lowest auto loan rate

[dr. d]

Question po:

Nag apply po yung brother ko direct sa bank para mag car loan unit is Montero GLS. He was asked to submit the following:
Passbook, DTI, 2 Valid ID's and credit card statement. meron naman silang parking na kasya ang 2 sasakyan. Wala syang utang sa bank (he's paying his credit card in full), he owns the house, he has capacity to pay.

Pero na declied pa din. Ano po ba ang chance para ma approved?

Thanks po sa suggestion.


Sent from my iPhone using Tapatalk

if we really want to know, we should ask the bank the basis for initial dis-approval.
offhand... i'd guess, his income ain't big enough. it is a montero, not a wigo... these guys have computations and formulas, on what makes a potentially good customer, and otherwise.

[reine2008]

Nilagay po nya sa net is 120k monthly.

Mabuti pa yung isang kakilala nya na peke ang docs na binigay pero na approved, pag legal na declined. Kaya nagtataka po sya anong basis. Kasi nag tanong sya sa kakilala nyang branch head kung saan sya nag apply ang sabi daw unfavorable field checking.


Sent from my iPhone using Tapatalk

[Juan Martinez]

Nilagay po nya sa net is 120k monthly.

Sent from my iPhone using Tapatalk

ano ba ang trabaho o negosyo nya, and how old is he?

in government, Php120,000 per month is equivalent to salary grade 31 (with a basic salary of Php117,086). that's the salary grade of the associate justice of the supreme court, or department secretary of the executive branch.

if i were the loan officer, and your brother is only in his 30s and he earns that much, i would also disapprove his application.

[dr. d]

another scenario that comes to my mind.
he may be earning big bucks. but if his savings account has only 1000 bucks, that speaks to me of his non-ability to "live within reason".
would you know how much he has managed to save in his bank account? and how much in credit card bills he racks up in a month?
is his employ permanent, or is it possible that the business can just fold up next month, leaving the employees high and dry?
i mean, i can think of reasons why this guy is a bad credit risk for a car.
bottomline, we have to ask the bank, why they denied him.

[reine2008]

He's a broker in a private company and at the same time may transpo business sya pero 3 yrs pa lang. Pero hindi na daw nya nilagay na currently employed sya kasi hassle pa daw mang request ng employment cert at wala naman daw silang payslip. yung sa credit card naman he pays the full amount daw kung magkano man ang nagastos nya kasi ginagamit lang nya para maka earn ng points.

Yung bank acc nya more than 500k ang savings kasi kelangan nya i sustain as savings dahil ginagamit nya pag nag a apply sya ng visa as proof.

Nasa early 40's na yung brother ko. Yung una nyang car loan fully paid na at never naman sya naka missed kahit isang amort dahil palaging 3 to 6 mos ang pondo nya. Kaya sabi nya kung kelan may kakilala syang manager sa isang bank tska pa sya na declined....

Totoo po ba yung sinasabi daw ng mga agents na lalaki ang tax ng mga sasakyan?


Sent from my iPhone using Tapatalk

[dr. d]

i wonder, what information he gave the bank.

[dr. d]

some time back, i thought car loan guidelines were so relaxed, many buyers took advantage of them. soon, bank bodegas were full of remated cars.
perhaps loan guidelines have since been upgraded. yung puede noon ay hindi na makakalusot ngayon?

[reine2008]

Nung nag CI dw typical question lang yung tinanong. Nagtataka nga din po ako paano sya na declined hehheh nasaan ang hustisya. Biniro ko pa kasi hindi nya pinag meryenda.... dati kasi ako nung nag autoloan nag bigay ako pa kunswelo sa nag CI... ayun 3 banko ang nag approved.

Sayang ang baba pa naman ng rate na binigay sa kanya less than 25% for 5 yrs at 20% DP.

Sabi ko 1 bank lang naman ang nag decline sa kanya kaya try naman nya sa ibang bank.

Thanks mga ka tsikot sa info.


Sent from my iPhone using Tapatalk

[kamotekid1968]

so far, from what i gathered, these banks give the lowest interest rate as of 2017 - metrobank, bpi and BDO. care to share your thoughts on these banks? can the chattel mortgage be waived if possible and how? thanks!

[_Qwerty_]

you can ask the bank to include chattel and insurance in your loan, example, if your monthly is 10,000.00 they can add on insurance and chattel, your monthly becomes 10,500.00

so far, from what i gathered, these banks give the lowest interest rate as of 2017 - metrobank, bpi and BDO. care to share your thoughts on these banks? can the chattel mortgage be waived if possible and how? thanks!

[kamotekid1968]

thanks sir *_Qwerty_

this may be OT pero yung dating unit ko got declared as total loss. cut long story short, the insurance forwarded the check already to the bank and bank told us that it takes 15 working days to generate the cheque (manager's cheque) as the bank has to deduct the remaining bank loan balance and whatever is left will be refunded to us, which will be used as a DP for the new unit sana. BDO approved my new loan application so i asked for BDO to send me a quote for the unit that we want. i think the main question is, is it possible to have the chattel mortgage be waived since our previous car loan was with them naman otherwise i will shop for other banks or if there's a need to talk to their RM (relationship manager) kasi di naman natapos yung car loan ko sa kanila so kung kukuha kami, babayad na naman kami ng panibagong chattel fee

[kishAn]

Per experience pag new loan new chattel fee. Best thing is to wait for the bank promos like free chattel and insurance or avail the dealers in house financing with all in low down promo but higher interest rate


Sent from my iPhone using Tapatalk

[kamotekid1968]

thanks sir *kishAn, ayun lang - pass po muna sa mga all-in, all-in promo ng mga dealers. i tried sending a request to metrobank and bpi and will check/compare it with BDO's quote incase ma-approve man po ako sa kanila. if both banks decline my approval then i have no choice but to settle with BDO, again...

[kishAn]

Parang around 24% ang 5yrs nila eh. Ang worry ko lang is matagged ka as high risk ng mga insurance company. Itanong mo din if ever


Sent from my iPhone using Tapatalk

[kamotekid1968]

thanks sir *kishAn - really may ganong tagging pala sila? so pano yung mga pabalik-balik sa casa due to unfortunate accident? pano sila nakakarenew? bumababa ang premium nila? naku wag naman sana

[kishAn]

Yes may ganon, parang nadiscuss na din dito yan sa ibang thread. Hindi bababa ang premium tataas pa or parang hindi na pwede sa same insurance company.


Sent from my iPhone using Tapatalk

[kamotekid1968]

*kishAn - i see what you're saying sir...as of now waiting padin yung unit ko na mapick-up kasi hinihintay namin yung cheque galing sa BDO as it will take 15 working days though approved a uli ako sa BDO, i am looking at applying sa Metrobank and BPI. Metrobank rep sent an email to me yesterday telling me to submit some pre-approval requirements. andaming hinihingi and not sure if it is worth it kasi lasy loan ko sa BDO, i was expecting a higher rate monthly sa kanila kasi that time, yung nascout ko lowest banks to give interest were Metrobank and BPI then after getting a quote from BDO to find out that mas mababa sila sa dalawang banks na to.

[reine2008]

Im not sure kung mababa etong rate na binigay sa akin
Montero Sports 2017 Standard

1,555,000
- 140,000 discount

Monthly amort if 4 years is 24,960
And if 5 years it's gonna be 21,050

DP is 30%


Sent from my iPhone using Tapatalk

[kamotekid1968]

hope this helps:

SRP less the discount = 1,415,000

24,960 * 48 = 1,198,080
21,050 * 60 = 1,263,000

30% DP (discounted SRP) = 1,415,000 * 0.30 = 424,500
amount to be financed = 990,500

*48 months (4 years) = 20.9570% (interest)

(1,198,080 - 990,500) / 990,500 = 0.209570

*60 months (5 years) = 27.5114% (interest)

(1,263,000 - 990,500) / 990,500 = 0.275114

***credit to sir *kishAn for the computation...sa kanya ko lang din nakuha tong formula na to.

[kishAn]

Im not sure kung mababa etong rate na binigay sa akin
Montero Sports 2017 Standard

1,555,000
- 140,000 discount

Monthly amort if 4 years is 24,960
And if 5 years it's gonna be 21,050

DP is 30%


Sent from my iPhone using Tapatalk

Saang po inapply yung 140k discount? Sa down payment or unit price


Sent from my iPhone using Tapatalk