lowest auto loan rate

**_Qwerty_** · September 17th, 2014 11:14 AM

yung iba.. kailangan sa kanila ka din kukuha nang comprehensive insurance sa duration nang loan.. so make sure walang ganito sa contract.. kung 5 years ang loan.. sigurado tatagain ka for the next 4 years..

**KERSMcRae** · September 17th, 2014 01:38 PM

Sa metrobank, min loan amount ay 500K. hindi ka makakapagdown ng 50% pag below 1M ang sasakyan na bibilhin... Pag 600K halimbawa yung oto, 100K lang max. dp ...

**DeathRow** · September 17th, 2014 09:51 PM

What's the general rule of thumb regarding monthly ammortization and net income again? Is it 30% or below of main + spouse/co-borrower?

Thanks

**Zac_español** · September 18th, 2014 12:22 AM

Originally Posted by chrolli

Security bank is 13.58% for 3 yrs. wala lang free insurance pero competitive nonetheless. 5 yrs is 24.86% and 4 yrs is 18.66%. Those are the rates given to me.

Hi, i have a noob question. This 5 years rate 24.86% will be the interest of the price of the car? let's say a vios ranging around 630k and I decided to have a 5-year term = P786,618. So eto nb un total na mbabayaran ko in 5 years?

**_Qwerty_** · September 18th, 2014 08:58 AM

you need to shell out 20% downpayment..

SRP = 630,000.00
Down = 126,000.00
Loanable amount = 504,000.00
24.86% 5 years = 629,294.40 or 10,488.24 a month for 60 months

Originally Posted by Zac_español

Hi, i have a noob question. This 5 years rate 24.86% will be the interest of the price of the car? let's say a vios ranging around 630k and I decided to have a 5-year term = P786,618. So eto nb un total na mbabayaran ko in 5 years?

**Monty** · September 18th, 2014 09:16 AM

Originally Posted by Zac_español

Hi, i have a noob question. This 5 years rate 24.86% will be the interest of the price of the car? let's say a vios ranging around 630k and I decided to have a 5-year term = P786,618. So eto nb un total na mbabayaran ko in 5 years?

Try mo yung mga on-line loan calculator para magka idea ka kung magkano ang monthly payments. Ang monthly payment kasi ay may parte na bayad sa interest at parte naman na bayad sa pinaka utang. Base sa information na binigay mo, ang monthly payment mo ay P14,748 kada buwan o P884,880 suma total sa limang taon. Bali ang interest na babayaran mo ay P380,800 [P884,880 - P504,000 (ito yung utang dahil may 20% dp)]. Medyo malaki rin.

**boytsiks** · September 18th, 2014 10:01 AM

Originally Posted by Monty

Try mo yung mga on-line loan calculator para magka idea ka kung magkano ang monthly payments. Ang monthly payment kasi ay may parte na bayad sa interest at parte naman na bayad sa pinaka utang. Base sa information na binigay mo, ang monthly payment mo ay P14,748 kada buwan o P884,880 suma total sa limang taon. Bali ang interest na babayaran mo ay P380,800 [P884,880 - P504,000 (ito yung utang dahil may 20% dp)]. Medyo malaki rin.

How did you calcuted the monthly amort?

Based on my computation, at 20% DP, the monthly amort at 60 months is just 10,488.24 (*24.86% interest).

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**chrolli** · September 18th, 2014 10:20 AM

Originally Posted by boytsiks

How did you calcuted the monthly amort?

Based on my computation, at 20% DP, the monthly amort at 60 months is just 10,488.24 (*24.86% interest).

Posted via Tsikot Mobile App

yup your (and _Qwerty_'s) computation is correct. so roughly around 125,295 ang total interest niya for 5 yrs.

in my case, since Jazz 1.5V is 808k, my DP is 242,400 (30%) and monthly is 13982.10 for 48 months. mga 105,540 ang total interest na babayaran for 4 years. mejo malaki nga lang ang total cash out dahil walang free insurance and chattel. pero more or less sa mas mataas na interest na may free na ganung items parang na-spread out lang sya sa monthly installment.

**Monty** · September 18th, 2014 10:28 AM

Originally Posted by boytsiks

How did you calcuted the monthly amort?

Based on my computation, at 20% DP, the monthly amort at 60 months is just 10,488.24 (*24.86% interest).

Posted via Tsikot Mobile App

You need to use a loan calculator. The interest amount is based on the principal which declines over time as you pay off your loan. Each monthly payment is allocated between interest and principal. The interest amount is not static because it is always based on the principal amount which is declining every time you make a monthly payment. Also, the 24.86% is an annual rate and not a one time rate.

**boytsiks** · September 18th, 2014 10:34 AM

Originally Posted by Monty

You need to use a loan calculator. The interest amount is based on the principal which declines over time as you pay off your loan. Each monthly payment is allocated between interest and principal. The interest amount is not static because it is always based on the principal amount which is declining every time you make a monthly payment. Also, the 24.86% is an annual rate and not a one time rate.

Is that the loan calculator app?

Take note that the app uses annual rate.

I dont think may bank na magpapatong ng 24.86% annual rate which in effect equates to almost 70% simple interest rate (non annualized).

Take for example Metrobank, the annual interest they are charging is 9.xx% for 5 yrs which is around 25% to 27% in interest (non annualized).

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