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

[xninjax]

^ it will probably have a negative effect on your credit standing which will impact your ability to get a loan in the future

[shemcristobal]

Right now, im in similar scenario. Approved na ung loan ko sa 2 banks, bakit naging 2, kala ko kasi denied ako dun sa una kasi 2 days processing daw, inabot ng 2 weeks. Yung 2nd bank ko same day na approved. In the end 2 yung approved ko. Problem ko, yubg 1 bank nagissue agad ng PO, me impact ba yun sa decision making ko? Tali na ba ako nun? What if mas ok pala ang offer ng 2nd bank diko pa kasi nakikita yung details ng 2nd bank.

Bank loans po to hindi inhouse btw.

I'd like to hear an update on this case.

Ang iniisip ko hindi ka tali until pirmahan mo ung docs.

[Synth007]

Yup pero diba bank would not issue PO until you completed all the documents needed for the loan. In that scenario, all documents have been signed already thats why bank was able to release the PO immediately.

[playplugg]

Yup pero diba bank would not issue PO until you completed all the documents needed for the loan. In that scenario, all documents have been signed already thats why bank was able to release the PO immediately.

Sir Synth007,

As long as po na hindi kumpleto ang documents, hindi po talaga agad issue ng PO (depende sa CI, records ng bank/loan history),In-case scenario naman na good payer sa bank at malinis yung bank/loan record/statement/history +yung CI ay positive, (even yung mga cancelled na credit card at merong clearance) and all documents submitted right away, oras lang po, approve po agad ang loan and the PO will give immediately, and pwede na agad mag DP (Depende kung anong approve sa DP percentage [as long as na merong pondo sa account hehehe ])

[ned27]

Sir Synth007,

As long as po na hindi kumpleto ang documents, hindi po talaga agad issue ng PO (depende sa CI, records ng bank/loan history),In-case scenario naman na good payer sa bank at malinis yung bank/loan record/statement/history +yung CI ay positive, (even yung mga cancelled na credit card at merong clearance) and all documents submitted right away, oras lang po, approve po agad ang loan and the PO will give immediately, and pwede na agad mag DP (Depende kung anong approve sa DP percentage [as long as na merong pondo sa account hehehe ])

i think if na-complete mo ung docs and nabigay mo na ung downpayment, saka palang nila gawan ng PO. baka naman sinabi lang nung unang bank ng may PO na pra hindi ka na lumipat sa iba.. heheh tactics!

[Gradius]

Pasensya na po. May question din po ako hindi pa po kasi ako makapagstart ng thread. Bali may problema po ako sa credicard 10 years ago nung nagkasakit anak ko nagamit ko sa hospital in short deliquent po ako. Maapprove po ba ako sa Bank? Pero I'm good payer po in other bills like sa mga internet connection or phones under my name and etc. Hindi ko lang po talaga kinaya yung interest sa CC before. Wala na po ba akong pagasa sa financing. SO in-house financing pwede po ba? Kaso diba mas maganda po sa bangko? Currently working ako abroad and monthly ako nagreremit ng pera around 50k sa bank ko. Balak ko sana dun magconsulta for bank loan pero natatakot po ako na mareject . Pano po kaya gagawin ko? (pauwi napo ako ng feb because my contract just finished)

[H1Tman]

^Chances are you'll get denied because of bad credit record.

[dp20]

Hi guys! Been reading here and from other posts and it's been very helpful. I am, or hopefully very soon, a first time car buyer and I've been weighing my options. Initially I wanted a brand new car for my first purchase (my thinking was, since it'll be my first purhcase, why should I settle for used vehicles). But after reading Mr. willyfernando's post, he made a lot of great points and made me change my initial thinking (thank you sir).

My question is, if I go visit used car warehouses (bank repossessed), will they be open to financing, and give me good (but definitely not as good as brand new) rates? And what about car lots (buendia car exchange and the sort)? Do they have their own financing schemes?

Your opinion would be of great help!

[Gecko Guy]

Hi guys! Been reading here and from other posts and it's been very helpful. I am, or hopefully very soon, a first time car buyer and I've been weighing my options. Initially I wanted a brand new car for my first purchase (my thinking was, since it'll be my first purhcase, why should I settle for used vehicles). But after reading Mr. willyfernando's post, he made a lot of great points and made me change my initial thinking (thank you sir).

My question is, if I go visit used car warehouses (bank repossessed), will they be open to financing, and give me good (but definitely not as good as brand new) rates? And what about car lots (buendia car exchange and the sort)? Do they have their own financing schemes?

Your opinion would be of great help!

*dp20: If you're getting a 2nd hand car, don't finance it as much as possible because you will spend more..pay it in cash.
If you're getting bnew, then make at least 20%dp (avoid the low dp schemes) and mortgage it for 3 years at least so you won't have a big interest but if you cannot then swallow the pill and get the longest term you can get.
HTH.

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Hi guys! Been reading here and from other posts and it's been very helpful. I am, or hopefully very soon, a first time car buyer and I've been weighing my options. Initially I wanted a brand new car for my first purchase (my thinking was, since it'll be my first purhcase, why should I settle for used vehicles). But after reading Mr. willyfernando's post, he made a lot of great points and made me change my initial thinking (thank you sir).

My question is, if I go visit used car warehouses (bank repossessed), will they be open to financing, and give me good (but definitely not as good as brand new) rates? And what about car lots (buendia car exchange and the sort)? Do they have their own financing schemes?

Your opinion would be of great help!

*dp20: If you're getting a 2nd hand car, don't finance it as much as possible because you will spend more..pay it in cash.
If you're getting bnew, then make at least 20%dp (avoid the low dp schemes) and mortgage it for 3 years at least so you won't have a big interest but if you cannot then swallow the pill and get the longest term you can get.

As for your question: Yes the banks are offering financing schemes for repossessed cars but interest and insurance is higher. The car exchange you mentioned give financing schemes also but again HIGHER interest rates pa din than banks....HTH

[dp20]

Thanks for the tip sir Gecko Guy! Guess I'll just wait a couple more months and save as much as I can before purchasing! And if ever I do get a brand new unit, I'll go directly to banks instead of In House financing. Thanks again!