Quote Originally Posted by jaren999 View Post
Hi,

I just registered so I can't post a new thread yet. I just want honest opinions about my plan. I saw an ad online for a Toyota Wigo which was bought around Sept 2015. Less than 5k pa yung odo nya and the current owner is looking for someone na magtuloy ng loan. RFS nya is buying an upgrade. He's asking for 60k and 5yrs ung loan and monthly is 10k something.

I've tried searching online about the pros and cons of assuming a car loan and it looks like ang hassle is more on the seller's side. Ako yung magiging buyer. How should I go about this? Na-disapproved kasi kami (kulang sa docs/papers, me and my wife are online freelancers) kaya I am considering this option.

What should I look out for and what paperworks are needed para maging legal transaction and wala na habulin si buyer samin lalo na pag natapos namin yung terms? Thanks
i believe that "assuming balance" is sometimes akin to buying a used car, at brand new price.
so unless he's almost giving it away...
and yes... if you were dis-approved then, i wager you'd still be dis-approved to assume balance.
give yourselves some time to see if you can discipline your finances enough, so as to be able to buy a car on cash basis... hey! some used cars are good buys...