Buying a New Car on Finance

[Mazzipino]

Thinking of buying a new car, but want to pay monthly:
- What is the minimum salary somebody has to be on?
- Any other requirements?

Looking to buy a Mazda 3 or a Ford Focus.

[auxes]

Thinking of buying a new car, but want to pay monthly:
- What is the minimum salary somebody has to be on?
- Any other requirements?

Looking to buy a Mazda 3 or a Ford Focus.

same here! i have additional questions.
*If emplyed, what's the minimum months/years of stay with the employer?
*What is the best bank to apply the loan?

Thanks!

[kelunji]

I don't know the minimum salary, but I think the rule is you should have at least a percentage left in your salary (something like 70-75%) after the monthly car payment.

[Mazzipino]

Do you have to get a personal loan yourself or does the dealership sort it all out for you?

On second thoughts I might go for a used car instead, also on finance, same procedures?

[032699]

ciguro 1 year pwede na..kasi ako 1 year lang approve..and also salary should be at least 50K ciguro..and depende sa status mo..im married but no children..no house/rent to pay..inaasess din kasi ng CI..best bank..mas maganda sa dealer na mismo..mas mura kaysa mag loloan ka sa bank..yung dealer will give you quote..youll decide how much percentage of the total amount of the car for your DP..and monthly..plus miscellaneous..just what i did at toyota...mas maganda punta kana lang sa dealer...and btw your thinking mazda 3..ill bet youll regret it after mkuha mo..sobra lakas lumaklk ng gas yan...haha..unless mayaman ka at dami kang pang gas...buy a toyota or honda instead... its the best deal you can have on a b new car..

[Mazzipino]

ciguro 1 year pwede na..kasi ako 1 year lang approve..and also salary should be at least 50K ciguro..and depende sa status mo..im married but no children..no house/rent to pay..inaasess din kasi ng CI..best bank..mas maganda sa dealer na mismo..mas mura kaysa mag loloan ka sa bank..yung dealer will give you quote..youll decide how much percentage of the total amount of the car for your DP..and monthly..plus miscellaneous..just what i did at toyota...mas maganda punta kana lang sa dealer...and btw your thinking mazda 3..ill bet youll regret it after mkuha mo..sobra lakas lumaklk ng gas yan...haha..unless mayaman ka at dami kang pang gas...buy a toyota or honda instead... its the best deal you can have on a b new car..

Thanks for the info, was pretty helpful!
But in my situation, I'm single, no children, no rent to pay and currently looking for a job now, u think my prospects are ok to finance a car?

Im having second thoughts about buying a new car, maybe a used car instead and financing it - because im not used to the driving in Manila and I might have a few accidents lol.

[MeFan_YouJane]

Alam ko sa housing loan, the rule of thumb is 1/3 of your salary should go to your amortization, so possibly for car loans it should be about the same.

[slamm]

Try checking with PS Bank and BdO on their auto loans (and get a quote). Then usually the dealer "in-house" will try and match it.

There are some limitations to 2nd hand like the car should only be a certain age, less number of years to pay, etc. The interest may also be higher so it's best to compare as well against a brand new.

[MeFan_YouJane]

Try checking with PS Bank and BdO on their auto loans (and get a quote). Then usually the dealer "in-house" will try and match it.

Yup, this is exactly what I did +the dealer could give more freebies/discounts with in-house financing.

[kelunji]

Yeah I think PSBank and BDO offer some of the lowest interest rates on autoloans. Pero kung mag-loloan ka rin lang naman, kumuha ka na ng brandnew, iwas sakit ulo.

[pretenred1]

minimum amount of salary sa BDO is 40k

[Yitzchak]

Thanks for the info, was pretty helpful!
But in my situation, I'm single, no children, no rent to pay and currently looking for a job now, u think my prospects are ok to finance a car?

Im having second thoughts about buying a new car, maybe a used car instead and financing it - because im not used to the driving in Manila and I might have a few accidents lol.

In your situation, You'll be almost instantly denied to get a loan.

Advise, get a job first and get stable in it.

It's easy to get a car, what is hard is maintaining it. Istorbo pa sa motorista pag nasiraan sa daan kasi di alam pano mag maintain ng sasakyan. tsk tsk.

[DI10]

nung nag apply ako... net monthly pay ko was nasa 40k palang pero na approve na... and may loan pa ako nun na pesonal loan sa hsbc pero naaprove paren.

what they did is they made my mother as the co-maker, para sa application e kasama yung income ng nanay ko sa ipapasok na data.

[Mazzipino]

In your situation, You'll be almost instantly denied to get a loan.

Advise, get a job first and get stable in it.

It's easy to get a car, what is hard is maintaining it. Istorbo pa sa motorista pag nasiraan sa daan kasi di alam pano mag maintain ng sasakyan. tsk tsk.

Whats the deal with with working abroad and obtaining a loan in Phils?

[Yitzchak]

Whats the deal with with working abroad and obtaining a loan in Phils?

What's the use of working abroad and not getting a car in cash? One more thing, what's the use of getting a car and not using it since you're abroad?

I've worked abroad and was extemely successful. I never opted to get a car though until I got back. Reason, what's the use? Who's gonna use it? My family? So when I get back I won't know what condition the car would be after if that was the case.

[si_ako]

We got our new vios through psbank financing. personal akong nag ayos sa bank kase ang laki ng difference if through a dealer.

[Mazzipino]

What's the use of working abroad and not getting a car in cash? One more thing, what's the use of getting a car and not using it since you're abroad?

I've worked abroad and was extemely successful. I never opted to get a car though until I got back. Reason, what's the use? Who's gonna use it? My family? So when I get back I won't know what condition the car would be after if that was the case.

Working abroad and buying a car is a perfectly valid reason actually. Just because somebody works abroad doesn't mean they have to get a car in cash. People still want to go down the finance road so they can spread payments over a number of years. Also, who said somebody had to buy a car for themselves??

What's wrong with buying a car for family so they can use it in Phils?? Loads of people do that actually. Yes you won't know the condition of it, but its the thought of providing something for your family than counts.

Everybody is different, maybe in your case you only think about yourself, so you wouldn't understand the concept.

[prettylanz83]

dun sa naaprove ang loan, how much is your salary, ako kasi ive been wanting to get toyota avanza, but my salary is only 15k

[DI10]

^^ prettylanz83 if your monthly amortization is about 13k, papano pa pang gas and pangkain mo?

regular maintenance pa.

[Yitzchak]

Mazzipino

There ain't a problem buying the family their car. But the mere fact of you working abroad and going through financing for it is somewhat unappealing and outright the wrong move.

Think how much it would cost you every month to pay for that car? 13k? 14k? 16k? Then add in the monthly maintenance, say a conservative estimate of 4k per month and could reach 10k if something went wrong with the car.

After like what 4 or 5 years you would have paid more or less 100k for interest alone plus maintenance.

If that vehicle was used for business then i won't have a problem having it on financing. But because of the fact that its a personal vehicle, it doesn't make you any money or pays for itself. It is actually a liability already.

Yeah, I may be selfish in your view but you got to see it in my perspective. The cash I may have saved due to buying it in cash have gone to better use than just a liability (car).