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Tsikot Member
- Join Date
- Oct 2010
- Posts
- 2
June 20th, 2012 04:44 PM #1Hi Tsikoteers,
I have a car loan and is currently on my 24th Month, My Loan will Mature in 36th Month
Since I have some money to Pay off the Remaining 12 Months (maybe not including the Interest Charges for those 12 Months)
Like Citibank Call4Cash, I loan 120K and the term of 12 Months. 3 Months have passed and I already paid 30K + the Monthly add on rate of 0.79% (10,079.00 times 3 Months). Then I cancel the loan on the 4th Months and Pay 90K + 4% of the remaining balance (90K + 3.6K)
I Know this will make me pay more but for car loan it will be different
Question is:
- this can be also applied to a Car Loan?
- How does a Bank Compute for the Amount I need to Pay for the loan to be Cancelled?
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Tsikot Member
- Join Date
- Oct 2010
- Posts
- 2
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Tsikoteer
- Join Date
- Jul 2011
- Posts
- 584
June 21st, 2012 09:31 AM #4add-on rate computation is quite different how interests plays in the payment as explained to me.
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June 26th, 2012 12:02 AM #5
sa online banking kasi ng bpi mo, makikita mo balance ng loan mo at any given time/month kasama yung pay off balance.. iba yung outstanding balance sa payoff balance.. mas mataas yung outstanding sa pay off.. tinawag ko na yun sa bpi dati, ang sagot sakin, pag daw nagdecide ako bayaran outright at any given time, yung amount dun sa pay off balance ang babayaran ko. bale parang real time ang computation niya ng interest. pag nagbayad ka ngayon, yung interest lang up to this month ang papasok. galing nga e..
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Verified Tsikot Member
- Join Date
- Dec 2014
- Posts
- 99
October 21st, 2018 05:19 PM #6Question mga sir. Hingi sana ko ng advise on how to pay off auto loan (BPI). Punta lang ba ko sa bank na pinag-applyan (sa head office sa Makati) then I can just pay it off there? Makuha rin ba agad ung documents same day (original CR, etc. or ano pa ho bang documents). Salamat po
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Tsikoteer
- Join Date
- Mar 2008
- Posts
- 52,731
October 21st, 2018 06:25 PM #7
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Tsikot Member Rank 2
- Join Date
- Jun 2005
- Posts
- 3,774
October 21st, 2018 10:28 PM #8Di kakayanin ng isang araw yan. Abutin ka din ng ilang linggo. Compute muna magkano remaining principal amount + preterminatio fee tapos hingi pa approval sa mga bossing to preterminate the loan. Kapag approved na, dun mo pa lang babayaran in full then wait for a few more days for the deed of sale and other paperworks plus the cancellation of chattel mortgage document.
Sent from my MI MAX 2 using Tapatalk
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October 22nd, 2018 01:57 AM #9
Kausapin ang manager mismo kung saang branch assigned, para ma-endorsed dun sa bank-officer para ma-compute lahat ng mga remaining balance ng loan & interest rate..
Once nakuha ang clearance na mag-full payment na, hingi ng certification na bayad na yung loan..
Medyo matagal yan.. 3weeks yan..
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Verified Tsikot Member
- Join Date
- Dec 2014
- Posts
- 99
October 22nd, 2018 06:48 AM #10Thank you sirs. I will be paying off the loan (12 mos. remaining) as I intended to sell the car
Nung pinost ko may buyer na agad.. So i can't proceed with selling pa pala agad. It will take 3 weeks pa, sana andun pa si buyer. asikasuhin ko na
Salamat mga sir
Somewhat expected from a rushed car from a first time carmaker
Xiaomi E-Car