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  1. Join Date
    Aug 2012
    Posts
    967
    #1
    How does it work?

    I mean, direct seller of, let's say a 2012 Kia Picanto, how would you buy this car thru Financing? Go to a small bank?

    Anyone experienced this before?

  2. Join Date
    Apr 2013
    Posts
    280
    #2
    Quote Originally Posted by slapz View Post
    How does it work?

    I mean, direct seller of, let's say a 2012 Kia Picanto, how would you buy this car thru Financing? Go to a small bank?

    Anyone experienced this before?
    I inquired about this at BPI before I decided to just buy brand new. What I found out about their 2nd hand car financing:

    1. Car should be at the most 5 years old.
    2. Prospect car should be first brought to the bank for their appraisal.
    3. They will only finance up to 70% of their appraised amount.
    4. Interest rate for 2nd hand financing is higher than interest rate for brand new cars.
    5. If car is 5 years old already, the applicable term is only 2 years.

    HTH

  3. Join Date
    Aug 2012
    Posts
    967
    #3
    Yeah, BPI is strict about it. But most of the time, small banks are willing to provide financing even to the older models.

  4. Join Date
    Jul 2012
    Posts
    1,362
    #4
    Quote Originally Posted by slapz View Post
    Yeah, BPI is strict about it. But most of the time, small banks are willing to provide financing even to the older models.
    Yup, but sometimes they offer interest rates on-par or higher with those of big name banks, for the sole reason that they know big name banks won't let you finance older models and they are the only option you got. And also, financing 2nd hand cars from independent parties/institutions are a big NO NO because they give monster interest rates. AFAIK, sa banks ka lang makakakuha ng lowest rates.

  5. Join Date
    Aug 2013
    Posts
    363
    #5
    For Car and House Insurance, the best deals are with MAPFRE Insular Insurance Corporation. Get comprehensive protection for the assets you worked hard for. Recover from the unexpected, and prepare for the future. PM me for any inquiries or assistance. Cheers!

  6. Join Date
    Aug 2006
    Posts
    614
    #6
    Quote Originally Posted by nhiecah_nice29 View Post
    For Car and House Insurance, the best deals are with MAPFRE Insular Insurance Corporation. Get comprehensive protection for the assets you worked hard for. Recover from the unexpected, and prepare for the future. PM me for any inquiries or assistance. Cheers!
    Please don't spam the threads.

  7. Join Date
    Jun 2009
    Posts
    1,463
    #7
    Quote Originally Posted by archielew View Post
    I inquired about this at BPI before I decided to just buy brand new. What I found out about their 2nd hand car financing:

    1. Car should be at the most 5 years old.
    2. Prospect car should be first brought to the bank for their appraisal.
    3. They will only finance up to 70% of their appraised amount.
    4. Interest rate for 2nd hand financing is higher than interest rate for brand new cars.
    5. If car is 5 years old already, the applicable term is only 2 years.

    HTH

    what's the usual rate (%)? I've seen one ad sa sulit and it's almost 44% for the duration of the term. How about direct quotation from the bank? anyone?

    For BDO, I think the vehicle should not be more than 6 yrs old until the end of the loan, based on their website.
    Min DP of 30% and minimum loan amount of 100K
    - - - -
    but with the recent flooding, I have to defer scouting 2nd hand vehicle again..
    Last edited by KERSMcRae; August 21st, 2013 at 05:41 PM. Reason: add more info

  8. Join Date
    Aug 2006
    Posts
    614
    #8
    IMO, now is the best time to scout for 2nd hand cars because the flooded ones will be obvious to your inspection. As opposed to waiting a few months where the signs of water damage have already been repaired or hidden.

    Sent from my Nexus 4

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Second Hand Car Financing