I recently applied for a car loan in PSbank, BPI and BDO but sadly, only PSbank had updates as of the moment.
I applied for a Toyota HiAce Commuter and planning a 20% DP in 5years. PSbank approved me with 30%dp coz they said that my monthly income won't justify the amortization for the van. I have declared no co-maker btw.
So that pushed me to try In-House financing of the dealers. I've called dealers and i've been quoted by around 5 dealers already but nothing beats the quotation of Toyota Marikina. Here it is:
Toyota HiAce Commuter 2.5L White
Unit Price: P1,215,000.00
DP 20%: P243,000
CM / Processing Fee: P7000
This would mean the in-house financing just applied 31% interest in my loan - not much higher than banks since PSB gave me 28.49%, BPI said they do 29% and BDO is 28.14%. Not bad for an in-house car loan isn't it?
Freebies would be the usual car tint, seat cover, matting and rust proofing. The SA said that they don't usually give cash discounts and freebies (LTO,Insurance,CM) to HiAce buyers coz the units are scarce due to tsunami in Japan, even GL and SuperGrandia variants. I have proved this coz all 5 dealers i've talked to says the same story. (or they are properly instructed what to say, i'm not sure). They even say that should i decide to apply, i'll be "waiting in line" with the buyers coz there aren't any units available in any casa.
Now, back to Toyota marikina. Luckily, they have a single white unit - which they reserved to me upon paying 10K reservation fee.
I have been CI'd awhile ago, and my SA told me that the application would be approved this afternoon. Fastest release would be tom and latest would be monday or tuesday.
What can you say about my deal tsikoteers? Have I made a nice buy? Comments please