lowest auto loan rate

**ThisSideUp** · March 14th, 2015 07:32 PM

I've just been to MOA to inquire at BDO's Deals on Wheels exhibit. The bank rep said the promo rate for 40% DP * 60 mos term for MUX is 24.95% (OMA). I haggled if she can top BPI's 23.36%, pwede naman daw i-match but I need to apply and she will seek approval daw.

I guess she can't make the call, she's limited to the published rate sa flyers nila.

**pilyangswitipie** · March 16th, 2015 02:26 PM

Additional info about security bank. Like bpi the insurance will be automatically renewed when it expired. They confirmed to me that insurance are MAA and Mapfre.

**JohnM** · March 16th, 2015 02:34 PM

Originally Posted by pilyangswitipie

Additional info about security bank. Like bpi the insurance will be automatically renewed when it expired. They confirmed to me that insurance are MAA and Mapfre.

You need at least a 3-year term to qualify and lock-in is coterminus with the loan. If you opt out on a renewal you will have to pay for the first year that was given for free. Try to compare their in-house Mapfre and from Mapfre itself kung alin ang mas mababa.

**ThisSideUp** · March 16th, 2015 09:37 PM

Pilyangswipe is right. I went to a local branch of Security Bank and they also quoted an add-on rate of 24.86% (btw its the same rate BDO gave me during my visit to the Deals on Wheels exhibit at the MOA last weekend. When I inquired about the 2nd year insurance (free insurance on the 1st year), she texted me lang kanina 5:00 pm na 36K daw.

My BPI agent also gave me a call earlier to confirm they are ready to process my loans, still at 23.36%, but has not yet responded exactly how much insurance would cost after a year.

Meanwhile the backlog for MUX remains in my corner of the world.

**gccbusinessfina** · March 18th, 2015 08:08 PM

In these days, Getting a right auto loan at better interest rate is not an easy task. The information which you shared in this thread about low cost auto loans was interesting and helpful for many of us.

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**cirrus** · March 18th, 2015 09:07 PM

Originally Posted by pilyangswitipie

Additional info about security bank. Like bpi the insurance will be automatically renewed when it expired. They confirmed to me that insurance are MAA and Mapfre.

May bank is security bank and they allowed me to choose where i would like to get my insurance. Negotiate mo na lang. Papayag naman ang account officer.

**pilyangswitipie** · March 19th, 2015 04:02 AM

^^ thanks sir. I think I prefer Mafre since they have good feedbacks so far. I try to haggle if they can give me that 23.36% or a little closer to that. I'll keep you guys informed. [emoji4]

**ThisSideUp** · March 19th, 2015 03:51 PM

Security Bank called me today. They offered to match BPI's 23.36%, but I'm still awaiting if they can waive the chattel fees, subject to approval pa raw.

Metrobank called me earlier and offered me free 1st year insurance and free chattel fees, but monthly amortization costs a few hundred pesos more.

I think I am close to clinching a good offer. Patience is virtue.

- - - - - - - - - - - - - - - - - - - - - -

Security Bank called me today. They offered to match BPI's 23.36%, but I'm still awaiting if they can waive the chattel fees, subject to approval pa raw.

Metrobank called me earlier and offered me free 1st year insurance and free chattel fees, but monthly amortization costs a few hundred pesos more.

I think I am close to clinching a good offer. Patience is virtue.

**pilyangswitipie** · March 19th, 2015 05:53 PM

Security Bank already replied to my email. They could match the 23.36% but would not give me the free insurance. And lowest rate they can offer is 24.62% for gold/platinum members.

I guess, Im going to pursue my loan with bpi. They gave me 24.33% for 5-year and 13.24% for 3-year term w/ free insurance. Good deal na rin naman.Medyo nagmamadali na rin ako kasi need ko na rin yung car for holyweek. Goodluck po sa inyo. I hope nakatulong ako