You can also go bank "hopping". In my experience, the quoted rates are not fixed. Go to one bank and get a quotation. Then go to the 2nd bank and show the 1st bank's quotation, tatapatan or bababaan pa ng 2nd bank yung rate nila. You can then go back to the 1st bank or to a third bank. Just be friendly and maintain good rapport with the loan officers or bank manager. Don't commit at first. Good luck!
+1! make those banks fight each other so you'll get the best deal. ask each bank at least twice. good luck!
Interest rates should be properly quoted as an ANNUAL rate to make them fully comparable.
What some frequently do is just add up all interest payments over the life of the loan and simply divide it by the initial principal. That's the wrong way to do it.
For example, if you pay P50,000 in interest over a one-year amortizing loan of P1,000,000, the effective annual interest rate is NOT 5% (50,000 / 1,000,000) since you are already paying down the loan monthly. Remember that your outstanding balance after one (or two or three) amortization payment/s is already lower than P1,000,000. So you're paying interest on a balance that's less than P1,000,000.
(The effective annual interest in the above example is actually 9.1% in this case.)
The marketing materials of banks just makes the rates look deceptively lower.
Do you know of any bank or institution that accepts car loan refinancing?
I am resigning from my company and I have an existing car loan from them with about 300k as remaining balance... been talking to BDO and BPI, it seems they do not accept this kind of arrangement for cars.. only for real estate.