Where best to apply for a car loan? | Cars and Motoring | PinoyExchange

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  1. #1

    Where best to apply for a car loan?

    One thing I can't really understand is why car financing companies, where your car will be on chattel mortgage, after financing only 40-50% of your car's appraised value, and must be charging around 30-50% compounded monthlly, still require so many documents.

    I inquired and one example is this (for a 10 year old 2nd hand car).
    650,000 - car's value
    390,000 - amount financed
    556,800 - 24 monthly payments
    816,800 - total cash outlay 260,000 cash plus 556,800
    166,800 - extra cash paid (816,800-650,000)

    The car is mortgaged to them so they have little risk to warrant the high interest.

    So, which loan company has easier to deal with and charges more reasonable interest.

  2. #2
    Member
    Join Date
    Feb 2002
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    Shizuoka, Japan
    If you're going to get a car loan, why not spring for a brandnew car instead? That way your monthly payments just go to pay for the car itself, instead of dividing it up with the inevitable expense of maintaining a used car.

  3. #3
    anong 2nd car ba ang bibilhin mo?

    650k ang value???

  4. #4
    BDO mas unti reqts at mabilis magprocess

  5. #5
    Quote Originally Posted by BeerhandBop View Post
    anong 2nd car ba ang bibilhin mo?

    650k ang value???
    Not 100% yet pero 98-99 Fieldmaster, 2004 or so RAV 4, 2003-3004 Starex. Kung kotse kasi medyo maliit ang space which we need.

    Revo and other AUV naman medyo hindi o gusto. Parang di safe sa HW.


    Quote Originally Posted by inchyko View Post
    BDO mas unti reqts at mabilis magprocess
    What are the normal requirements of BDO?

    Bad experience ako sa BDO. Renewal ng rewards card ko more than 1 year na wala pa. The company I used to work for is the biggest depositor of their branch and yet yung mga mayari had problems obtaining business loans so they transferred their deposits back to their old bank.

  6. #6
    @ 650k, youre better off getting an innova.

    and it is safe in highways.

  7. #7
    Quote Originally Posted by BeerhandBop View Post
    @ 650k, youre better off getting an innova.

    and it is safe in highways.
    Parang manipis ang kaha. But then that is not the sole criteria for safety. Maybe I'll take look at the innova

  8. #8
    it's not manipis ang kaha. if you buy a 1998 car, you're essentially buying a car that is just waiting to be brought to the junkyard.

  9. #9
    AMA Bank has good rates for pre-owned vehicles.

  10. #10
    Quote Originally Posted by mazdamazda View Post
    AMA Bank has good rates for pre-owned vehicles.
    I did give them a call but the next day, insular bank ang tumawag sa akin. Is AMA really the loan company or an agent? I do feel their rates are kinda high though but honestly, have not compared with others yet.

    How about those car loan companies advertising low rates? Essentially, isn;t it the same as financing if you "pawn" your car? Or are these pure gimmick? Or maybe racket?

  11. #11
    2nd hand vehicle specially the older ones means

    shorter term
    higher interest
    higher Downpayment

    BDO has the best car loan offer. Di lang ako sure if they accept 10 year old vehicles.

  12. #12
    James - sorry, cant remember the reqt as I bought the car 2 yrs ago but I did remember that among the loan companies I was looking into (Metrobank, BPI, etc), BDO had the least reqt. My officemates attested to this and added that they process very quickly so that swayed my decision.

  13. #13
    Quote Originally Posted by monzkie0104 View Post
    2nd hand vehicle specially the older ones means

    shorter term
    higher interest
    higher Downpayment

    BDO has the best car loan offer. Di lang ako sure if they accept 10 year old vehicles.
    The estimate-quotation given to me shows only 20k difference between a 2004 year old RAV4 and a 1998 Fieldmaster based on both having a 650,000 market value. D/P and term is same.

  14. #14
    Quote Originally Posted by inchyko View Post
    James - sorry, cant remember the reqt as I bought the car 2 yrs ago but I did remember that among the loan companies I was looking into (Metrobank, BPI, etc), BDO had the least reqt. My officemates attested to this and added that they process very quickly so that swayed my decision.
    I guess I better pay BDO, my bank, a visit. Deep inside kasi, I am afraid baka maapprove at mapasubo.

  15. #15
    Well, i have one helpful suggestion to apply for a car loan and that is Credit union. Get more information from this website"http://www.thirdstream.ca/"

    Thanks

  16. #16
    Quote Originally Posted by JamesVillamor View Post
    I guess I better pay BDO, my bank, a visit. Deep inside kasi, I am afraid baka maapprove at mapasubo.
    Mapapasubo ka talaga jan sir, kasi ako lang nakita ko lang na meron ng Lancer EX 1.6 na variant so nagtingin ako sa sulit ng prices nung Saturday, may nakita akong isang post at tinext ko para sa quotation. To make it short, Monday pinasa nya application and boom! Approved na ako nung Tuesday morning. Hindi man lang ako ni CI ng BDO, approved agad akalain mo yun. Ngayon ang problema ko eh kung kelan ko gusto iparelease yung unit, desisyon ko na lang hinihintay - napasubo! Eh kaso kasi unsure pa ako dahil decided na talaga akong kumuha ng Elantra sana bandang October or November e, eh biglang lumabas naman tong EX na 1.6, paktay!

  17. #17
    thank god for the atheist einhander's Avatar
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    Quote Originally Posted by Flyunzipped View Post
    Mapapasubo ka talaga jan sir, kasi ako lang nakita ko lang na meron ng Lancer EX 1.6 na variant so nagtingin ako sa sulit ng prices nung Saturday, may nakita akong isang post at tinext ko para sa quotation. To make it short, Monday pinasa nya application and boom! Approved na ako nung Tuesday morning. Hindi man lang ako ni CI ng BDO, approved agad akalain mo yun. Ngayon ang problema ko eh kung kelan ko gusto iparelease yung unit, desisyon ko na lang hinihintay - napasubo! Eh kaso kasi unsure pa ako dahil decided na talaga akong kumuha ng Elantra sana bandang October or November e, eh biglang lumabas naman tong EX na 1.6, paktay!
    Usually yan sir dahil may good standing credit na kayo kaya walang CI. Kung may credit card kayo na laging bayad and/or bank loan na religiously paid on time, usually wala nang CI yan.

  18. #18
    ^ I think you are right. Bukod siguro sa madali talaga process nila, eh dahil dun siguro dun sa credit standing ko. I have never missed kasi sa credit card payment ko, never nagkaron ng penalty, at hindi lang on time sa pagbabayad kundi sobrang aga pa kung magbayad, maaga kasi sa due date ang payday ko nagkataon hehe

    Sorry na off topic TS.

  19. #19
    You can also try security bank car loan , boss.

    Requirements for individuals:
    23 years old and not more than 60 years of age at loan maturity
    Minimum Gross Monthly Income of P40,000.00
    For self-employed, business operating for at least 3years
    At least 2 years in current job

  20. #20
    May bank ba na nagaapprove ng car loan kahit kakapermanent pa lang sa new company? I believe my monthly salary is more than their requirement. Un manager ko daw naapprove pero sa in house financing ata.

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