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  1. Join Date
    May 2011
    Posts
    148
    #41
    Quote Originally Posted by nuelletaino View Post
    Mga sir,

    New member lang po ng tsikot. Nakita ko po kasi 'tong thread niyo at kailangan na kailangan ko ng inyong tulong.

    Nabasa ko po kasi sa website ng BDO na, I quote: "There is a requisite down payment of 20%. For used cars, term is up to 4 years, and loan amount is up to 70% of appraised value or selling price, whichever is lower."

    Questions:
    1) "There is a requisite down payment of 20%..." - So for example the value of the car is Php 520,000, I have to DP Php104,000 so balance is Php416,000, right?
    2) "...loan amount is up to 70% of appraised value or selling price..." - Does this mean na when they approve my loan I'll only get at least 70% of the Php416,000 lang (Php291,200)? Tama po ba intindi ko?
    3) I'm buying 2nd Hand Honda Civic 1.8V low miles good condition at Php520,000, ano po pinaka OK na bank in terms of interest rates on 2nd hand cars? Is there someone who can give me a good auto loan deal?

    Looking forward to your cents worths...

    Nuelle
    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).

  2. Join Date
    May 2011
    Posts
    2
    #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!

  3. Join Date
    May 2011
    Posts
    148
    #43
    Quote Originally Posted by nuelletaino View Post
    *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!
    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.

  4. Join Date
    Jun 2006
    Posts
    625
    #44
    anyone tried EastWest Bank
    20% down
    31% interest rate for 5yrs.
    is this fair enough?

  5. Join Date
    May 2011
    Posts
    5
    #45
    Quote Originally Posted by cyrusblutrooper View Post
    anyone tried EastWest Bank
    20% down
    31% interest rate for 5yrs.
    is this fair enough?
    Check 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.

  6. Join Date
    Jun 2011
    Posts
    1
    #46
    sang chinabranch po kau nag loan ? thnx

  7. Join Date
    May 2011
    Posts
    5
    #47
    Quote Originally Posted by javaman View Post
    sang chinabranch po kau nag loan ? thnx

    Chinabank Pampanga (San Fernando). According to the branch manager, all branches (even Metro Manila) can give said rate basta ma-approve ng head office nila. To avail of such rate, dapat may existing account with them.

  8. Join Date
    Apr 2005
    Posts
    9
    #48
    may 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

  9. Join Date
    Jul 2011
    Posts
    27
    #49
    think i saw whats the lowest. kapagod din maglakad, hehe.

    5yrs
    PSBANK 29.X
    EASTWEST 3X.X
    METROBANK 26%

    Metrobank Rada-Rodriguez rocks!

  10. Join Date
    Aug 2011
    Posts
    32
    #50
    Guys, try nyo i consider PSBANK.
    Mabilis sila pagdating sa car loan, pati personal loan

lowest auto loan rate