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  1. Join Date
    Mar 2007
    Posts
    820
    #41
    *dp: Ipon ipon lang muna huwag magmadali......kung di na makahintay then pede ka smumubok kumuha ng 2nd hand car na praktisan kung paano mag-maintain...again get it in cash. Happy Hunting!

  2. Join Date
    Apr 2015
    Posts
    4
    #42
    Hello, I'll be buying a car soon. If bank fiancing siya (not in-house financing), sino ang magaasikaso ng mga LTO registration papers? Dealership din ba ang magpprocess nun on behalf of the buyer?

  3. Join Date
    Mar 2015
    Posts
    991
    #43
    Quote Originally Posted by optcode View Post
    Hello, I'll be buying a car soon. If bank fiancing siya (not in-house financing), sino ang magaasikaso ng mga LTO registration papers? Dealership din ba ang magpprocess nun on behalf of the buyer?
    Usually po yun registration is free na po. Casa na po mag process nun pati plaka po

  4. Join Date
    Mar 2008
    Posts
    38,540
    #44
    - - - - - - - - - - - - - - - - - - - - - -

    Quote Originally Posted by optcode View Post
    Hello, I'll be buying a car soon. If bank fiancing siya (not in-house financing), sino ang magaasikaso ng mga LTO registration papers? Dealership din ba ang magpprocess nun on behalf of the buyer?
    depende.
    some casas add the lto and insurance to the price, and make it appear that they are paying them for you, free.
    other casas will charge additional for the lto and insurance..
    you will have to ask and make sure which is which.

  5. Join Date
    Apr 2015
    Posts
    33
    #45
    My car loan is bank approved (direct) already. What to do next when talking to dealers? What to consider? Is it ok if my bank officer will do the negotiating with dealers and what is dealers incentive? Newbie po. Thanks.

  6. Join Date
    Sep 2014
    Posts
    1,530
    #46
    Quote Originally Posted by Putengs View Post
    My car loan is bank approved (direct) already. What to do next when talking to dealers? What to consider? Is it ok if my bank officer will do the negotiating with dealers and what is dealers incentive? Newbie po. Thanks.
    Dealer incentive is yung 1% ng niloan mo, ay mapunta sa dealer mo.

    Parang commission nila. You could na ibigay sayo yung full 1% na yun.

    Ask for lotsa free stuff. Pag labanin mo yung mga s.a./dealers na kausap mo.

    Ask for free chattel mortgage din from the bank.

    Free tpl from the dealer.

  7. Join Date
    Jan 2015
    Posts
    4,581
    #47
    Quote Originally Posted by willyfernando View Post
    If the bank approves your loan scout for the best dealer offer and work out the details of your choice like color, trims, discounts, etc. Soon as you have iron out the selection and ordering process, have your loan account officer talk with the dealer/seller of your final agreement and they shall finalize everything. From hereon you shall be given instructions by the bank to give them your agreed deposit amount, sign the appropriate loan agreement and issue the appropriate Post dated checks for your term payment. If the dealership is far from your bank branch just simply request the bank to assist you by assigning another branch nearest to the dealership and arrange for said DP and loan signing, etc. Proceed back to the dealership and present your accomplished bank requirements and work out the release of your unit.
    Some tips on buying:
    1. Do not be blinded by discounts and freebies. Most of the items they claim free are really standard items in a car purchase.
    2. Find out w/c dealership is the best in terms of service record and customer satisfaction (TLC) before you give your business to anyone else. Work out the servicing agreement (PMS) schedule and find out the potential cost of your car's maintenance.
    3. Your bank requires for you to have an insurance so it is better to have this packaged with your loan to get better rates and term payments as well as the backing of your bank's insurance brokerage in the event of a claim.
    4. If you can manage to squeeze your loan payments from 24-36 months that would be the most practical borrowing term.
    5. Do not be disappointed by problems like no stock of your choice of color or trim. Ask the dealer if they can get you your order from another dealership rather than switch to a different car brand.
    6. Do not settle for a single dealership choice when working out your purchase. At least try to talk with 2 or 3 dealerships and assert your discount and freebies based on the competing offer of each dealership. This will improve your package offer.
    7. Walk into the dealership with confidence and get the best offer you can. This is your first car so enjoy the moment and do not be pressured by the SA into carelessly buying something you may regret afterwards. Get the car that you really want.
    very sound advice

  8. Join Date
    Apr 2015
    Posts
    33
    #48
    Quote Originally Posted by b_9904 View Post
    Dealer incentive is yung 1% ng niloan mo, ay mapunta sa dealer mo.

    Parang commission nila. You could na ibigay sayo yung full 1% na yun.

    Ask for lotsa free stuff. Pag labanin mo yung mga s.a./dealers na kausap mo.

    Ask for free chattel mortgage din from the bank.

    Free tpl from the dealer.
    Thanks for the advice.

  9. Join Date
    Oct 2009
    Posts
    102
    #49
    Here are my tips. Never ever fall under the "lowest DP" trap. Do not get in house financing even if they offer you big discounts. If it's less than 100k DP (particularly the 20k DP promos), just walk away. I have this colleague who bought a 800+ K car and ended up paying around 1.4M in amortization. I think the DP is around 20+ K. Compute the overall cost of buying a car.

    Do not get a 60+ months amortization. Limit it to at most 4 years.

    Make sure that your payment just accounts for 25% of your take home pay. I have friends who sacrificed a lot of their salary just to get a brand new car and they regretted getting a car. In the end, they felt the new car was just a burden. If paying insurance is a burden on top of the monthly amortization, think again. Make sure that your car does not affect you living conditions too much.

    If you can't afford a brand new car, a second hand car will do. Account for the fact that you might need to spen money for maintenance.

    If you can afford, get a good rate from the bank. Use your personal connection. Your father might know someone from the bank that can give you good rates. Never under estimate the power of connections.

    Go for the highest DP that you can. Deal with more than one dealer and get the best deal. They are quite accustomed to this practice and frankly, they know more money making tactics than you do and chances are, they are trying to milk as much money from you as they can. Though, respect the ethics behind the deals. Just be frank about the fact that you are talking with other dealers.

    Never ever get into trouble of having your car reposessed. Make sure you have enough money for rainy days. You never know when an accident or huge hospital bill might come.

  10. Join Date
    Jan 2015
    Posts
    4,581
    #50
    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.
    +1 another great advice. actually, all the posts in this thread are very helpful. may your tribe flourish.

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