Auto loan..

[DaenerysStormborn]

Hi @Rairaitei. Natuloy ka bang mag car loan? kami din kasi ng bf ko home based ang work.

[amethyst028]

question regarding auto loan is it true na yung ma approve na monthly hulog mo is 40% of your gross monthly income? kasi alam ko sa housing loan ganon e, may percentage lang ng monthly income mo para sure na hindi ka mahihirapan sa payment.

i'm thinking of getting a car loan for brand new and cash for second hand.

[DaenerysStormborn]

Ang sabi sa amin nung dealer dapat daw 3x ng monthly salary mo

[mysterioza_me]

question regarding auto loan is it true na yung ma approve na monthly hulog mo is 40% of your gross monthly income? kasi alam ko sa housing loan ganon e, may percentage lang ng monthly income mo para sure na hindi ka mahihirapan sa payment.

Yung sales agent ng Hyundai na nakausap ko a few months ago ang sabi 30% ng monthly gross daw ang hulog.

[shine llerena]

halimbawa 17,000 per month ang hulog..kailangan salary mag range times 3 nang monthly payment ng car.. so kailangan nasa 50k a month or 60k a month sahod.

[hayne22]

Baka anyone of you has an idea, work from kasi ako plan namin ni hubby kumuha na ng own car, ako mag bayad monthly. Kaso since wfh ako, wala akong ITR. Ano pa ba pwede kong ipasa of ever? okay ba rcbc sa auto loan?

[DaenerysStormborn]

^ Need mo ng ITR. Pede yun gawan ng paraan ng car dealer agent mo. But also, need din na locally employed ka with COE kasi kelangan ma-verify ng bank kung true nga na dun ka nag work. Yung fiance ko na-decline since work from home siya and nasa abroad yung office nila and walang office dito...So ako na lang nag apply and na-approve naman agad thankfully. I just applied last Dec. 2015.

[geekgurl]

try mo magdealer hopping sis kasi may mga agent talaga na hinahanapan ng paraan para makuha yung car pero most likely in house financing pag ganon which is mas mataas interest.

[amethyst028]

share ko lang. Regarding ITR may sales agent kasi ako nakausap and she said kung wala akong ITR pwede niya gawan ng paraan basta quiet lang daw ako. Meron naman ako kaya lang my declared income is not accurate. I have a business kasi and mababa lang declared income ko para maliit din tax.

Question sa mga na approve ang loan. Did they ask for you bank statement? Malaki ba dapat ang laman ng bank mo? Psbank konti lang requirements.

Btw additional info pala, sa mitsubishi ang inhouse nila is still bank financing sa casa lang ipapadaan at sila mag submit ng requirements mo. Interest rate is high, 10% a year so sa 5yrs that's 50%. Kaya for me just go straight to the bank kaya nga lang it's not all in. No free compre insurance, chattel mortgage, 3 yrs lto reg.

I filled up an application form sa mitsubishi then sabi nung agent na kausap ko expect ko daw na madaming tatawag sakin na bank kinabukasan. It's already the next day pero wala naman tumawag. Ok lang kasi i don't want inhouse naman. Ang computation niya kasi sakin 370k dp then 20,500 plus monthly. I tied sa auto loan calcu ng bank website around 17k lang same dp. Masyado mataas sa inhouse.

[simang]

^For us, talagang ITR at COE with compensation or payslip lang ang hiningi. Hindi na humingi ng bank statement. That's for Eastwest, BPI, and BDO. Approved kami sa 3 pero lowest interest was BDO, pinakamataas sa Eastwest. Sayang kasi Eastwest is a partner ng Ford so pwede sana kami makarequest ng lesser interest but we went for BDO na lang.

[hayne22]

Na approve kami pero sa RCBC lang, okay ba dun?

[amethyst028]

@simang ah ok thanks sis. self employed kasi ako may mga additional requirement ata kasi wala naman kame payslip and COE. usually dti, business permit, itr, 3 months bank statement, etc.

i guess the bank statement is their way of checking kung profitable yung business and capacity to pay baka kasi nalulugi na yung business tapos nag auto loan pa hehe!

share ko lang ha. i bought a second hand car twice na paid in cash. after payment i never had to worry about anything. i don't have to deal with bank payments or insurance. i just have to follow the regular maintenance of my car and that's it. wala akong loan whatsoever so nakaka ipon ako. while some of my friends bongga ang car suv's, big time bagong bago. yung price ng downpayment nila is the same price ng pagbili ko ng car in cash. the difference is i don't have monthly payments and they do. long story short the whole time they are paying for the car they always complain about money. lagi na lang sila stressed. although malaki naman ang kinikita nila they still feel na malaking pabigat sa kanila yung monthly amort. sa akin pa lagi lumalapit para mangutang pati kids tuition at pangbayad ng meralco.

gusto ko na kayo unahan na it's not all glamour to own a new car kaya make sure long term hindi kayo mahirapan. this is my first loan ever and i'm still thinking long and hard if i will push through kasi nakita ko how hard it was for my friends.

[hannie1216]

Mabilis mag approve ang Eastwest bank. Hours lang alam mo na result. I never thought na ma aaprove ako kasi meron akong bad credit sa HSBC. But to my surprise ayun nagtxt nga Eastwest na approved na loan ko. Tawag lang ginawa nila sa office at sa cellphone ko. Hindi sila nagpunta sa bahay or office unlike PS Bank.

Now last Monday, I have to transfer my loan from Hyundai Dasma to Hyundai Alabang dahil wala na daw available na low downpayment sa Dasma, 38k na ang shell out namin from 18k. So I have to look for another agent or dealer. Now waiting for the release of the transfer. hopefully today.

Gaano ba katagal mga sis if ever natanggap na yung transfer. Weekend kaya pwede na ilabas? Available na lahat ng docs namin.

[geekgurl]

Mga sis,

may promo pa rin ba na 50% d/p and balance payable in 1 year 0% interest. do u think sales agent will entertain me kung ganito yung terms? Kahit siguro walang discount basta wag lang ako magbayad ng interest.

[simang]

Ah yes sis amethyst, iba nga ang requirements if self employed. Both my husband and I kasi are employed. I have a small business on the side pero di ko na dineclare yun since okay naman salary ko sa employment.

^^Agree, ang bilis ng Eastwest. Same day approval after namin magsubmit ng requirements.

[tomatostellar]

^ Approved kami sa 3 pero lowest interest was BDO, pinakamataas sa Eastwest. Sayang kasi Eastwest is a partner ng Ford so pwede sana kami makarequest ng lesser interest but we went for BDO na lang.

Talaga lowest sa BDO? Nag try ako ng mga online calculator nila, pero parang mas mataas interest sakanila kesa BPI; parang pinaka mababa BPI vs Maybank, BDO and Security Bank.

Research pa ko, pag sure akong kaya ko na, saka na lang ako punta sa mga dealer. Commitment issues haha

[simang]

^Actually no, BPI pala ang lowest interest among the 3. And sa BPI pala kami tumuloy, not BDO. Lol. Sorry for the confusion. Hehe. Parang nasa 6% per annum lang yata ang BPI if i remember it right.

[geekgurl]

@simang

sis, anong terms yung payment niyo kung 6%?
nagavail din ba kayo nung sa BPI M/S insurance?

Actually nagask na ako sa bank manager sa BPI Harrison.
Mga 5-6% per annum nga. Pero pwede pa daw  mas mababa.
Did u ask the bank to lower the interest rate?

[simang]

^4 years ang kinuha namin, 5.3% pala per annum yun. I'm not sure about the insurance ha, husband ko kasi nag-asikaso so di ko sure kung sa BPI din ba yun. Yes we asked kung pwede mas lower interest but hindi sila pumayag, lol. Although sa sister ko, dati she availed of the arrears na interest pero binigay sa kanya yung in advance na rates.

[geekgurl]

okay na din yan sis.

nagoffer sila ng free one year insurance tapos dapat ata for 3 years sa BPI M/S insurance pa rin nila kukuha..
Sabi ko ayaw nung free insurance nila kasi panget ang feedback sa tsikot.com.Pahirapan magclaim ng insurance at matagal. Pero optional naman daw.