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  1. Join Date
    Apr 2020
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    33
    #111
    Quote Originally Posted by shadow View Post
    Hinde rin. Hinde masama umutsng sa banko, as long as kaya mong magbayad kahit kaya mo i-cash kung yun interest eh mababawi naman ng income mo. It's actually to your advantage.

    Loan is a financial tool as long as you're responsible and knows how to manage if.


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    I don't get this advise. Ang turo kasi sa akin kung kaya mong i-cash e mas ok kaysa iutang mo because of the interest? Please clarify. Thank you.

  2. Join Date
    Jan 2016
    Posts
    6,614
    #112
    It's a businessman's perspective, if he can make more money than the interest of the cash to be paid upfront, then it makes sense. Pero kung swelduhan naman, depende sa priorities mo, then interest is viewed as a way to achieve your goals.

  3. Join Date
    Feb 2018
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    1,334
    #113
    Quote Originally Posted by Dockie20 View Post
    I don't get this advise. Ang turo kasi sa akin kung kaya mong i-cash e mas ok kaysa iutang mo because of the interest? Please clarify. Thank you.
    opportunity cost kasi. kung may capable investment vehicle ka (e.g. stocks, business, etc.), matatalo mo yung interest ng loan. Pag cash, pagbitaw mo wala na agad.

  4. Join Date
    Mar 2008
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    52,514
    #114
    Quote Originally Posted by Dockie20 View Post
    I don't get this advise. Ang turo kasi sa akin kung kaya mong i-cash e mas ok kaysa iutang mo because of the interest? Please clarify. Thank you.
    it's for people who know how to make their money work for them.

    you can plunk down one million pesos to buy a car.
    or you can make a 200K down payment, and invest the remaining 800K such that it will earn you more money than the interest of your car loan, or even cover the monthly payments.

  5. Join Date
    Apr 2020
    Posts
    33
    #115
    Quote Originally Posted by dr. d View Post
    it's for people who know how to make their money work for them.

    you can plunk down one million pesos to buy a car.
    or you can make a 200K down payment, and invest the remaining 800K such that it will earn you more money than the interest of your car loan, or even cover the monthly payments.
    I see. Thanks Hmmm... makes sense.

  6. Join Date
    Aug 2020
    Posts
    29
    #116
    Hello po!

    May query ako regarding car loans, and related din dun sa napost ko sa other thread about my flooded car.

    Here's the situation:
    My car got flooded and 2 weeks na sa casa pero walang clear na timeline pa rin kung kelan matatapos lahat. As of now ipapasa daw sa insurance, since papalitan daw yung electronic modules and harness. I'm assuming this will take months or worse, more than a year (wag naman sana Will I get approved on a car loan?).

    Currently, I am not convinced na reliable pa yung car, since nakita ko firsthand yung nangyari when it was submerged sa tubig. Ok yung makina, pero baka may unseen damages sa loob ng car pati yung ilalim. Problema na naman, if ever. Plano ko ivoluntary surrender nalang yung car sa bank kahit nasa casa pa (6 months pa yung car, no delays sa payment).

    Since need ko talaga ng car, naisipan kong mag car loan ulit, which nag agree naman yung agent ko na possible daw. Ok lang kaya yung plano ko? Magpapaapprove sana ako from another bank first, tapos if ok na, voluntary surrender ko na yung isa. Wala kaya akong probleme dito in the future? I know na papangit credit history ko, pero I have no plans sa any other loan in the future aside from car loan.

    Thank you!


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  7. Join Date
    Oct 2012
    Posts
    4,851
    #117
    Quote Originally Posted by Biermeister View Post
    Hello po!

    May query ako regarding car loans, and related din dun sa napost ko sa other thread about my flooded car.

    Here's the situation:
    My car got flooded and 2 weeks na sa casa pero walang clear na timeline pa rin kung kelan matatapos lahat. As of now ipapasa daw sa insurance, since papalitan daw yung electronic modules and harness. I'm assuming this will take months or worse, more than a year (wag naman sana Will I get approved on a car loan?).

    Currently, I am not convinced na reliable pa yung car, since nakita ko firsthand yung nangyari when it was submerged sa tubig. Ok yung makina, pero baka may unseen damages sa loob ng car pati yung ilalim. Problema na naman, if ever. Plano ko ivoluntary surrender nalang yung car sa bank kahit nasa casa pa (6 months pa yung car, no delays sa payment).

    Since need ko talaga ng car, naisipan kong mag car loan ulit, which nag agree naman yung agent ko na possible daw. Ok lang kaya yung plano ko? Magpapaapprove sana ako from another bank first, tapos if ok na, voluntary surrender ko na yung isa. Wala kaya akong probleme dito in the future? I know na papangit credit history ko, pero I have no plans sa any other loan in the future aside from car loan.

    Thank you!


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    IMO, i don’t see this as a problem if everyone will agree and approve... why not go for the same bank for your new car loan since may record kana sa kanila?


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  8. Join Date
    Jan 2007
    Posts
    2,199
    #118
    I'm interpreting "voluntary surrender" to mean that he's effectively defaulting on the loan and turning in the car as collateral. IMO agreement or not that's still going to be a default, which will likely disqualify him from taking another loan with the same bank. If he does get another loan before doing so, the bank *might* use arrears from his previous car (let's say they are only able to sell it for significantly less than the remaining loan balance because it was flooded) and hassle him when it comes time to cancel chattel mortgage and remove encumbrances on his new car.

    With that in mind best to get the new loan from another bank, but do so *before* defaulting on the current car loan, otherwise he'll already have a record on credit tracking stuff (CMAP etc).

    The way to do this clean is to sell the flooded car privately and pay off the remaining loan balance. Anything else (including voluntary surrender) is effectively a default.
    Last edited by Dr.Kamiya; September 6th, 2020 at 04:42 PM.

  9. Join Date
    Mar 2008
    Posts
    52,514
    #119
    Quote Originally Posted by Biermeister View Post
    Hello po!

    May query ako regarding car loans, and related din dun sa napost ko sa other thread about my flooded car.

    Here's the situation:
    My car got flooded and 2 weeks na sa casa pero walang clear na timeline pa rin kung kelan matatapos lahat. As of now ipapasa daw sa insurance, since papalitan daw yung electronic modules and harness. I'm assuming this will take months or worse, more than a year (wag naman sana Will I get approved on a car loan?).

    Currently, I am not convinced na reliable pa yung car, since nakita ko firsthand yung nangyari when it was submerged sa tubig. Ok yung makina, pero baka may unseen damages sa loob ng car pati yung ilalim. Problema na naman, if ever. Plano ko ivoluntary surrender nalang yung car sa bank kahit nasa casa pa (6 months pa yung car, no delays sa payment).

    Since need ko talaga ng car, naisipan kong mag car loan ulit, which nag agree naman yung agent ko na possible daw. Ok lang kaya yung plano ko? Magpapaapprove sana ako from another bank first, tapos if ok na, voluntary surrender ko na yung isa. Wala kaya akong probleme dito in the future? I know na papangit credit history ko, pero I have no plans sa any other loan in the future aside from car loan.

    Thank you!


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    they are attempting to repair the car and make it serviceable again for you, at no cost (except for participation fee) to you??

    as per your other post in the other thread,
    i thought it was a total loss...

    so now,
    they are attempting to repair the car for you..?
    if i were me, i would violently dis-agree with them!
    underwatered cars have a way of mis-behaving months or years after the event and the alleged "repair".
    Last edited by dr. d; September 6th, 2020 at 04:52 PM.

  10. Join Date
    Aug 2020
    Posts
    29
    #120
    Quote Originally Posted by dr. d View Post
    they are attempting to repair the car and make it serviceable again for you, at no cost (except for participation fee) to you??

    as per your other post in the other thread,
    i thought it was a total loss...

    so now,
    they are attempting to repair the car for you..?
    if i were me, i would violently dis-agree with them!
    underwatered cars have a way of mis-behaving months or years after the event and the alleged "repair".
    Yes sir, kasi nung nag ask ako, di daw icoconsider as total loss, pero nagresearch ako and if either ECU or makina yung nadamage, most likely total loss na. Every other day ako tumatawag sa kanila for updates.

    Nagtry pa nga ako mag ask if pwedeng magrequest na iconsider nila as total loss, depende daw kasi sa cost of repair and di din sila makapagbigay sakin ng estimate for now. I'm getting a bit frustrated na kasi I really need the car and more than 2 weeks na, wala pa rin substantial na progress.


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Will I get approved on a car loan?