 and 10,000 Check up (labor only)
still haggling for the FREE COUPON DISCOUNT for services

Originally i will pay around 140th including the notary, docstamp and processing fee but i was informed that i just need to pay P86,900.00 as DP.

Is this already a good deal? Considering that I got their standard interest rate for 20% Downpayment? This will be my first car and the first time i availed of car loan..

[lakers24]

Hi Newbie here.

just want to get your opinion if this is a good deal.

I was approved Auto loan by BPI Family Bank.

Here is the rate that they gave me:

INNOVA E A/T DSL = 1,054,000.00

10% DP - 105,400.00
CM - 21,200.00
LTO - 8,200.00

Amount to be finance:
P948,600.00 = payable for 5yrs P20,481.00/month
Interest rate: 29.54% IAR

Got the LTO Free from my dealer. BPI gave me the Free Insurance for 1 year but with automatic renewal clause which premium computation I find not that expensive as compare with other insurance.

Freebies:
TINT
RUSTPROOFING
MATTING
WINDOW VISOR
UMBRELLA
KEYCHAIN
EWD
CAR COVER
1st 1,000 and 10,000 Check up (labor only)
still haggling for the FREE COUPON DISCOUNT for services

Originally i will pay around 140th including the notary, docstamp and processing fee but i was informed that i just need to pay P86,900.00 as DP.

Is this already a good deal? Considering that I got their standard interest rate for 20% Downpayment? This will be my first car and the first time i availed of car loan..

Same lang bigay satin ng bpi sir, 28.42%OMA, 29.52% in arrears, mas mababa nga lang yung CM ko below 14k lang pero bat sabi sakin nag end nadaw last Dec. 21, 2012 yung free 1st year insurance na promo pero sayo meron pa? hindi kaya dahil below 1M lang yung kukunin ko which is 985k na strada & 400K down ko so 585K lang amount na ipifinance nila? Sino nagquote sa inyo sa bpi sir baka pwede naman pa pm. thanks

[shotokan]

I have inquired on Toyota for the following:

Vios J Limited Edition (Toyota Dealer)
SRP = 627,000
Discount from Toyota = 20,000
Net Price = 607,000
Down Payment (to be paid at Dealer) = 250,000
Free LTO (3 years) = 7,200
----------------------------------

RCBC Savings bank offered me this rate for a car loan:

Bank Proposal:
Amount to be Financed = 357,000
Terms: (36 months)
Add on Rate: 17.32%
Monthly Amortization: 11,635
Chattel Mortgage: 12,000


Is this a good offer?

-----------------------------
Insurance: 20,000 - will be taken on Insurance company not from the bank / Dealer

[lakers24]

I have inquired on Toyota for the following:

Vios J Limited Edition (Toyota Dealer)
SRP = 627,000
Discount from Toyota = 20,000
Net Price = 607,000
Down Payment (to be paid at Dealer) = 250,000
Free LTO (3 years) = 7,200
----------------------------------

RCBC Savings bank offered me this rate for a car loan:

Bank Proposal:
Amount to be Financed = 357,000
Terms: (36 months)
Add on Rate: 17.32%
Monthly Amortization: 11,635
Chattel Mortgage: 12,000


Is this a good offer?

-----------------------------
Insurance: 20,000 - will be taken on Insurance company not from the bank / Dealer

kung oma rate yan sir pa quote kapa sa iba, kung arrears yan ok na kasi ganyan naman usually rate nila, diko sure kung pasok yung loan amount mo pero sa bpi free 1st year insurance..

[jansky]

Hi looking for avanza 1.3 j model
Dp is 160k
For 4 or 5 yrs