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  1. Join Date
    Feb 2003
    Posts
    323
    #11
    a friend was able to get 6% p.a. for a 2 yr P1M car loan from metrobank. although it might be a break-even arrangement w/ hold-out for their time deposit.

  2. Join Date
    Jul 2005
    Posts
    279
    #12
    Quote Originally Posted by kulit View Post
    You can also go bank "hopping". In my experience, the quoted rates are not fixed. Go to one bank and get a quotation. Then go to the 2nd bank and show the 1st bank's quotation, tatapatan or bababaan pa ng 2nd bank yung rate nila. You can then go back to the 1st bank or to a third bank. Just be friendly and maintain good rapport with the loan officers or bank manager. Don't commit at first. Good luck!
    +1! make those banks fight each other so you'll get the best deal. ask each bank at least twice. good luck!

  3. Join Date
    Jun 2005
    Posts
    799
    #13
    Quote Originally Posted by asag View Post
    try BPI family it is lower.
    1 year is sub 5%
    I think you're mistaken. The way they "compute" it makes it look like 5% to most people. But it's probaby around twice that.

  4. Join Date
    Dec 2006
    Posts
    818
    #14
    Just got car loan from BPI Family : 6.10% ( 1 year term)

    we applied it thru toyota kaya mas mataas kesa nakapost sa website nila.

  5. Join Date
    Jun 2005
    Posts
    799
    #15
    I think many of you are sadly misled -- the 6.10% (or sub-5% rate) mentioned is not an annual interest rate...

  6. Join Date
    Aug 2005
    Posts
    41
    #16
    bpi family is ok.
    13% on 36 mos.

  7. Join Date
    Oct 2002
    Posts
    2,327
    #17
    Quote Originally Posted by creepy View Post
    I think many of you are sadly misled -- the 6.10% (or sub-5% rate) mentioned is not an annual interest rate...

    hmmmm care to explain please??

  8. Join Date
    Oct 2002
    Posts
    14,885
    #18
    currently, may 0% interest ang in-house financing for Mazda3 (3 years to pay) & Focus (12 months to pay, 99K down).

  9. Join Date
    Jun 2005
    Posts
    799
    #19
    Quote Originally Posted by 5Speed View Post
    hmmmm care to explain please??
    Interest rates should be properly quoted as an ANNUAL rate to make them fully comparable.

    What some frequently do is just add up all interest payments over the life of the loan and simply divide it by the initial principal. That's the wrong way to do it.

    For example, if you pay P50,000 in interest over a one-year amortizing loan of P1,000,000, the effective annual interest rate is NOT 5% (50,000 / 1,000,000) since you are already paying down the loan monthly. Remember that your outstanding balance after one (or two or three) amortization payment/s is already lower than P1,000,000. So you're paying interest on a balance that's less than P1,000,000.

    (The effective annual interest in the above example is actually 9.1% in this case.)

    The marketing materials of banks just makes the rates look deceptively lower.

  10. Join Date
    Nov 2009
    Posts
    1
    #20
    Do you know of any bank or institution that accepts car loan refinancing?
    I am resigning from my company and I have an existing car loan from them with about 300k as remaining balance... been talking to BDO and BPI, it seems they do not accept this kind of arrangement for cars.. only for real estate.

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