lowest auto loan rate

[iliveinthesouth]

Hi i am new here in tsikot. I am not sure if im posting in the correct forum, but i need to know if you can get better interest rates availing car loan from security bank (or bpi) even if you are doing your usual banking with bdo?

Bdo quoted me monthly installments for 80% financing, brand new car, and tbh im disappointed.

Computed in house financing with the dealer and even with a low dp promo the total car cost over 4 yrs is less than 20k more expensive than bdo's. Thats with 52k dp, free 1st yr insurance, chattel, lto 3yrs reg with tpl.

Computed this with me shouldering these costs, if going with bdo loan:
1. Chattel of 18t estimate
2. Insurance of 17.5k est
3. Tpl of 1.75k est
4. Lto registration 3yrs of 7k est

Am i doing this correctly? Casa quoted me 52k dp is the only cashout i will pay then everything else is in the installments. TIA, tsikoteers!

[ThisSideUp]

I've made several posts here about my shopping adventure at different banks since February.

I got approved at BPI for 23.36% * 40%DP last March but the offer expired before my order became available.

I went next to Security Bank last April which offered to match BPI's at 23.36% under the same terms. Until today however the car I have reserved (paid) is still not available, and I think the offer is going to expire soon.

I went back to my own bank today, Chinabank (I asked for a replacement for my lost passbook with 1000 euros inserted on its sleeves, but thats another story) and they asked me why I didn't asked them back after my last visit.

Since I was a preferred client daw, they offered me 22.76%, chattel at 13K and my own choice of insurance from their accredited list.

I know patience is virtue but my problem now is..... I really don't know when my car is going to be available (since I declined in-house financing or cash purchase).

Lesson: DO ASK YOUR OWN BANK, even if they have earlier given you a pricier quote, if you come back they can match or even give a better offer.

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I've made several posts here about my shopping adventure at different banks since February.

I got approved at BPI for 23.36% * 40%DP last March but the offer expired before my order became available.

I went next to Security Bank last April which offered to match BPI's at 23.36% under the same terms. Until today however the car I have reserved (paid) is still not available, and I think the offer is going to expire soon.

I went back to my own bank today, Chinabank (I asked for a replacement for my lost passbook with 1000 euros inserted on its sleeves, but thats another story) and they asked me why I didn't asked them back after my last visit.

Since I was a preferred client daw, they offered me 22.76%, chattel at 13K and my own choice of insurance from their accredited list.

I know patience is virtue but my problem now is..... I really don't know when my car is going to be available (since I declined in-house financing or cash purchase).

Lesson: DO ASK YOUR OWN BANK, even if they have earlier given you a pricier quote, if you come back they can match or even give a better offer.

[PatterBoots]

I got the following for a 5 year loan from BPI with a 30% DP, In Arrears:

Add on Rate: 26.54%
Effective Interest Rate: 9.68%


Posted via Tsikot Mobile App

hello all! i just have a noob question :

ano difference ng add on rate sa effective interest rate?

TIA!

[PatterBoots]

Based from the recent pages of this thread, looks like the lowest interest rate for 5 years is 22.76%. (or * 24%, with free 1 year insurance and chattel mortgage.

I'm planning to buy a Nissan Navara Calibre EL 4x2 MT. Anyone here know someone who can offer me a good deal? pm me!

TIA again!

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Based from the recent pages of this thread, looks like the lowest interest rate for 5 years is 22.76%. (or * 24%, with free 1 year insurance and chattel mortgage.

I'm planning to buy a Nissan Navara Calibre EL 4x2 MT. Anyone here know someone who can offer me a good deal? pm me!

TIA again!

[valcrist]

Hello po,

question po sa mga nag auto loan sa BPI, bale nag apply lang kasi ako sa online then may tumawag last week na approved na daw, although wala pa akong pinasa ni isang requirement. makakapag haggle pa kaya ako ng lower interests kung approved na? baka kasi kung ano ung nasa website yun na ang rates na ibigay sa akin?? ano bang pinaka effective way para makapag lower interest?

thanks tsikoteers!

[jasonatorer]

Good day guys! Just would like to ask, since mababa yung auto loan rate sa mga bank, We're planning to buy a 2nd hand car naman. Is it possible sa mga 2nd Hand Car dealers na pumayag sila mag direct financing na kami sa Bank rather than sakanila mismo? since ang taas ng loan rate nila eh, 2nd hand lang din naman yun db. Parang sana bumili nalang kami ng brand new kung ganun lang din pala ung Monthly ammortization. And if sa mga personal owned na seller naman na binebenta na nila kotse nila, Mabilis ba process nito sa bank? Since, we will just loan it sa bank then the bank will pay the seller(Personal seller/Not agent) tapos kami na mag babayad sa bank monthly. Mabilis kaya ito iprocess ng banko? Same ba ito sa BrandNew Autoloan nila? Need your inputs mga ka-tsikot. Thanks!

[manilamako]

Not the same rates for secondhand cars kahit sa bank. It will be considerably higher kasi if by any chance they will need to repossess the car, depriciated na yun value since its used. Much better to buy in cash, or buy a brand new one thru a loan.

[jasonatorer]

Ay, oo nga pala sir. The bank will think na 3rd owner na if ever hatakin nila yun that's why mas mataas padin rates. So parang same lang pala magiging monthly ammortization nung 2nd hand sa Brand new? Oh well, might as well go for the brand new nalang nga. Thank you for the input sir manilamako! :drive1:

Not the same rates for secondhand cars kahit sa bank. It will be considerably higher kasi if by any chance they will need to repossess the car, depriciated na yun value since its used. Much better to buy in cash, or buy a brand new one thru a loan.

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Ay, oo nga pala sir. The bank will think na 3rd owner na if ever hatakin nila yun that's why mas mataas padin rates. So parang same lang pala magiging monthly ammortization nung 2nd hand sa Brand new? Oh well, might as well go for the brand new nalang nga. Thank you for the input sir manilamako! :drive1:

Not the same rates for secondhand cars kahit sa bank. It will be considerably higher kasi if by any chance they will need to repossess the car, depriciated na yun value since its used. Much better to buy in cash, or buy a brand new one thru a loan.

[PatterBoots]

Got 24.25% rate (60 months) from security bank with free insurance first year (OMA) ok na ba eto?

[shembot]

Kaya pa yan ipababa. Ask other banks. Also, check with security bank if nakatali ka sa insurance for the entire loan. How much premium for the 2nd, 3rd yr etc. Then compare with other insurance companies.

Got 24.25% rate (60 months) from security bank with free insurance first year (OMA) ok na ba eto?

[Horsepower]

yeah, read the fine print carefully. Pag tali ka sa insurance, yari ka.

For example, my car's insured value at this time is 900K (998K from last year), ang insurance ko 5,400 lang (with AON na) kasi GSIS member si esmi. Sa Insurance resellers, 31K pa ang quote sa akin.

pwede mo pa tawaran yang interest rate basta wag ka lang over-eager pero make it known that you are serious about buying and that you have the funds, just looking for a good deal. You can also demand freebies like rear camera to sweeten the deal (that's what I did). Mahal kasi magpakabit nyan kahit mura lang ang parts.

[neil.pador]

FREE INSURANCE isnt actually FREE. Tali ka sa bangko kapag mag rerenew ka ng insurance. Plus the PF's are high compared to dealer partners who have 2000 fixed participation fees. Trust me, I'm a Sales Executive of Honda Alabang. Hehehe.

[PatterBoots]

*shembot, *horsepower, * neil.pador

Thanks for your inputs! well actually kasi BDO and Security bank sa area ko ang nagpapa match sa interest rate. other banks in my area di na kaya. depende ba sa branch yun? e.g bpi branch sa area ko di na dawnila kaya i match. does that mean sa ibang branch ganon na din?

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*shembot, *horsepower, * neil.pador

Thanks for your inputs! well actually kasi BDO and Security bank sa area ko ang nagpapa match sa interest rate. other banks in my area di na kaya. depende ba sa branch yun? e.g bpi branch sa area ko di na dawnila kaya i match. does that mean sa ibang branch ganon na din?

[RF02]

guys ano po lowest per annum interest pag sa bank kkuha for 5 years?

[JJ All Day]

Not the same rates for secondhand cars kahit sa bank. It will be considerably higher kasi if by any chance they will need to repossess the car, depriciated na yun value since its used. Much better to buy in cash, or buy a brand new one thru a loan.

Of course they have the same rates. Whether it is brand new or 2nd hand, it will not affect the rate being offered by the bank. The rate pertains to the amount you borrowed; it has nothing to do with the collateral (which in this case is the brand new or 2nd had car). The loanable value, not the rate, will depend on the car condition (the newer the car, the higher the loanable value).

Also, for 2nd had car, most bank accepts only those which are not more than 2 or 3 years. Say, this 2015, you can only have a 2nd car to be financed by a bank if its 2013, 2014 and 2015 model only..

[JJ All Day]

FREE INSURANCE isnt actually FREE. Tali ka sa bangko kapag mag rerenew ka ng insurance. Plus the PF's are high compared to dealer partners who have 2000 fixed participation fees. Trust me, I'm a Sales Executive of Honda Alabang. Hehehe.

This is not always true. Believe me, i am from a bank.

[Newcomer123]

Most banks charge between 10.2% to 10.8%, as derived from their online auto loan calculators. You may have to visit them directly to determine actul rates

[JJ All Day]

Let's try to see the macro perspective when choosing a bank, where you may want to apply for an auto loan.

(1) There is this thing called "marketing strategy". The rate being offered by one bank may be lower than another, but the latter is could be better in other factors (i.e., chattel mortgage, insurance, etc.).

(2) So you should not compare "Apple to Banana" or "Banana to Banana". You should compare "Fruit Salad to Fruit Salad". Hehehe! Kidding aside, you should consider the ENTIRE PACKAGE.

(3) Believe me, if you would consider the ENTIRE PACKAGE, the difference in MONETARY FACTOR among these different banks is NOT THAT SUBSTANTIAL IN TERMS OF AMOUNT. Again, that is just a matter of marketing strategy.

(4) So, you will choose whom? Choose the bank with BEST CUSTOMER SERVICE. This is priceless!!! No amount of savings can replace this factor.

(5) Like in Fruit Salad, while you consider the price difference to take "Fruit Salad A" or "Fruit Salad B", it's the TASTE and the SATISFACTION that matters most.

=)

[Mentos]

Question:

Is it possible ba na yung repossed cars ng bank (i.e. psbank) eh sa ibang bank auto loan ko ia-apply? (i.e bpi or any bank that i find having a low interest rate).

Pumapayag ba ang mga banko sa ganitong set-up? any tsikoters na may ganitong experience or mga taga banko dyan na nagbabasa-basa.

[JJ All Day]

Question:

Is it possible ba na yung repossed cars ng bank (i.e. psbank) eh sa ibang bank auto loan ko ia-apply? (i.e bpi or any bank that i find having a low interest rate).

Pumapayag ba ang mga banko sa ganitong set-up? any tsikoters na may ganitong experience or mga taga banko dyan na nagbabasa-basa.

Generally, NO.

Because the ownership of the car should be transferred under your name. PSBank will allow you to do so if there is an assurance of payment. The other bank, on the other hand, will release the loan proceeds only after the ownership of that car is transferred under your name.