First time buying a car

[poohge123]

Good day to everyone.

Recently, I was in a discussion here at tsikot on whether to buy an Innova or a Fortuner for me, my wife and future kid. I decided on the Innova and learned a few other things to consider when getting a new car and it has greatly helped me. Someone suggested that since it would only be my wife and I plus a baby to just get a sedan and right now I am actually looking to get a vios instead. I got a quote for the Vios A/T E variant and this is how it's broken down.

5,000.00 Downpayment (Refundable or convertible to any accessory for the Vios)
19,370 monthly amortization for 60 months (Bank loan thru BDO)
Free insurance for 1st year
Free tint, seat cover and carpet
Chattel mortgage is covered
LTO Registration covered
5 year warranty

As far as I can tell, i think the deal is pretty good. The only catch is that I am locked in with the car insurance provider choice of BDO until the fourth year of ownership of the car. Another thing is my agent didn't actually specify the free maintenance (labor) for first 5k and 10k. I hope it is part of the deal. Originally I asked for a quote for the same model of Vios in a Toyota dealership near my town and the agent gave me about the same quote. However, one major difference is the 120,000.00+ downpayment for bank financing. So I asked around and my office mate introduced me to his agent and I got this deal. Apparently we are subject to 15% discount on Toyota cars hence the omission of the 120,000.00 downpayment.

If I can provide the necessary documents to the agent on monday, I might be able to drive the new car home by Saturday next week. He can give me an invoice and vehicle delivery note on release of the car. The ORCR (named after me) plus plate number will be available after two weeks he says. I think I tried to cover all bases and ask every question I can think of to make sure my vehicle purchase won't have me regretting my decision because I failed to ask a question or I didn't clarify some details. What do you guys think? Is there anything I am missing or do I take the leap and purchase my very first car?

[StockEngine]

E or XE?

it is abit expensive.. Metrobank and Eastwest will give a lower rate..

[chronicle]

You would paying 1.1m+ for a vios after 5 years.
Try for a bigger down payment.
And yes, malaki interest rate stated above.
Thru dealer yan no and not directly bank?

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[dr. d]

Good day to everyone.

Recently, I was in a discussion here at tsikot on whether to buy an Innova or a Fortuner for me, my wife and future kid. I decided on the Innova and learned a few other things to consider when getting a new car and it has greatly helped me. Someone suggested that since it would only be my wife and I plus a baby to just get a sedan and right now I am actually looking to get a vios instead. I got a quote for the Vios A/T E variant and this is how it's broken down.

5,000.00 Downpayment (Refundable or convertible to any accessory for the Vios)
19,370 monthly amortization for 60 months (Bank loan thru BDO)
Free insurance for 1st year
Free tint, seat cover and carpet
Chattel mortgage is covered
LTO Registration covered
5 year warranty

As far as I can tell, i think the deal is pretty good. The only catch is that I am locked in with the car insurance provider choice of BDO until the fourth year of ownership of the car. Another thing is my agent didn't actually specify the free maintenance (labor) for first 5k and 10k. I hope it is part of the deal. Originally I asked for a quote for the same model of Vios in a Toyota dealership near my town and the agent gave me about the same quote. However, one major difference is the 120,000.00+ downpayment for bank financing. So I asked around and my office mate introduced me to his agent and I got this deal. Apparently we are subject to 15% discount on Toyota cars hence the omission of the 120,000.00 downpayment.

If I can provide the necessary documents to the agent on monday, I might be able to drive the new car home by Saturday next week. He can give me an invoice and vehicle delivery note on release of the car. The ORCR (named after me) plus plate number will be available after two weeks he says. I think I tried to cover all bases and ask every question I can think of to make sure my vehicle purchase won't have me regretting my decision because I failed to ask a question or I didn't clarify some details. What do you guys think? Is there anything I am missing or do I take the leap and purchase my very first car?

sa lyrics na lang ng post ninyo, it is obvious, you are very very excited.
hold your horses for a while. simmer down and think about it for a few weeks. the car ain't going nowhere, and the current conditions of the sale probably won't change for the worse, in the interim.

tama si chronicle.
get the plan with the biggest down payment you are willing to afford.
you will thank yourself later, that you did.

balloon deflator. while the cr may have your name on it, the car is mortgaged. that means, "it ain't really yours until they say it is".
you can't make money by selling it, because it'd be very difficult to sell it for profit.

if i were me, i would make honest computations, if i can comfortably live with what remains of my income, after i fork over the 19,370 kesos monthly.
the internet is full of such computations.
do not fail to consider NEW expenses that non-car owners may not be conscious of... LTO, comprehensive insurance, fuel, oil and maintenance expenses, parking and toll fees, mall expenses and purchases (yes! now that you have a car to haul home all them capitalist goodies...)...

lastly, "san nyo ipaparada?"
heh heh.

happy driving.

[poohge123]

Sobrang halata ba sir excited ako? Hahaha. I see what you're trying to tell me. And in hindsight mejo malaki nga interest nya. I think na offset lang yung utak ko kasi yung unang offer sakin ng Toyota for the same car (vios E variant A/t) was 120k down payment then 19k monthly.

So nung binigay sakin tong recent na deal at 5k DP then 19k monthly. Sa isip isip ko wow what a deal, nawala yung 120k down and I get to keep the 19k monthly. These deals are all thru dealer and not thru bank.

Dapat magtanong muna ako sa bank directly? Hingi na lang na muna ako ng quote sa dealer ko if cash ang ibabayad ko how much ang discount and that is the amount na dadalhin ko sa bank for financing diba?

May paparadahan naman sir, hindi ko sya ilalagay lang sa tabi ng kalsada hehehe

[Gund12]

Good day to everyone.

Recently, I was in a discussion here at tsikot on whether to buy an Innova or a Fortuner for me, my wife and future kid. I decided on the Innova and learned a few other things to consider when getting a new car and it has greatly helped me. Someone suggested that since it would only be my wife and I plus a baby to just get a sedan and right now I am actually looking to get a vios instead. I got a quote for the Vios A/T E variant and this is how it's broken down.

5,000.00 Downpayment (Refundable or convertible to any accessory for the Vios)
19,370 monthly amortization for 60 months (Bank loan thru BDO)
Free insurance for 1st year
Free tint, seat cover and carpet
Chattel mortgage is covered
LTO Registration covered
5 year warranty

As far as I can tell, i think the deal is pretty good. The only catch is that I am locked in with the car insurance provider choice of BDO until the fourth year of ownership of the car. Another thing is my agent didn't actually specify the free maintenance (labor) for first 5k and 10k. I hope it is part of the deal. Originally I asked for a quote for the same model of Vios in a Toyota dealership near my town and the agent gave me about the same quote. However, one major difference is the 120,000.00+ downpayment for bank financing. So I asked around and my office mate introduced me to his agent and I got this deal. Apparently we are subject to 15% discount on Toyota cars hence the omission of the 120,000.00 downpayment.

If I can provide the necessary documents to the agent on monday, I might be able to drive the new car home by Saturday next week. He can give me an invoice and vehicle delivery note on release of the car. The ORCR (named after me) plus plate number will be available after two weeks he says. I think I tried to cover all bases and ask every question I can think of to make sure my vehicle purchase won't have me regretting my decision because I failed to ask a question or I didn't clarify some details. What do you guys think? Is there anything I am missing or do I take the leap and purchase my very first car?

Hmm you could check with other banks like metrobank. I think Metrobank offer lower interest however they will check your background extensively and it is difficult to be approved. Like the others commented here, you can also ask what will be the rates if you can down more than 120k. The monthly should be lower.

[sirkosero]

Thing to consider:

Mahal ang quote at malaki monthly.

Free insurance on the 1st year but babawiin nila yan succeeding years. Getting insurance directly from the same insurers will usually save you 5k per year.

Parking

Free labor for 1k and 5k nasa warranty booklet. You still pay for the consumables and oil.

Operational expense. Set aside 5-10k of your budget for gas alone. Wala pa dito yung ibang expenses. So you are looking at 19k + 10k additional monthly expenses.

Compare vios E AT vs XE. XE is cheaper and has almost the same features of the E except the mags, power side mirror and foglamp but with a 100k difference.

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[chris45]

Masyadong mahal sir ah. Yung sakin civic 1.8e 20% down tapos 20k monthly. Mag civic k n lng sir or altis laki ng interior. Ang ginawa ko sakin sabi ko sa dealer tapatan nya approved rate sakin ng bangko ayun tinapatan kaya sya na rin nag asikaso. Yung free 1st year insurance babawiin yan sa monthly mo or succeeding year. Yung sa akin free 1st year pero 2nd year 33k lol.

[ray_noel]

Sir, when it come to money... try to compute all the amounts you will pay after 5years... see kung saan pinaka mura dun ba sa 5k or 120k downpayment and if justifiable ba ang difference nila...

Also, try to see also sa mga banks hingi2 ka ng qoute sa kanila.... tapos compute mo din for 5 years saan mas mababa...
Ang goal ko lang dito is to make you decide which payment scheme you are comfortable, low dp with high monthly or high dp with low monthly... and also which is cheaper after 60months payment....

Compute mo lang like below:
- DP
- monthly x 60
- mortgage
- insurance x 5 years
- etc.

Pag may free 5k or 10k, isama mo na rin as negative kasi it will offset sa payment mo.... do that to all of your choices and see saan ka convenient and swak sa budget...

I hope it helps...


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[StockEngine]

Dapat magtanong muna ako sa bank directly? Hingi na lang na muna ako ng quote sa dealer ko if cash ang ibabayad ko how much ang discount and that is the amount na dadalhin ko sa bank for financing diba?

yes! youre in the right direction...though pwede din referrals for preferential rates..