Banks that have "2nd-hand" car loans?

HansMon

So far, PS Bank does give out car loans for 2nd hand cars but only for '03 models and up. And even then, its only for a maximum term of 3 years (36 months). Does anyone know if BPI, Banco De Oro or any other local bank also give out car loans for 2nd hand cars? If so, what are their conditions?

Salamat po.

kelunji

Why not just get the loan for a new car? If you get a loan on a used car, you'll end up paying the loan instead of concentrating on maintenance w/c is inevitable on used cars. Double whammy.

palace

BPI does have one, through BPI Family Bank. I got mine there. Rates are competitive with PSBank. Restrictions are about the same as that of PS also (3-4 year old model, comp insurance required, etc).

I found the payment scheme with BPI Family Bank more convenient though - i enrolled it in my bpiexpressonline facility. I think with PSBank, you'll have to write post dated checks for the monthly amortization.

Best thing to do, check their websites, I think they have the loan requirements there.

HansMon

kelunji wrote: »

Why not just get the loan for a new car? If you get a loan on a used car, you'll end up paying the loan instead of concentrating on maintenance w/c is inevitable on used cars. Double whammy.

Good point sir. Thing is, if my budget is about 1m and I am looking to get a mid to full-sized SUV, then a used one is the only thing my budget gets me. Brand new ones are in the neighborhood of 1.3m++ already.

HansMon

Many thanks for your input Sir Palace

kelunji

HansMon wrote: »

Good point sir. Thing is, if my budget is about 1m and I am looking to get a mid to full-sized SUV, then a used one is the only thing my budget gets me. Brand new ones are in the neighborhood of 1.3m++ already.

Then why do you need a loan to get a used vehicle? Thats more than enough to put down on a new SUV and just let the bank cover the balance? May warranty ka pa.

And since your budget already allows you to get the used SUV in cash, why go through the loan?

HansMon

kelunji wrote: »

Then why do you need a loan to get a used vehicle? Thats more than enough to put down on a new SUV and just let the bank cover the balance? May warranty ka pa.

And since your budget already allows you to get the used SUV in cash, why go through the loan?

My apologies for not clarifying. I meant I'm only willing to spend up to 1m. I can put about 30-50% down and then loan the balance.

kelunji

HansMon wrote: »

My apologies for not clarifying. I meant I'm only willing to spend up to 1m. I can put about 30-50% down and then loan the balance.

You mean the money you have on hand is just enough for the downpayment? I still think then that its better to opt for a brandnew vehicle. Iwas sakit-ulo, since naka-warranty pa. You can concentrate on paying the loan, instead of allocating budget for repairs. Most dealers now offer 3yr warranties and by that time you already finished paying for it, sell it and get a new one.

I mean if you buy a used car in cash, you can devote your money to maintaining it, as most vehicle problems come out after 3-5 years.

pup2

Ako iba suggestion ko. Why not buy a 300-500k 2nd hand vehicle with cash then spend the money you would've spent on loan payments for repairs, maintenance, and upgrades! That way, sumablay ka man sa bayad, puwede ka mag-commute at walang iilitin. Also, you can customize your ride in creative and personal ways, limited only by your effort and imagination. Trust me, kahit mas luma yung car it'll be OK as long as you choose wisely and maintain it well. In my younger days, I drove a 6 year old hatch for 3years with 120k on it (used by an ahente) -- no a/c just fan, etc. and the only time I got stuck with it was MY fault!

Banks, OTH, are only maluwag with money to those who don't need it. Doon sa wala, they confiscate. Also, in general, the pricier the ride, the greater the depreciation.

The other guy was proposing the opposite, I'm proposing the OTHER opposite, pero yung middle ground palagay ko baka maging madugo.

kelunji

pup2 wrote: »

Ako iba suggestion ko. Why not buy a 300-500k 2nd hand vehicle with cash then spend the money you would've spent on loan payments for repairs, maintenance, and upgrades! That way, sumablay ka man sa bayad, puwede ka mag-commute at walang iilitin. Also, you can customize your ride in creative and personal ways, limited only by your effort and imagination. Trust me, kahit mas luma yung car it'll be OK as long as you choose wisely and maintain it well. In my younger days, I drove a 6 year old hatch for 3years with 120k on it (used by an ahente) -- no a/c just fan, etc. and the only time I got stuck with it was MY fault!

Banks, OTH, are only maluwag with money to those who don't need it. Doon sa wala, they confiscate. Also, in general, the pricier the ride, the greater the depreciation.

The other guy was proposing the opposite, I'm proposing the OTHER opposite, pero yung middle ground palagay ko baka maging madugo.

Pareho tayo ng sinasabi. Kung mag-lo-loan din lang naman ako, brand-new na. Kung 2nd-hand, bibilhin ko ng cash.

the_BuGs

agree.... kung second hand cash dapat kapag loan brand new....

may mga mid-size a full size SUV na binebenta sigurado dyan na less than 500K eh... then maintenance na lang....

may nakita akong website na nagbebenta sa Pinas.. di ko alam kung mga mahal tinda nila o hindi...

http://autotradecenter.i.ph/

may Pajero sya na 2002 model kaso nasa 940T?

HansMon

^^Thanks for providing "other side of the coin" arguments guys. Seems like the only sure thing for now is for me to give this a little more thought.

Ingat lahat.

the_BuGs

since PSbank pala.. bakit hindi mo tiningnan yung mga na repossessed nila?? minsan dami nilang magagandang sasakyan dun eh lalo na mga mid to full size baka makatipid ka pa...

HansMon

^^ I did this already. They had a 2005 pajero that was just sold for 980k. They also had a 2004 exped selling for 1.3m but when I inquired, it was sold na din raw.

pup2

kelunji wrote: »

Pareho tayo ng sinasabi. Kung mag-lo-loan din lang naman ako, brand-new na. Kung 2nd-hand, bibilhin ko ng cash.

Hehehe. Honga. Hindi ko naisip sabihing opposite of the same coin eh -- naunahan ako. Tsaka at least nakahirit ako sa banks. hehehe.

ale828

Do you know the average rates for second hand car loan financing?
i inquired and AMA bank gives 7%, baka there are some lower, around 5% pwede na.

the_BuGs

HansMon wrote: »

^^Thanks for providing "other side of the coin" arguments guys. Seems like the only sure thing for now is for me to give this a little more thought.

Ingat lahat.

eh sa mga loan institutions na try mo na ba? di ba meron duon sa may Greenhills?? yung nagpapa-carloan.. nadadaanan ko sya nuong nasa Pinas ako eh....

auxes

Bank Requirement(s)

What’s the normal bank requirement for these banks for a bnew Car loan.
I’m thinking, do I have to have savings(good account) account with the bank?

thanks!

muff_puff

My cousin wants to buy a car but he cant submit an ITR coz he doesnt file coz he's a free lance real estate broker He inquired from a lot of financing companies they said cla na daw bahala dun. Is this possible? Even the bank statements? Coz he's scared he might not get approved coz he deosnt have super high savings naman. Pls shed light. Thanks.

jeric.danao11

TONGYANGBANK wrote: »

STERLING BANK SALARY LOANS

REQUIREMENTS:

ONE MONTH LATEST PAYSLIP,

ITR 2316

PHOTOCOPY COMPANY ID front and back and 1 SSS. ID W/ 3 SPECIMENS SIGNATURE

Filled-out STERLING Bank Loan Application form.

CERTIFICATE OF EMPLOYMENT

Clearance of Cancelled Credit Card If applicable

2 MONTHS CREDIT CARD STATEMENT OF ACCOUNTS IF CREDIT CARD USER



PLS SEND IT TO..

MR. EDWIN S. MANANSALA

[email protected]
09161953525

Do you have some specific vehicles such as Honda Civic, Toyota Altis here in the Philippines as for your requirements are concerned?