Results 41 to 50 of 1038
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May 26th, 2011 12:50 PM #41
Most banks will require at least 30% down for used cars and 20% for brand new cars. In the case of BPI, used car loans are almost double the interest over brand new cars. There is also a limit of loan duration. Depends on the bank, they base the maximum loan terms on the age of the used car. Example, if they have requirement that the car must be 6yrs old or younger by the end of the loan term, so if you are getting an 08 model maximum term is 3 years.
The loanable of 70% appraised value is not the same as the selling price, if the appraiser only gives a lower value than the selling price then your initial down will be higher. So if the appraiser only gives a value of 450,000, loanable amount is 315,000 so you must still prepare 205,000 cash to pay for the DP (520,000 - 315,000).
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May 26th, 2011 03:31 PM #42*rattrapante
Thanks bro, medyo gets ko na. 1st time ko din kasi bibili ng auto eh, pamana lang naman yung rolla namin.
So in BDO's case (my example) EITHER-OR lang yung 20 at 30%, tama ba? For BNEW 20% for 2ndHand up to 70%.
So ibig sabihin pag nag auto loan 70% of the 520K yung kaya nila iloan sakin (plus interest of course), pero may possibility na lower than 70% lang ang ibigay nila? Uh-oh!
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May 27th, 2011 12:03 AM #43
It's 70% of appraised value (bank's own appraiser), so if they give you a higher appraisal, you can get a bigger loan. Though if they appraise it at a lower price you have to shell out more cash.
Sometimes given the added cost, risk and hassle of buying a used car, it's better to just buy a brand new car even if it's a lower model, at least there is less worries for a couple of years. I really think that if you want to buy a used car, do not loan it but pay cash.
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May 28th, 2011 01:30 PM #44
anyone tried EastWest Bank
20% down
31% interest rate for 5yrs.
is this fair enough?
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June 8th, 2011 12:56 PM #45Check with ChinaBank. We got our car loan (20%down) from them 26.27% for 5yrs., with 1 month advance amotization. Mababa din insurance and chattel. Yun nga lang freebies from Hyundai (Accent 1.4 A/T), yung basic lang na tint, floormats, seatcover. We paid for 3yrs LTO.
ChinaBank also has 15% down and 72months term. I just don't know their rates for these.
Metro Bank gave us 28.5% for 5yrs (1mo. advance amortization). I think this is still negotiable if you have an account with them.
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June 22nd, 2011 09:58 AM #47
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August 4th, 2011 01:39 PM #48may idea po ba kayo mga sir on the lowest rate bank for a 2003 year model car? most of the banks kase 5-6 years old lang dapat e. di umabot. heheheh
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August 4th, 2011 03:49 PM #49think i saw whats the lowest. kapagod din maglakad, hehe.
5yrs
PSBANK 29.X
EASTWEST 3X.X
METROBANK 26%
Metrobank Rada-Rodriguez rocks!
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August 7th, 2011 11:12 AM #50Guys, try nyo i consider PSBANK.
Mabilis sila pagdating sa car loan, pati personal loan
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