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  1. Join Date
    Mar 2008
    Posts
    38,540
    #21
    as mentioned earlier, if TS has difficulty coming up with the down payment, it may be an indication that TS won't be able to afford the monthlies and maintenance later..
    i have seen car owners whose desperation at acquiring a car, was overshadowed only by their desperation at getting rid of the same car, after only a few months..

    if TS is amenable, settle for a cheaper, pre-owned car. something you won't have to pay for every month for more than 6 months.
    marami diyang ok na used car. konting tiyaga at dasal lang.. used vios, sentra, even corolla..

    and oh! the oxymoron: when in a rush to buy a car, any car, don't rush. the next car might just turn out to be the better buy.

    is it possible that TS has an upcoming activity that needs a car? if so, my suggestion is, rent one. after the activity, just return the car and he'll have no problems at maintaining it.
    Last edited by dr. d; October 25th, 2014 at 01:42 PM.

  2. Join Date
    Nov 2014
    Posts
    34
    #22
    Hi,

    Like the thread starter, I'm in a similar situation. I just want to know your take on the offer from Mitsubishi, which I'm assuming is an in-house financing set up.

    2014 Lancer EX GT-A
    DP - 19K
    Monthly - 24,246 (60 months)
    SRP - 1.195M

    On a strictly and straightforward "cash interest" this will come out to about 24%.

    This will "possibly" be my first car. The monthly expenses I can deal with also can afford a monthly amortization in the range of 20-25K, except that I don't have the money for a large DP, for now.

    Appreciate your comments/feedback.

  3. Join Date
    Jul 2009
    Posts
    3,603
    #23
    Quote Originally Posted by 1-PZIN01 View Post
    Hi,

    Like the thread starter, I'm in a similar situation. I just want to know your take on the offer from Mitsubishi, which I'm assuming is an in-house financing set up.

    2014 Lancer EX GT-A
    DP - 19K
    Monthly - 24,246 (60 months)
    SRP - 1.195M

    This will "possibly" be my first car. The monthly expenses I can deal with, except that I don't have the money for a large DP, for now.

    Appreciate your comments/feedback.
    If you don't have the money for either DP or monthly amortization? Save up first and go for a cheaper car.

    Vios perhaps?

    Also, inhouse financing is gonna be expensive. Go bank PO. BDO, BPI, PSbank (as far as I remember) offer good competitive rates on cars, unless your main bank is elsewhere (go check w/ them).
    Last edited by mda; November 27th, 2014 at 06:02 PM.

  4. Join Date
    Nov 2009
    Posts
    11,788
    #24
    Quote Originally Posted by 1-PZIN01 View Post
    Hi,

    Like the thread starter, I'm in a similar situation. I just want to know your take on the offer from Mitsubishi, which I'm assuming is an in-house financing set up.

    2014 Lancer EX GT-A
    DP - 19K
    Monthly - 24,246 (60 months)
    SRP - 1.195M

    On a strictly and straightforward "cash interest" this will come out to about 24%.

    This will "possibly" be my first car. The monthly expenses I can deal with also can afford a monthly amortization in the range of 20-25K, except that I don't have the money for a large DP, for now.

    Appreciate your comments/feedback.
    My take. You can afford a 20-25k MA, why don't you hold first your purchase for a few months then save it for a bigger DP.

    Lower na MA mo, mas mura pa loan mo after completing it compared kung mag low downpayment option ka.

    Still its your money. Your rules.

    HTH


    Sent from my iPhone using Tapatalk

  5. Join Date
    Nov 2014
    Posts
    34
    #25
    Quote Originally Posted by mda View Post
    If you don't have the money for either DP or monthly amortization? Save up first and go for a cheaper car.

    Vios perhaps?

    Also, inhouse financing is gonna be expensive. Go bank PO. BDO, BPI, PSbank (as far as I remember) offer good competitive rates on cars, unless your main bank is elsewhere (go check w/ them).
    Thank you Sir mda, very insightful PM with the monthly expenses estimate. Really appreciate it.

    Quote Originally Posted by cast_no_shadow View Post
    My take. You can afford a 20-25k MA, why don't you hold first your purchase for a few months then save it for a bigger DP.

    Lower na MA mo, mas mura pa loan mo after completing it compared kung mag low downpayment option ka.

    Still its your money. Your rules.

    HTH


    Sent from my iPhone using Tapatalk
    The logical side of me of course is saying that this is the correct thing to do. To wait and save.

    The other part is telling me, I'm too old not to have my own car.

    Anyway I really just wanted your take on the deal. And I'm nowhere near accepting that, because I don't even have my license renewed, which has been expired since 2010.

  6. Join Date
    Oct 2012
    Posts
    142
    #26
    Here's my take on buying a brand new car thru financing…

    You should be aware of your true financial standing when it comes to buying a brand new car. Five years ago I wanted to convince my self that I deserved a brand new car but back then a 30% DP was already putting a strain on my finances so I settled for a good second hand vehicle. The car had 70k mileage but it was well maintained so I got it and used it till this year when a friend bought it from me. The term "need" is a driving factor why people take the plunge but the truth is their "wants" convinces them that only a brand new car will solve their mobility issue. True, that maintenance issues are a big factor but if they are not as bad as making amortization payments then save first for a well deserved brand new car with the confidence that you can handle any form of financing arrangements. A friend once told me, "People are never in doubt with their purchases whether it is an insanely priced car or jewelry if they know they can afford them. The doubtful ones are usually those whose "wants" outweigh their "needs" but are oblivious of their true finances hence, "repossession". Five years later, with a good credit standing and healthy finances I finally bought myself not one but two new cars. Who says we are too old to own brand new cars? I'm turning 50 next year and I am still enjoying my life with very little stress because I am very practical and true to myself. No offense meant to anyone, Just sharing what I believe saved me from a lot of financical woes if I had taken the plunge five years ago.

  7. Join Date
    Nov 2014
    Posts
    34
    #27
    Quote Originally Posted by willyfernando View Post
    Here's my take on buying a brand new car thru financing…

    You should be aware of your true financial standing when it comes to buying a brand new car. Five years ago I wanted to convince my self that I deserved a brand new car but back then a 30% DP was already putting a strain on my finances so I settled for a good second hand vehicle. The car had 70k mileage but it was well maintained so I got it and used it till this year when a friend bought it from me. The term "need" is a driving factor why people take the plunge but the truth is their "wants" convinces them that only a brand new car will solve their mobility issue. True, that maintenance issues are a big factor but if they are not as bad as making amortization payments then save first for a well deserved brand new car with the confidence that you can handle any form of financing arrangements. A friend once told me, "People are never in doubt with their purchases whether it is an insanely priced car or jewelry if they know they can afford them. The doubtful ones are usually those whose "wants" outweigh their "needs" but are oblivious of their true finances hence, "repossession". Five years later, with a good credit standing and healthy finances I finally bought myself not one but two new cars. Who says we are too old to own brand new cars? I'm turning 50 next year and I am still enjoying my life with very little stress because I am very practical and true to myself. No offense meant to anyone, Just sharing what I believe saved me from a lot of financical woes if I had taken the plunge five years ago.
    Great discussion Sir.

    To be honest I haven't really considered buying a second hand car mainly because of lack of knowledge. I'm hesitant because I don't know what I need to look for.

    But after reading your post, I immediately checked. Like most guys in the my age group (21-30) I grew up always admiring the Honda Civic. I immediately checked for a 2012 model of it.

    Any tips on what I need to look for? Also I'm assuming that a second hand car can also be purchased through bank financing?

    Thanks again.

  8. Join Date
    Jun 2012
    Posts
    1,490
    #28
    ^ No more than 5 year old well maintained car is good enough. You don't have to me a car expert to evaluate it. Just common sense.

  9. Join Date
    Oct 2012
    Posts
    142
    #29
    Quote Originally Posted by 1-PZIN01 View Post
    Great discussion Sir.

    To be honest I haven't really considered buying a second hand car mainly because of lack of knowledge. I'm hesitant because I don't know what I need to look for.

    But after reading your post, I immediately checked. Like most guys in the my age group (21-30) I grew up always admiring the Honda Civic. I immediately checked for a 2012 model of it.

    Any tips on what I need to look for? Also I'm assuming that a second hand car can also be purchased through bank financing?

    Thanks again.
    With the frequency of newer models coming in there seem to be a lot of choices now at reasonable prices. I recently got a 2013 Hyundai Sonata premium valued originally at 1.6M for only 970k. It only had about 1,400+ kms in the Odometer and was actually repossessed by the bank. I went to several Bank car depots and patiently searched for a car that could fit my budget. Lo and behold there was a unit that was fresh and so I negotiated a loan with the bank that owns the car depot. I opted to give a much higher DP so I could get a better rate and easier approval. Banks will accept second hand cars for loan processing as long as it is not more than 3 years of age or at least that's what I know but there are other financing companies that are flexible but their rates are much higher. If you are as patient as I am I normally look at car depot offers thru website ads and of course bank repossessed listings. Mind you there are a lot of repo's this past year and they are really Fresh and with low mileage on them. If you think of it, I saved almost 40% on my purchase and I was able to regain the vehicle warranty from CASA because it was still below their 5 year coverage. How's that for a second hand car? :2thumbsup:

    PS…you still need to get car insurance as soon as the bank approves your loan. Negotiate with the bank to include it in your loan package so you could get a 12 month installment interest free. This way your bank stands as your insurance broker so they can support you in future claims. Good Luck!

  10. Join Date
    Jul 2008
    Posts
    80
    #30
    What will happen, if say, you stop pertinent on your loan? I got that it will get repossessed. What else will happen, After they get car?

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Need advice, 1st time car and it will be financed.