Car Loan Interest Rates

bOy^tOy

Hi Guys,

Just got back from a Bank and nag pa quote ako ng car loan, here's the figure that the manager gave me:

Unit Price: 771,000 (Honda City)
Downpayment: 154,200 (20% of Unit Price)
A/F: 616,800
M/A: 13,201 (60 Months)

Mababa na ba yan? 28.42% interest yung 60 months (5yrs). so 13k a month lang babayaran ko.

Thanks!

MeFan_YouJane

Best to contact several banks and compare.

Compare din sa in-house financing ng dealer mo. Minsan kasi the rate may be higher but they can provide higher discounts and/or give more freebies.

kaIuahmartini

so ang total na babayaran mo is php 946,260 for a honda city, hanap ka na lang 2nd hand.

OxfordCircus

28.42% for 5 years is decent.

If you got the money go for it, interest is part and parcel of taking out a loan especially if you won't feel it every month.

jpd74

sayang ang pera ... almost 329,460 ang kita ng bank for 60months

di pa kasama ang insurance dyan .... {every yr}

estimate ko nsa 25k to 30k ang insurance niya for the 1st yr ..

ipon mo na lang ang pera mo ..

just buy a 2nd hand car ...
{pag nagsawa ka na benta and buy another one }
after 60months (5yrs) baka nsa 500k+ na lang ang resale value niyan ...

JUST_JT

Tip ko sa iyo: CASH ka lang bibili ng sasakyan. Huwag ka mangungutang para bumili ng sasakyan dahil bumababa ang halaga nito sa tagal ng panahon.

-Just_JT
Maliban.kung.gagamitin.mo.sa.negosyo.at.tax.deduction.ang.interest.expense.

bOy^tOy

I think i'll go for it =D gusto ko lang malaman is kung OK na ba yung 28.48% in 5yrs or meron pa bang bank na mas mababa ang bigay? It's not a question anymore of getting one or not, its more of kung meron pang mas mababang interest rates.

Your replies are appreciated.. thanks and post some more

kaIuahmartini

try mo AMA bank lowest interest rate daw sila kung talagang decided ka na mangutang. mangungutang ka na rin lang bakit city pa eh civic na bilin mo.

bOy^tOy

kaIuahmartini wrote: »

try mo AMA bank lowest interest rate daw sila kung talagang decided ka na mangutang.

Thanks, ill try to inquire.

kaIuahmartini wrote: »

mangungutang ka na rin lang bakit city pa eh civic na bilin mo.

Kung ganyan mentality ko I may end up getting an Impreza or a BMW

JUST_JT

bOy^tOy wrote: »

It's not a question anymore of getting one or not, its more of kung meron pang mas mababang interest rates.

If you pay cash, YOU PAY **ZERO** INTEREST....

-Just_JT
Cash.is.King.

rational

Tanong ko lang...
What happens ba if you have a loan sa isang bangko tapos nag-close yung bangko? Gaya recently, yung GMA bank sa... saan nga ba yon?

Anyway... What happens to your loan? How can you clear it?

JUST_JT

rational wrote: »

Tanong ko lang...
What happens ba if you have a loan sa isang bangko tapos nag-close yung bangko? Gaya recently, yung GMA bank sa... saan nga ba yon?

Anyway... What happens to your loan? How can you clear it?

Kung malugi ang bangko hahabulin ka pa rin sa utang mo noong liquidators ng bangko ... wala ka pa ring lusot....

-Just_JT
Borrowing.money.to.buy.depreciating.asset=DUMB.

MoonStruck

May I just share something about car loan rates:

Loan Rates - Fixed Rate and Variable

Loan rates are based on your credit score and you can choose the variable or fixed loan rates accordingly. For the fixed rate of interest module, you need to pay the accurate loan EMI per month and for variable loans, you do not need to pay the last month EMI if applicable.

How to avail of the best car loans at a low interest rate?

Your credit score will also play an important role. If you have a bad credit history, you may have to look for loans and rates accordingly. To start with, you can approach banks, credit unions, and financial institutions. In case of any issues, you can contact an auto dealer. They have access to numerous money lenders. You can get avail of cheaper car loan rates with their help.

Usually, auto dealers also have access to specialized low rate lenders or ones offering zero percent interest rates. Before making any loan purchase or signing an agreement though, it is important to look into the rate offered. Only then can you be sure of a successful dealership between you and the auto dealer as well as the loan money lender.

For low car loan rates, you will also need to keep a tab on the repayment period you choose. If you want to spread it over a extended period of a couple of years, then this can be costly.

Increasing your pace and repaying the loan in a short time can help save money on interest rates. Lenders will insist on longer repayment periods. However, it is important for you to analyze your repayment capabilities and plan the loan accordingly.

Several auto dealers may offer you promotional car loan rates also. Try looking out for choices between cash rebates and low dealer financing. Though the best option is to go for cash rebate, it is essential that you talk to the auto dealer first. Find out what they have to say about it and then you can decide for yourself afterwards.

Comparing the car loan rate will always be important. Do not just go to an auto dealer and sign the car loan documents. Research a little, look for loan lending companies and compare rates offered and accordingly before you make a decision. Getting quotes about loan options, repayment type, interest rate and the annual percentage rates are also necessary.

You can also avail of low interest rates for secured car loans. You need to mortgage your property paper or previous car papers for this.

Source: http://www.blogph.net/2016/08/how-to-get-best-deal-on-car-loan-rates.html