How to get a car loan: a beginner's guide

thebluemystery

certainly wala pa kong idea about equity and ammortization.. mga terms sa bank when you are applying for a car loan..

i'm 23 and 11 months and a half na ko here sa work and regular na..

I would like to ask lang if paano ang requirements for me.. i want to apply sana for a loan.. i just want to buy a second hand car paano ba makaka avail ng loan sa second hand cars? hope to hear from you and guide me more about this.. coz goal ko this year is maka buy ng 1st car ko thanks and any help will do

kelunji

hmmm, I think kung mag-loloan ka rin lang naman, brand-new na kunin mo. that way, imbes na sa maintenance eh sa installment mapunta. kasi after 5 years, dun na naglalabasan ang sakit ng sasakyan, at least for the first 5 years wala gaano problema maliban sa basic preventive maintenance services (change oil, filters, plugs, maybe a battery or tires). maganda na pati ngayon halos lahat offer 3 years or 100k km warranty.

but if second-hand lang talaga kaya, i-cash mo, ipon ka na lang muna or hiram sa parents (para "pay when able" hehe).

usual requirements for a loan:

1) proof of income (income tax return)
2) proof of billing/permanent address
3) credit info/investigation to be done by the bank

meron pa pero yan lang naaalala ko.

GreatBop

ummm important sa lahat is yung sangla. or if your parents have excellent credit ratings, they can act as your guarantor.

brock

2000 model and up lang yata usually tinatanggap for car loans. di na pwede pag masyado na old.

how about loan ka na lang ng money instead.

babajigalu

bro sa AMA Bank nag apply ako ng 2nd hand car loan...they accept 1992 to 2004 model vehicles,im buying a 1998 kia pregio ls, i cashed the 40% of the prica and the financing took care of the remaining 60%, konti lang requirements, interview, if nagbusiness ka, DTI lang and Mayor's permit, kung employed k nman certifcate of employment and monthly salary and 6 months bank statement.tpos cedula,and they'll put you up for CI, after that kpag na approve k na, ipa-appraise mo yung napili mong car and then kapag na-approve na ok na for purchase, pro dapat ipalipat mo muna sa pangalan mo yung sasakyan then submit mo sa kanila pra marelease yung loan mo, issuehan nila ng bank guarantee yung pinagbilhan mo pra mailipat mo, so kausapin mo muna yung may-ari kung ok sa kanya yun.

kireigonjin

I just got my brand new Hyundai Getz courtesy of a BPI Family Bank auto loan. Before this, I was really bent on buying a decent second-hand Toyota since I can't afford a new one. Or so I thought...

Ang tagal ko ring nagpabalik-balik sa mga internet sites selling second-hand cars direct from owners (tsikot, adpost, buyandsellplus, autolink, even friendster classifieds). I also buy the Car Finders magazine regularly. Dami don. I also visit banks' websites to search for second hand vechicles for sale. It was there that I discovered the banks' online calculators for new cars. Dun ko natantiya kung kaya ko mag-brand new or not.

I'm now happy with my Getz. I got it for 20% downpayment, 5 years to pay at less than 9k per month.

I agree with the one who said that it's better to loan for a brand new car than to get a second-hand car kasi para ka na ring bumili ng sakit ng ulo. I was fortunate enough to borrow money from my brother for the downpayment (and yes, pay when able, bless him!).

marco_1

bro, inquire mo baka may car loan or car plan ka dyan sa company mo.. kung wala hanap ka ng mababang car loan interest, ewan ko lang kung BPI pa din yung pnakamababa...

I got mine thru car loan sa company, thru Orix Leasing...
mga 7.5K monthly, pero umabot sa 120K cash out ko

l•)

marco_1 wrote:

I got mine thru car loan sa company, thru Orix Leasing...
mga 7.5K monthly, pero umabot sa 120K cash out ko

marco_1, san yung Orix Leasing? Can you please email me their contact # & address.

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>>>> [email protected]

Yun sister ko na OFW nagpapatulong sa kin maghanap ng financing company e. Gusto nya sana bumili ng 2nd hand na CR-V. I know nothing about auto loans. Patulong naman... san ba advisable na mag-apply ng car loan? Preferably un di na nya kelangan unuwi pa ng Manila to apply.

ambertookme

i got my Sentra 2005 from PS Bank pero nissan naglakad lahat.all i did was submit all the docs required for CI.

Dark_Fader

mga sir... un bang mga car loan center na nakalagay na "fast release, no pull-out" na ndi galing bangko, pwede bang pagkatiwalaan un?!?!? gusto ko lang kaseng tapusin ung mga utang ko this year tapos by next year bili me oto... 2nd hand lang...

nga pala, lagi bang may cash-out tapos ung loan company ang mag-pupuno o may times n loan company lahat, tpos syempre babayaran mo na lang sa kanila?!?!? thanks po for any info!!!

ambertookme

^ yung mga ganun, AFAIK, they will take your car pag na-miss mo yung mga payments.

babajigalu

Dark_Fader wrote:

mga sir... un bang mga car loan center na nakalagay na "fast release, no pull-out" na ndi galing bangko, pwede bang pagkatiwalaan un?!?!? gusto ko lang kaseng tapusin ung mga utang ko this year tapos by next year bili me oto... 2nd hand lang...

nga pala, lagi bang may cash-out tapos ung loan company ang mag-pupuno o may times n loan company lahat, tpos syempre babayaran mo na lang sa kanila?!?!? thanks po for any info!!!

bro sa AMA bank i got my 98 kia pregio van for 1.22% monthly pero kapag kukuha k ng 2003 up model nasa 8% per anum lang ang interest rate.mas maganda kung mag cash out ka para hindi malaki ang monthly mo.sa mga 2nd hand auto loan...habang mas lumuluma yung model na kukunin mas tumataas ang interest rate....be prepared din kasi may babayaran ka pa na insurance and chattel mortgage fee

optineon

Basic Requirements:

- Filipino Citizen
- 25-59years old at loan maturity
- 60 yrs. old up must have Special Power of Attorney (SPA)
- Must have contact numbers (landline most preferred)

- Car Models 1991 up
- Copy of Mayor's Permit and Bank Statement, if with business
- Copy of Employment certificate & payslip, if employed
- Original OR / CR upon release
- TIN Number
- Original community certificate
- Basic Documentary requirements
- Co-maker not required
- Comprehensive Insurance not required
- Source of income is business but no available CA/SA can be processed; but maximum approval is 50k
- 1998 model below limited to 6 mos. terms.

Processing: 2 days release

Collateral : Original OR/CR
Interest Rate : 2.75% 6 mos. / 3% 3-5 mos. (1995 model-up)
3% (1991-1994 model)
Loanable Amount : 30k to 250k (50% of the appraised value)
Terms : 3 to 6 mos.

If interested you may leave your email and contact number here.

Other loans available:

- Seaman's
- Business
- Real Estate
- Doctor's

Thanks

blue_tooth

My aunt is planning to buy a car for me. Di pa naman ako makakakuha ng loan since student pa lang ako. She's a japanese citizen now, and currently living in japan syempre. Nag-inquire na ako sa toyota at sabi kailangan filipino citizen daw dapat. Syempre for sure di makaka-comply ang aunt ko sa requirements ng in-house financing ng toyota and sa banks na din since nga iba na ang citizenship niya.


Eh kung sa family naman cgurado di naman pwede si lolo at lola. di na din pwede si papa since nag-resign na siya sa work few years ago. eh kailangan ng ITR atbp. Tita ko lang naman ang may kakayahan na bilhan ako ng car..hehe

may kaibigan nga siya tutulungan daw siya bumili ng brandnew. crosswind or crv ata @ around 1.4 million, dp of 400 thou ata saka monthly payments na 50 thou. di ko lang alam yung terms pero grabe naman yun..

yung isa naman na tutulong din sa kanya dapat na mag-acquire ng loan at new car eh namatay din..(may she rest in peace..)

cno po b may alam na pwede mag-assist sa amin if ever? o kaya saang bank maganda kumuha ng car loan?

ano po ba yung mga requirements? any tips?

nirerequest ko kasi starex van na lang para malaki at saka ok na yun pag may outing ang barkada and family...

thanks po!

pauster007

San bank ba maganda kumuha ng auto loan?

clawed_out

which ever offers the lowest APR.

You have to shop around for loans.

Rushman

Maybank gives loans for 2nd hand cars...not sure about their requirements though

kireigonjin

Question: talaga bang photocopy lang muna ng OR and CR ang ibibigay ng bank until such time na ma-fully paid mo yung car loan?

kelunji

Kapag naka-mortgage pa ang sasakyan photocopy lang talaga.

kireigonjin

^^ thanks.

On the topic, pwede ring isama sa consideration yung car loan na naka-package na yung car insurance at a special installment rate. That is, kung hindi kaya ng budget ang lump sum.

Yung BPI, may barkada plan promo a. 15% lang yata ang down na kailangan basta madami kayong kukuha ng car loan. Tapos up to 72 months to pay. Pero ang tagal nun, malamang laspag na car mo by the time matapos mo ang mortgage

kelunji

By the time matapos mo rin ang mortage, halos 2 kotse na nabayaran mo. Kaya as much as possible get the car in cash.