lowest auto loan rate

[KERSMcRae]

Sa metrobank, min loan amount ay 500K. hindi ka makakapagdown ng 50% pag below 1M ang sasakyan na bibilhin... Pag 600K halimbawa yung oto, 100K lang max. dp ...

[DeathRow]

What's the general rule of thumb regarding monthly ammortization and net income again? Is it 30% or below of main + spouse/co-borrower?

Thanks

[Zac_español]

Security bank is 13.58% for 3 yrs. wala lang free insurance pero competitive nonetheless. 5 yrs is 24.86% and 4 yrs is 18.66%. Those are the rates given to me.

Hi, i have a noob question. This 5 years rate 24.86% will be the interest of the price of the car? let's say a vios ranging around 630k and I decided to have a 5-year term = P786,618. So eto nb un total na mbabayaran ko in 5 years?

[_Qwerty_]

you need to shell out 20% downpayment..

SRP = 630,000.00
Down = 126,000.00
Loanable amount = 504,000.00
24.86% 5 years = 629,294.40 or 10,488.24 a month for 60 months

Hi, i have a noob question. This 5 years rate 24.86% will be the interest of the price of the car? let's say a vios ranging around 630k and I decided to have a 5-year term = P786,618. So eto nb un total na mbabayaran ko in 5 years?

[Monty]

Hi, i have a noob question. This 5 years rate 24.86% will be the interest of the price of the car? let's say a vios ranging around 630k and I decided to have a 5-year term = P786,618. So eto nb un total na mbabayaran ko in 5 years?

Try mo yung mga on-line loan calculator para magka idea ka kung magkano ang monthly payments. Ang monthly payment kasi ay may parte na bayad sa interest at parte naman na bayad sa pinaka utang. Base sa information na binigay mo, ang monthly payment mo ay P14,748 kada buwan o P884,880 suma total sa limang taon. Bali ang interest na babayaran mo ay P380,800 [P884,880 - P504,000 (ito yung utang dahil may 20% dp)]. Medyo malaki rin.

[boytsiks]

Try mo yung mga on-line loan calculator para magka idea ka kung magkano ang monthly payments. Ang monthly payment kasi ay may parte na bayad sa interest at parte naman na bayad sa pinaka utang. Base sa information na binigay mo, ang monthly payment mo ay P14,748 kada buwan o P884,880 suma total sa limang taon. Bali ang interest na babayaran mo ay P380,800 [P884,880 - P504,000 (ito yung utang dahil may 20% dp)]. Medyo malaki rin.

How did you calcuted the monthly amort?

Based on my computation, at 20% DP, the monthly amort at 60 months is just 10,488.24 (*24.86% interest).


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[chrolli]

How did you calcuted the monthly amort?

Based on my computation, at 20% DP, the monthly amort at 60 months is just 10,488.24 (*24.86% interest).


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yup your (and _Qwerty_'s) computation is correct. so roughly around 125,295 ang total interest niya for 5 yrs.

in my case, since Jazz 1.5V is 808k, my DP is 242,400 (30%) and monthly is 13982.10 for 48 months. mga 105,540 ang total interest na babayaran for 4 years. mejo malaki nga lang ang total cash out dahil walang free insurance and chattel. pero more or less sa mas mataas na interest na may free na ganung items parang na-spread out lang sya sa monthly installment.

[Monty]

How did you calcuted the monthly amort?

Based on my computation, at 20% DP, the monthly amort at 60 months is just 10,488.24 (*24.86% interest).


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You need to use a loan calculator. The interest amount is based on the principal which declines over time as you pay off your loan. Each monthly payment is allocated between interest and principal. The interest amount is not static because it is always based on the principal amount which is declining every time you make a monthly payment. Also, the 24.86% is an annual rate and not a one time rate.

[boytsiks]

You need to use a loan calculator. The interest amount is based on the principal which declines over time as you pay off your loan. Each monthly payment is allocated between interest and principal. The interest amount is not static because it is always based on the principal amount which is declining every time you make a monthly payment. Also, the 24.86% is an annual rate and not a one time rate.

Is that the loan calculator app?

Take note that the app uses annual rate.

I dont think may bank na magpapatong ng 24.86% annual rate which in effect equates to almost 70% simple interest rate (non annualized).

Take for example Metrobank, the annual interest they are charging is 9.xx% for 5 yrs which is around 25% to 27% in interest (non annualized).



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[_Qwerty_]

this is for real estate.. for cars.. it's fixed.. if they give you the interest rate.. that will be the interest rate for the duration of the loan..

the 24.86% is the entire rate for 5 years.. so it's 4.97% per year...

You need to use a loan calculator. The interest amount is based on the principal which declines over time as you pay off your loan. Each monthly payment is allocated between interest and principal. The interest amount is not static because it is always based on the principal amount which is declining every time you make a monthly payment. Also, the 24.86% is an annual rate and not a one time rate.

[boytsiks]

this is for real estate.. for cars.. it's fixed.. if they give you the interest rate.. that will be the interest rate for the duration of the loan..

the 24.86% is the entire rate for 5 years.. so it's 4.97% per year...

This is what I know as well. Annual rate is for real estate.


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[slapz]

yup your (and _Qwerty_'s) computation is correct. so roughly around 125,295 ang total interest niya for 5 yrs.

in my case, since Jazz 1.5V is 808k, my DP is 242,400 (30%) and monthly is 13982.10 for 48 months. mga 105,540 ang total interest na babayaran for 4 years. mejo malaki nga lang ang total cash out dahil walang free insurance and chattel. pero more or less sa mas mataas na interest na may free na ganung items parang na-spread out lang sya sa monthly installment.

Free Insurance sa BPI, for 500K loan amount.

Dun sa ibang usapan:
Add-on Rate po ang binibigay ng banks. And it's not a simple divide it by number of years to get the annual rate, kasi kung monthly payments po yan, every month nababawasan ang principal.

So for a Loan of 500K, 36 months, Add-on Rate of 15%, ang Effective Annual rate po nyan is around 9.3%. Hindi po 5%.

Just saying lang po...

[Monty]

^Thanks for clarifying that the 24% is the total interest for 5 years. Based on that, both your computations are correct. The annual rate of interest is therefore around 8% for the car loan.

[Monty]

Free Insurance sa BPI, for 500K loan amount.

Dun sa ibang usapan:
Add-on Rate po ang binibigay ng banks. And it's not a simple divide it by number of years to get the annual rate, kasi kung monthly payments po yan, every month nababawasan ang principal. Just saying lang po.

I agree.

[DeathRow]

What's the general rule of thumb regarding monthly ammortization and net income again? Is it 30% or below of main + spouse/co-borrower?

Thanks

Any takers? :D

[sientobente]

Any takers? :D

what i saw from a bpi advertisement inside the bank was, your total monthly ammortization(includes house not just car) should not exceed 30% of your net pay monthly. and i believe they are referring to your own pay alone without the spouse yet.

[sientobente]

by the way, if you have a savings acount in the bank large enough to pay for the car that you would like to purchase, there is something they call back-to-back making your savings as a collateral. the rates are much much lower than a regular auto loan.

[Walter]

by the way, if you have a savings acount in the bank large enough to pay for the car that you would like to purchase, there is something they call back-to-back making your savings as a collateral. the rates are much much lower than a regular auto loan.

The funds in that account will be locked and you won't be able to use them for the duration of the loan.

[DeathRow]

Q: Just been approved for a P1.5M - 500k DP bank loan, what if I've change my mind and want to get a P1.7M vehicle with the same 500k DP - would I have to re-apply from scratch or can the bank provide a quick fix?

[kendrichgo]

As far as know you can talk to your bank to fix it


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