Review of Philipine Banks' Customer Service and Car Loan Rates Part 3

This is part 3 of a 3-part series. If you haven't read part 1 and part 2 yet, I recommend that you do so.

In the previous articles, we evaluated 9 different banks' customer service. In this article we'll go over who has the the lowest interest rates on car loans.

But most banks don't give out rates outright, instead asking you what terms you want or - annoyingly - asking you to go through the approval process before disclosing any information. Probably, this is so you can't compare the rates outright, and so they can have a chance to lure you in with promos (like free car insurance).

So to compare them we'll define a specific loan term and we'll see who comes out with the most affordable offer. In this case we will use:
  • Brand new vehicle
  • Worth Php703,000
  • 20% down-payment
  • 5-year (60 months) loan term

Now to see which bank can give us the best offer.

(Arranged in chronological order of when I visited them)

*OMA (One Month Advance) - you pay the first month along with the downpayment; cheaper that AOR, but higher initial cash out.
**AOR (In Arrears) - you don't pay in advance; higher monthly payment but lower initial cash out.
***Everyone mentioned that rates might be haggled down if the bank gets approval to do so. We won't take that into account since (1) everyone said it, (2) it might not happen, (3) there's no way to compare who will let you haggle the most.
****Interest Rate = interest paid over the course of 5 years (20% means you paid Php 20,000 over 5 years on a Php 100,000 loan)

BDO
Interest Rate (If OMA):    29.13%
Interest Rate (If AOR):    30.26%
Chattel Mortgage: (not given)
Monthly Payment (OMA):  12,104.00
Special ofer mentioned: None

East West Bank
Interest Rate (If OMA):    30.75%
Interest Rate (If AOR):   32.00%
Chattel Mortgage: 19,100
Monthly Payment (OMA):  12,256.00
Monthly payment (AOR):  12,373.00
Special offer mentioned: None

MetroBank
Interest Rate (If OMA):   (not given)
Interest Rate (If AOR):  25.0749
Chattel Mortgage: 12,764.00
Monthly Payment (OMA): (not given)
Monthly payment (AOR):  11,723.69

Special offer mentioned: Lower interest rates until June 30, 2013

BPI
Interest Rate (If OMA):   29.84%
Interest Rate (If AOR):  31.04%
Chattel Mortgage: (not given)
Monthly Payment (OMA): (not given)
Monthly payment (AOR):  (not given)
Special offer mentioned: None
*based on the interest rate, the monthly will be lower than East West but higher than BDO and MetroBank

BPI Family
Interest Rate (If OMA):   28.41% (?)
Interest Rate (If AOR):   (not given)
Chattel Mortgage: (not given)
Monthly Payment (OMA): 12,138.46
Monthly payment (AOR):  (not given)
Special offer mentioned: Free 1-year car insurance when the loan is for at least 5 years.
*The rate and the monthly payment given to me do not match; I don't know why either. That's the problem with not giving bank representatives the info and tools necessary to answer customer queries. 

PS Bank
Interest Rate (If OMA): 36.10%  
Interest Rate (If AOR):  (not given)
Chattel Mortgage: 13,101.00
Monthly Payment (OMA): (13,140.00) 12,758.00
Monthly payment (AOR):  (not given)
Special offer mentioned: Rebatable collection fee of Php383.00 on the monthly amortization.
*The quote didn't mention if the payment was OMA or AOR. I'm using OMA since banks usually give that because it has a lower monthly payment.

Security Bank
No information was given.

RCBC
Interest Rate (If OMA):   31.76%
Interest Rate (If AOR):  (not given)
Chattel Mortgage: 14,500
Monthly Payment (OMA): 12,351.00
Monthly payment (AOR):  (not given)
Special offer mentioned: Minimum is actually 30% down (higher than most banks) though the bank rep said it might be lowered to 20% "if approved."

China Bank Savings
Interest Rate (If OMA):   26.99%
Interest Rate (If AOR):    28.02%
Chattel Mortgage: 12,913
Monthly Payment (OMA): 11,903.20
Monthly payment (AOR): 11,999.74
Special offer mentioned: None

(For more details and tips on the car loan process, read my other post: Car Loans - What You Need To know)


Conclusion:


MetroBank wins! MetroBank has the most affordable car loan rates among the different banks. But this is because of their special (i.e. very low) promo rates.

China Bank Savings would have had the most affordable rate, if not for that special promo rate. This matches my earlier assumption. China Bank gives the highest interest rates on Time Deposits. It makes sense that they would have the lowest car loan rates and that their subsidiary - China Bank Savings - would have even lower rates than them.

PS Bank charges the highest interest rate on car loans - which was very surprising. I've heard that they were aggressive in loans, which made me think they gave low rates. The fact that they are a MetroBank subsidiary also gave me the impression they would have at least competitive rates (i.e. lower than MetroBank's regular rates). But that doesn't seem to be the case.

BPI and Security Bank didn't get a chance to really compete because their process for handling of loan inquiries is - in my personal opinion -bad.

I really wanted for East West to have the most affordable rates. Sadly it wasn't even close.

Union Bank would have charged a monthly payment of 13,514.00 - I got the info online, from their official website. I passed by their branch but didn't come in to inquire because they were significantly more expensive than the competition.


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160 comments:

  1. Good job, Carlos. You really shopped around. This is a good resource for anyone thinking of buying a new car using bank financing.

    No bank has called you yet to offer lower rates?

    ReplyDelete
    Replies
    1. Thanks, Ronald! :D

      No one called, except for BPI family after the approval process but they didn't offer lower rates after I mentioned what Metrobank's rates were.

      Ramarkably, Metrobank called and even pointed me to their partner dealer (Toyota Cubao) which has a 10K discount. So it seems like Metrobank is really aggressive in trying to get customers.

      Delete
  2. I am buying my first car. Can you help me. I already do some computations and I think car dealers monthly amortization is higher because the supposedly dealer's subsidized D/P and free chattel, insurance and lto reg. etc. are hidden in the monthly amortization plust these supposedly free are charged with interest too. My question is, if I go to the bank directly and make arrangements, should I request a quote first from the car dealer? If yes, what would normally be included in the quotation aside from the srp.

    Will the insurance and lto registration be covered by bank financing? If not, normally what would be the cost of lto reg. and insurance?

    Hope you could enlignten me on this.

    ReplyDelete
    Replies
    1. Hi Vince,

      From my experience, the bank will offer you a better deal than the car dealership's in-house financing.

      Since you're talking to a dealer, I'm assuming you're buying a brand new car. (The process is a little different for each one).

      For a brand new car:
      The dealer's price is all the quote you need (for the bank anyway). If the price is 1M then go to different banks and get the best rate you can for that 1M. (remember to ask about their chattel mortgage, the downpayment, and other fees they might ask)

      For a second had car, the bank will have to assess the car's value. A dealer might say his second hand car is worth 1M. But the bank will do their own assessment and say it's just 750K. The bank will then only loan you no more than 750K. There's still chattel mortgage. I'm not sure about the downpayment, but it's probably still required.

      LTO registration and Car Insurance aren't part of the bank loan. Only the cost of the car (minus the downpayment) is included.

      If you think about it, that is favorable to you. A comprehensive car insurance can cost around Php20,000. It's relatively small enough that you don't want to be paying 10% per year in interest fees on it. (Similarly, think of buying car accessories separetly so as not to be paying 10% per year interest on leatherette seat covers that cost 10-15K. Just save up and invest for it.)


      I'm not sure about the cost of LTO registration, because my dealer handled it for me. you could checke here:http://www.lto.gov.ph/index.php/services/mv-registration/107-transaction-fees-and-other-charges

      I'll look up my paper work and get back to you on this.

      For car insurance: It depends on what kind of insurance you want. Although the bank might require a comprehensive insurance (but, as far as I know, they probably won't require an Act of God coverage; unless maybe you live in an area that always floods...)

      If you're buying brand new, your dealer or bank probably have tie-ups already. You can start with those. Mine cost roughly 20K.

      Delete
    2. Hi Vince, sorry for getting back to you so late. My LTO registration (plates, stickers, certificate of registration, etc.) cost a little over 7K. it may depend on the model you are buying though.

      Delete
  3. Very informative!! Thanks Carlos! Great help.

    Did a little research, based from wat u hev written above PSbank has the highest int rates but seemed like they do also give one of the lowest priced second-hand cars. Maybe if you're brand new, it'd be wise to choose metrobank or PSbank otherwise?

    Im shopping for a second hand cars repo by banks, ill appreciate it so much if you have any infos/ideas you could share on this. many thanks!

    ReplyDelete
    Replies
    1. Hi Ariel,

      That's actually a very interesting topic, thanks for bringing it up!

      I don't know much about second hand cars and banks, though. From what I understand, there's the second-hand unit's actual selling price (from the dealer/seller) and then banks have their own assessed price, which is usually lower than the selling price.

      But for repo'ed cars, the price mentioned is probably both the selling and assessed price, since it's technically the bank owning it now.

      If you're buying it with cash, finding the lowest price is probably the smart thing to do (taking into account the model and condition of the vehicle, of course). If you're buying it through a bank loan (I'm not sure that it's possible, but I think it is), then the interest rate is also a factor. Even if the price is lower, the interest will drive up your total expenses.

      Of course, you probably have a specific type of vehicle you want. And not all banks are gonna have an extensive "collection" of cars.

      So I guess just be diligent in doing the math and comparing with outside prices, so you know you're really getting a good deal.

      Delete
    2. Actually, PSBank sells one of the most expensive 2nd hand Repo cars (comparable to China Bank, Metrobank, RCBC). The bank that sells the cheapest second hand repo cars is East West bank. Thats where I got my car. 2nd best price would be Maybank and UCPB. Ive done extensive research of car prices of 2nd hand repo cars of almost all banks before I bought my car.

      Delete
  4. Thank you for this post. Very informative and I talked already with metrobank agent. They are really the lowest. BPI would be next then BDO.

    ReplyDelete
    Replies
    1. Hi, Jon! Thanks for the info; nice to know Metrobank still has the most competitive rate.

      Delete
  5. How about for 3 year loan term? With 20% down payment, is the interest rate going to be the same or lower?

    ReplyDelete
    Replies
    1. Hi Meili,

      In that case the interest rate would definitely be lower, but the monthly payment would be higher.

      The "annual" interest rate would be the same. But since the term is shorter, the total interest rate paid is lower. Likewise, the total money you pay is lower, but since the term is shorter you will pay more each month.

      Delete
  6. Here in Iloilo some says UCPB. Competitive ang rates nila.

    ReplyDelete
    Replies
    1. Hi hyalmar,

      Thanks for the info. Next time, I'll also try and get quotes from UCPB.

      Delete
  7. Hi! This article gave me an idea about car loans, and some of the techniques about the time deposit things when you loan.

    I have one little question.
    We tried to loan a 500k in a nearby regional bank, not those big companies.
    for 5 years payment
    But overall, we need to pay 760 000 Pesos, an increase of 52% overall.

    They gave us a16% loan interest (80k)
    fire insurance & house insurance (maybe 5-7%)
    Some kind of we need to pay because we are not yet 60 years old (around 5%?)
    something like UIC and etc that they wont clarify what are those, but they will just answer, "because it is MANDATORY" what do we know about that? (covers around 30%)
    overall an estimated increase of 52%

    another thing is, the payment is not constant. This month will be 8k payment, next month is 9k, then 10k, up to 34k (maximum)

    is this justifiable? What do you think? It is our first time to loan a house improvement loan, so we need some advice.
    Thank you!

    ReplyDelete
    Replies
    1. Hi Joe Gibson Jr.!

      Honestly? It sounds like a bad deal. Maybe I'm not just understanding it correctly?

      Is the loan interest 16% per year? If so that seems too much. Try to shop around for a better deal with other banks. If you already have that loan, try to see if refinancing it with another bank will save you money.

      As for the charges, yes some of those are mandatory and we really have no choice but to pay. However that doesn't mean they shouldn't be bothered to explain it. At the very least they should say what it is and why it is being paid for. (Like MRI; it's required in home loans. And it basically insures you get your house if you die before the loan is paid.)

      At the very least they should explain that briefly. Perhaps the bank personnel simply isn't very well-versed with their products?

      I also have not encountered a loan whose monthly amortization keeps going up. If you got a fixed-interest for 5 years, then all payments should be equal, give or take a few pesos.

      If you got a variable interest for 1 or more out of the 5 years, then they wouldn't be able to show you a rising amortization. They might show you a projection if the interest stayed the same. Or they should very well not be able to show you any info for the years that aren't fixed yet.

      I really suggest going to a different bank though. At least we can compare if it's your situation that makes them charge more, or if it's just a really bad loan.

      Delete
    2. I personally think that its a bad deal.
      I dont think its 16% per year, because when I asked them, its just (80 000 Pesos), 16% of 500k is 80k, then its the whole 5 years.
      But the problem is, just like what I said, the payment per month keeps rising or falling, no fixed rate. It adds up some of the headache per month! We wont know how much to pay, well at least there is a list.
      We want to try to check on other banks but they wont allow us by holding our papers =____= This bank is really getting suspicious. We havent signed any documents yet but they keep on delaying us.

      And we talked to the manager on his first day on that branch >_< Theyll just keep on saying "because I am new", "because its mandatory", plus the jargon of Bank peoples (lol)

      Thank you for the response, this really really helped me.

      Delete
    3. Wow, sounds really bad.

      As far as I know, they can hold on to your papers - sort of. Whatever requirements you pass to the bank kind of becomes theirs (their copy). Hopefully you didn't surrender any originals. But that's usually after you come to some sort of agreement.

      An effective interest rate of 16% for the duration of the loan seems reasonable. But the way their handling the monthly amortization (or at least how they've explained it to you) seems scary.

      Good luck with your loan.

      Delete
    4. D*rn it. So thats why they wont give them to us.
      Luckily we havent given the title yet.

      They should at least explain us how things happen.

      These are the things we need to pay:
      Installment 8333 per month
      UID (mandatory they said, from 6k to 100 pesos, every month)
      SC (Same as UID, from 2k to 100 pesos, every month)
      HF (because we are not yet 60y/o)
      Fire insurance & House (this is with those MRI)
      Renewal (mandatory too,from 20k to 100 pesos, every month)

      for 5 years, we will pay 764 289.72 pesos

      Principal : 500k
      Mode of payment : 5 years
      monthly amort: 8333
      Interest rate: 16%
      Renewal: 30 ( personally, I dont know this number, no units and etc)

      Thats why I tried to search online, and saw your blog (and I am very thankful) because they wont explain things >_< I hope everything is just so fine. haha.

      I am only seeing a printed copy of an excel file, it is like checking a math problem with answers only, knowing nothing about the formula and stuffs.

      Again, Thank you very much!

      Delete
    5. Yeah, that's just bad service. Even if they aren't doing something fishy, they aren't making themselves look good.

      They should at least say what those acronyms stand for. UID I think *might* be unearned interest deposit. But I had to muddle through google and BSP to get that and can't even verify it right now.

      Anyway, thanks for dropping by and good luck with the loan.

      Delete
  8. Hello Carlos,

    Im planning to avail a nissan urvan. I called the dealer office and advise me to provide the documents. Should I let them do all the processing or should I contact a bank and get an approval first? Which do you think is better.

    ReplyDelete
    Replies
    1. Hi Ging,

      My advice is to talk to your bank first. Or rather, shop around the different banks, get the best offer, and get the approval.

      In-house (dealership) financing is more expensive than bank financing. And I'm not sure the dealer will necessarily go to great lengths to ensure you get the best offer from the different banks.

      It's also possible to look at different dealers first. Some have promos, or better discounts, if it isn't too new a model.

      Delete
    2. Like Carlos said, take note of the car you want to loan then go to your preferred bank and have your car loan approved. Once approved, go to the dealer then tell them you are just shopping for a car as you are already approved by the bank and you're looking for the best deal that they can offer. From what I know (though I don't have my car yet but still planning to have one), based on a chat with Toyota sales rep, they can give you the LTO registration for free and other freebies but Chattel and Insurance will be thru your bank or other Insurance companies. DO NOT - as in DO NOT let them process the papers for you or have them transferred the approval to their financing or promo.

      @Carlos, is Metrobank still the runaway winner as far as interest rates? Looks good based on their calculator online, also considering China Bank Savings as posted above.

      -kamotekid1968-

      Delete
    3. Hi Kamotekid,

      I'm not sure. But unless they have another promo, I don't think so.

      Delete
    4. Hi Carlos, I haven't had the chance to inquire with Metrobank yet. One of my friends got his Honda Jazz thru Metrobank so i presume that this bank has one of the lowest interest rate here in the Philippines. Any suggestions? by the way, when it comes to cars, would you prefer manual or automatic transmission? Thanks!

      -kamotekid1968-

      Delete
    5. Hi Kamotekid,

      They might. I'll try and ask next time I drop by one of their branches.

      You can maybe try Security bank. I think they're being competitive right now.

      Personally I prefer manual. But I'm no car expert. I just view AT cars as "too easy". They're also slightly more expensive and supposedly less fuel efficient.

      Delete
  9. I plan to get a auto loan at the bank. Which bank gives lowest rates for auto loans.
    I planing to a Fortuner and unit price is 1525000.00 . And My down payment 20% and 36 months to pay. thank you.

    ReplyDelete
  10. Good day. Can you help me. I want to get a car loan at the bank. What bank gives a lowest rates for auto loans. I planing to get a Fortuner 1,525,000.00 my down payment will be 20% and I will pay it for 36 months. Please help me. Thank you.

    ReplyDelete
    Replies
    1. Hi Romel,

      You can try Security bank, (or Metrobank, if they have promo rates again; im not sure) China Bank savings (if there's one near you), or maybe BPI. I've heard they usually have the more competitive rates.

      Just don't forget to try other banks near you as well.

      Delete
  11. Hi,

    According to my latest research where I actually went out and asked the nearby banks for their car loan rates based on 5 years to pay with 20% d/p, the best deal (OMA) is with RCBC followed closely by Metrobank and BDO. East West had the highest interest, like they weren't interested to compete.

    ReplyDelete
    Replies
    1. Hi Jon,

      Thanks for the info! Good to know RCBS is very competitive with their rates. By the way, Under what terms is that? e.g. 5 year fixed interest? or 3 year with variable inteterest after 1 year?

      Delete
    2. really RCBC? i applied car loan at bpi 3 weeks ago and still counting for their approval :( might as well check RCBC then..

      Delete
  12. Hello Carlos,

    Just sold my old car, now I applied for an Auto Loan at BPI Family to get the Toyota Wigo - Php546,000.00 (5K discount plus freebies as per dealer).
    However, I also applied at Security Bank to get a Mazda3 2005 (2nd hand) - Php300,000.00 just in case I changed my mind.

    Given below can you give your insights? :)

    1. BPI Family >>> 20% DP is around Php108k, Monthly (5years) is 10K = Total Payment in 5yrs = 708k (total interest paid = 167k)

    2. Security Bank >>> 30% DP is 90k, Monthly (3years) is 8k = Total Payment in 3years = 378K (total interest paid 78k) plus 50k buffer for repair costs.
    *Of course the 2nd hand car is not guaranteed to perform well as issues may arise so I put a buffer of 50k for the 2nd hand, totaling to 428k.

    I am leaning towards the 2nd hand as I can save more money in the long run (I do not intend to resell the car for the next 10years or so that's why I am ready for the repairs), the repairs will come it's way (inevitable) but I don't think it will match the 708K that I'd be shelling out in 5years for the BNew (after 5years or so, repairs will be also inevitable for it).

    Do you think my decision is right at this point?

    Thanks!

    ReplyDelete
    Replies
    1. It really depends on your purpose for the car. Either way is good, but if you want to save money, it looks like you're right to choose the 2nd hand car.

      Even without the bank loan, you are spending an additional 246k on the Wigo as compared to the Mazda3.

      Assuming you paid in cash, the only problem would be if in 10 years, the repairs and maintenance of the 2nd hand car will exceed the 246k plus maintenance of the new car.

      To get a good idea, you should either be knowledgeable and experienced with cars or take someone who is with you to accurately gauge the condition of the 2nd hand car.

      But with a bank loan, the amount is actually 330k (difference between total payments) - which is like getting another 2nd hand car. So if you really want to save money, then it looks like the 2nd hand car is a no-brainer.

      But again all that hinges on getting a decent 2nd hand car. If there are too many problems, costs could easily balloon to eat up all that savings (and maybe more).

      Normally, there are also other concerns. Like if you plan to use it a lot for road trips, or need it for emergencies, or it will be the primary mode of transport, then a new car may be more reliable.

      But if it's mostly for city-driving, going to the office, and occasional travel, then a decent 2nd hand car is very capable of that. Just be diligent with maintenance, to avoid hassles.

      And just to add, car maintenance is around 5k-10k per year even for new cars (oil change, spark plugs, filters, etc.). That's even when there are no problems or repairs.

      For scratches. it's 3k-5k per panel (i.e. 1 door, the front right fender, or a bumper). For dents, I think it's the same. if you have to replace a panel, that's probably much more expensive.

      If you're going to replace or overhaul the aircon, it could go upwards of 10k.

      If you're going to replace the tires, that could be expensive. I'm not familiar but new tires can cost ~3k per tire (at least the one I saw at OLX; probably more for brand new ones from a store).

      LTO registration somehow depends on our vehicle. Although small cars tend to cost less than big SUVs. I've heard registrations range from 5k to 10k.

      I'm just highlighting to give you a better feel for the possible future expenses. Over ten years, you'll probably experience most of them.

      Delete
    2. Thanks for the response! I did not expect it to be this quick.. Really appreciate it.

      You're right, good thing I'm a bit experienced with OLD cars, that's why I already have a buffer of 50K for repairs (given that there are no MAJOR problems - finger crossed hehe).

      We travel mostly on weekends since I opted to "commute" daily on my way to office/home (because in BGC/Makati, bringing a car daily is hassle - parking, traffic, gas, plus extra headache/exhaustion due to driving/waiting). I save more than Php200.00 daily by not bringing a car, and a bonus "nap time" on my home riding a shuttle/van :)

      The only time I would bring a car on a weekday is if I my wife (or me) will be going home late at night.

      Again, I am very thankful for the response. It made my decision firmer than before. More power to you!

      Cheers! :)

      Delete
  13. Hi, im planning get car loan between rcbc and bpi bank.... i want to know their interest percentage... The car range in 1.189M...

    ReplyDelete
  14. I hope you you will pay attention in my concern...
    Thank you....

    ReplyDelete
    Replies
    1. Hi Anonymous,

      Car loan rates can change over time. The best option is really to visit their branch or contact the branch over the phone. It would be possible to look it up online via different sites, but there's no guarantee that those are the rates you will be given when you actually transact.

      Delete
  15. Hi Carlos.. im just really wondering if you could help me to be enlighten about getting my first car thru bank financing. Im an online freelancer earning 80k per month. Not sure which bank to choose or if oyu have an idea which bank approves car loan for freelancer like me. I can provide 1year bank statement and cert of employment. Proof of billing etc but unfoetunately no itr. Thanks

    ReplyDelete
    Replies
    1. Hi Kyle,

      Unfortunately all banks I know ask for the ITR as part of the application requirements.

      Maybe you could negotiate with your chosen bank and see if they can ask for something else. Other than that, maybe try in-house financing if they'll be more flexible (although that's also more expensive).

      Delete
    2. Why No ITR??? You are earning 80k a month.

      Delete
    3. If you earn that much working as Freelancer for non-local companies which means the job was not provided through the user of government resources, you should be able to provide your bank statements, company contracts or proof of remittance.

      Delete
  16. Hi Carlos / Kyle,

    I am also a freelancer and planning to get a new car this year. I spoke to a car dealership representative and she told me that they can provide a (FAKE) ITR for loan purposes only.

    ReplyDelete
    Replies
    1. I have the same dilemma, I'm a former OFW, been working overseas as an Engineer for 4 years and I settled back here in Manila for good. I have a contract job (1 yr extendable) in one of the IT companies in Makati which pays me 150K PHP. I just came here few weeks ago and been working to my new company less than a month. I dont have ITR. I can only provide COE, 1 month payslip, Bank Statements and my assets.

      Delete
  17. Hi,

    Which is more wise a car loan direct from car dealer or from a bank? ( lower monthly and low down payment.)

    ReplyDelete
    Replies
    1. In my opinion it's always better to go to the bank first. Canvass prices of the car, an then go to different banks to get the most competitive car loan.

      Delete
  18. Hi Carlos,

    I'm glad I accidentally found your blog. It's very informative. Hope you can help me on this.
    I'm planning to apply for an auto loan to buy a car that is raffle won. I've alraedy inquired on some of the banks,BPI, Metrobank and BDO if they can consider it as brand new. I believe brand new has lower interest rate than 2nd hand. BPI and Metrobank said it will fall under 2nd hand category. BDO said they can consider it but still need to appraise it and there is an appraisal cost (don't know how much). Do you know any other banks or any ways I can do to make it accepted by banks as brand new?

    Thanks. Appreciate you response.

    ReplyDelete
    Replies
    1. Hi anonymous,

      I'm sorry but I won't be of much help.

      If you bought the car from someone who won it in a raffle, then it's technically 2nd hand.

      The best ideas I have is to either work something out with the seller or shop around for the bank that will give the most consideration and lowest rate.

      Delete
    2. Thanks carlos. I've decided to buy a brand new car through bank finaning. I'm still thinking if i would go with bdo or bpi. Bdo offers low interest rate but i have to pay for chattel mrtgage and insurance. Bpi has free insurance but you will be Locked-in with their insurance co. for the next 4 years of your loan. Usually, how much is the cost of renewing the insurance? Thanks..

      Delete
    3. Hi Anonymous,

      It depends on the insurance. If you include Acts of God (or Acts of Nature, as sometimes called), it can be around 18-20k for the car mentioned in my article. But that specific clause costs ~4k per year.

      Over time the premium will also go down because the appraised value of the car also depreciates. without AOG/AON it can go down to as low as 11k or 9+k.

      Also worth noting: I've canvassed car insurances when mine expired. And the difference is usually just 1-2k per year for similar insurance coverage.

      In your case that mean maybe "overpaying" by ~8k over the 4year lock-in period.

      If I may offer unsolicited advice: compute and compare total cost, assuming you will overpay the insurance by maybe 8-10k.

      Both banks should be able to give you a figure of the total amount of the loan, and BDO should have a rough idea of the chattel mortgage. That way you will know how much money you will really shell out over the years. It's just easier to decide that way.

      Delete
  19. http://www.imoney.ph/car-loan
    Based from this website, security bank offers the lowest interest rate for car loans.

    ReplyDelete
  20. Hi carlos, I just read your blog, Its very informative. I just want to ask about PS Bank penalty for late payment in their car loan. I didn't clear it from them and unfortunately I am outside of the Philippines right now.I have to pay supposedly today to my KIA sportage which will end on March 2016. I am Paying 31K monthly. How much is my possible penalty for my late payment? My relatives told me that the penalty is 2k per day until I pay my due date payment.

    ReplyDelete
    Replies
    1. Hi Anonymous,

      Sorry for replying so late. But I don't know either how much your penalty is.

      Personally, I suspect it's not that high. I was once late for my payment by a few weeks. The total penalty wasn't more than a few hundred. PSBank could be higher, and I really wouldn't know. But hopefully it isn't 2k per day.

      On the other hand they have a "rebate" that you get when you pay either on time or ahead of time (I forgot which). So maybe the rebate plus the penalty would sum up to something sizeable.

      Delete
    2. It shouldn't be that much, though your monthly is surprising big.
      It should be just around PHP250 per day based on your monthly.

      Delete
  21. I already missed 3 months of amortization.. do banks do payment arrangement?

    ReplyDelete
    Replies
    1. I'm sure they'll try to work something out with you. Howeve, expect resistance since they can reposses the car you loaned.

      Still it might be more profitable to come to an arrangement with you rather than reposses and auction it off for a low price.

      Delete
    2. hi carlo.....how many days/months for the bank to reposes the car that we loaned and there is any possibility of accounts reconstruction, so that both party will not be in a lose-lose situation.

      Delete
    3. I'm not entirely sure how much grace period they give before repossessing.

      That detail should be in the contract you signed with them, which you should have a copy of.

      Yes, they do allow you to make good on the loan rather than just repossess your stuff. In general they prefer money, not stuff they'll have to sell.

      And if I may be blunt, it won't be lose-lose. It will be either win-win (they get the loan payment, you get the car) or win-lose (they get the car, you get nothing).

      It's best to negotiate sooner rather than later. So I would not recommend waiting for the time they're about to repossess the car.

      Delete
  22. Hi Carlos, First of all, this blog is so informative and I thank you for that!
    Now, im really looking forward in getting a new car, my confusion is that: do same bank brands (ex BPI) offers different promo or calculation to different branches?

    And is it harder to get approved to a bank if I don't have account with them?

    If I dont like to have the 4yr locked-in insurance. What are my options?

    Thank you in advance! Godbless you!

    ReplyDelete
  23. Hi Carlos, First of all, this blog is so informative and I thank you for that!
    Now, im really looking forward in getting a new car, my confusion is that: do same bank brands (ex BPI) offers different promo or calculation to different branches?

    And is it harder to get approved to a bank if I don't have account with them?

    If I dont like to have the 4yr locked-in insurance. What are my options?

    Thank you in advance! Godbless you!

    ReplyDelete
    Replies
    1. Hi anonymous,

      Thanks for the kind words.

      As far as I know, banks won't have different loan terms per branch. It all gets cleared with the head office.

      The closest thing to that situation is if you are friends or close with the branch manager. But the only impact of that is they're more likely to give you the best terms possible. Though they might do that anyway if the bank is aggressive in getting loans.

      It's better to have an account with them because it's additional "proof" of your credit history. As far as I know the branch personnel will suggest opening an account with them. It's most likely a good idea to do so if you're set on loaning from them.

      The locked in insurance is part of their promo (1st year free insurance). If for some reason you really want to loan from them but don't like the lockin, I guess you could ask that you avail of the normal non-promo loan.

      For brand new cars though, you're required to have insurance. So you'll have to either get the one from the dealer, bank or make he effort and get your own.

      It's usually most convenient to get the insurance from the dealer and just switch next year if you want. Assuming you want to avoid the lock in from the bank.

      Delete
    2. Hi anonymous,

      Thanks for the kind words.

      As far as I know, banks won't have different loan terms per branch. It all gets cleared with the head office.

      The closest thing to that situation is if you are friends or close with the branch manager. But the only impact of that is they're more likely to give you the best terms possible. Though they might do that anyway if the bank is aggressive in getting loans.

      It's better to have an account with them because it's additional "proof" of your credit history. As far as I know the branch personnel will suggest opening an account with them. It's most likely a good idea to do so if you're set on loaning from them.

      The locked in insurance is part of their promo (1st year free insurance). If for some reason you really want to loan from them but don't like the lockin, I guess you could ask that you avail of the normal non-promo loan.

      For brand new cars though, you're required to have insurance. So you'll have to either get the one from the dealer, bank or make he effort and get your own.

      It's usually most convenient to get the insurance from the dealer and just switch next year if you want. Assuming you want to avoid the lock in from the bank.

      Delete
  24. Hi Carlos, thanks for your quick response! I'll go ahead and try the non-promo in the bank + car dealer insurance deal. I might get better discounts through that. Also, I went to BPI and BDO yesterday and got their quote, I can send it to you for your own reference. Today i'll go to other banks and see their offers.

    Can you tell me about the chattel mortage, should I also consider that amount? Is it yearly or 1 time payment?
    And which its a better deal in the long run lower AOR or lower interest?

    Thank you again Carlos! :) Godbless! More power to u!

    ReplyDelete
    Replies
    1. Hi anonymous,

      Yes please send me the new rates you get. Thanks in advance!

      Chattel is a one time thing. You should consider that too. But since its one-time, it's not a big factor unless the difference is really big.

      Personally getting the lowest interest is the best deal. Then, if you have lots of cash go for one month advance instead of AOR; that results in a slightly lower monthly payment. The only downside is the big initial cash out.

      Also, banks by law are required to show you total amount you will be paying when you take out a loan. You can try asking them about that to get a better comparison. Although some may be hesitant to prepare such a detailed quote for a casual inquiry. And that's not against the law.

      You could instead narrow down your choices and then try to proceed as if taking out a loan then back out from the expensive ones when you get the detailed quote.

      Delete
  25. Hi Carlos!

    I'm really glad I found your blog. We are planning on buying a new car, and this is our first time, so we have really no idea with regards to the diff aspects of owning a car. Anyway, we are planning to purchase a honda city worth 799k. With 58k dp because of their promo and 17k monthly for 5 years. The first bank to approve our loan was PS Bank. Question: will the monthly amortization change based on the rates of the approving bank? Thank you. And if you have any other tips/suggestions for 1st time car owners, please do so and I'll be forever thankful. Will explore your blog if ever you already have discussed that topic. Thanks again!

    ReplyDelete
    Replies
    1. Hi Tokie,

      Thanks!

      Yes, the monthly amortization will depend on the terms you sign. So it will vary if the interest rate is different (or if you increase the downpayment, shorten/lengthen the life of the loan).

      You can try my other post: 9 Money-wise Tips For First Time Car Buyers http://www.personalfinanceapprentice.com/2013/11/9-money-wise-tips-for-first-time-car.html

      And actually I have a post about car loan coming out this Thursday: Car Loans - What You Need To know http://www.personalfinanceapprentice.com/2015/08/car-loans-what-you-need-to-know.html

      Delete
  26. Hi Carlos, sorry for the late reply, I'm not around the past few days and I haven't sent the quote from the banks i checked. But will definitely send it to you,(but how can I send it you though?)

    I have checked 8 banks i think, also in the same area - Ayala ave. lols (i just read from your part 1 &2) and your right, some of them are not giving so much info. Since i'm a first time buyer, i'm trying to do homework as much as possible before committing to any of them..

    Hope you can help on this part...

    - In buying a new car, are these the only 5 things i need to consider?
    1 Montly Amortization
    2 Total interest
    3 insurance cost
    4 Chattel
    5 freebies/promos

    - What should be the default freebies when I buy a new car? (because other bank/dealers add cost to it)

    - does it make any difference to get pre-approved if I don't have an account to the bank I wish to get my car loan?

    - Do car dealers per branch offer their own promos?

    Thank you again Carlos in advance.


    ReplyDelete
    Replies
    1. The actual question about getting pre-approved is, if its okay to get pre-approved from multiple banks at the same time? I'm planning to get pre-approved from china, metro and bpi to get their best offer. Would that affect my credit score? Thank you Carlos.

      Delete
    2. Hi Anonymous,

      Yes, you can get pre-approved form different banks and choose the best one. It's basically just a background check and you give them some of your info.

      It doesn't affect your credit score if you get pre-approved and don't use it.

      (On a side note: there is no credit score in PH, as it exists in US or other countries. At least no yet. When it starts, it will probably include this loan. however, not using a pre-approved loan isn't a negative factor. What would matter more is if you missed a payment.)

      Delete
    3. Yes, those are the 5 things you need to consider.

      The default freebies are free LTO registration and free car seat covers - both from the dealer. The bank can give various promos but no "default"

      You should be bale to get pre-approved for your loan even if you don't have an account with them.

      Yes, the same exact car can have different discounts or freebies depending on the dealer/agent. Canvass different dealers for best results :)

      Delete
    4. BTW, pay close attention to Total loan amount and monthly amortization.

      A lower monthly amortization is good for your cashflow and somehow makes it less likely to miss a payment.

      A lower total interest of course mean you aren't paying more than you need to for the loan. This usually means lower interest rate and shorter loan term (less years to pay).

      However, the two counter each other. Extending the loan will lower the monthly but increase the interest paid, and vice versa. So try to find the right mix where your monthly budget isn't too strained so that a sudden emergency will not cause you to miss a payment.

      Delete
    5. That's really cool Carlo, ill go ahead and get pre-approved to bpi, metrobank and cbs. I believe they're still the most competitive among the banks i visited by far.. I will update you soon. Thanks again!

      Delete
  27. Hi Carlo, I went to 2 dealers of the same brand today, and you are right, they have their own promo/offers. but what i don't get is that, Branch1 downpayment is about 100+k with a discount of 45k, while Branch2 is about 70+k with a discount of 78k, both at 20% but their amortization is exactly the same at 14k for 5 years. The reasoning of Branch1 is because the car is in-demand and need to down big to reserve it which i really don't think it doesn't make any sense. Branch 2 said that they will just need 5k to reserve it. Why is that? I don't know which is which?

    When it comes to freebies, they're almost the same, but Branch1 toggled LTO, insurance, chattel and rust proofing in the downpayment that cost around 80k. But Branch2 says that LTO, insurance and chattel are free for free.

    Based on this equation, is it obvious that Branch1 is trying to get money out of me? or Branch2 is probably hiding some hidden charges. Which do you think is a better choice? Thanks again Carlo and Godbless you more!

    ReplyDelete
    Replies
    1. Hi Anonymous,

      Let's tackle the easy questions first, then progress until we can rationalize what those branches are doing...

      Rustproofing is included in all brand new cars. You don't need to pay additional for it anymore than you would pay for side mirrors or tires.

      If insurance is free, then it's free only for the first year and you are locked in with that insurer - possibly for the duration of the car loan. In these cases, the succeeding years usually have higher premiums than the most competitive offer and you are practically "paying" for the free year.

      LTO is always a freebie, as far as i know. Chattel can be free, but usually not.

      (On a side note, if the car is so in demand, then why give discounts? Discounts are usually there to sell more of something. If there was such great demand, they wouldn't need to add further incentives like discounts.)

      (Also: Are the loan terms from a bank or the dealer?)

      If the loan amortization are exactly the same, then the down-payment is the only variance. I'd say choose the one with the lowest down-payment or total upfront cost.

      Doesn't make sense to spend more at the start only to pay the same monthly amortization.

      Does Branch 2 have hidden charges? Well, you'll need to clear that with the agent/dealership. Just ask them straight what are all the things you'll need to pay. (but you've already gone over the usual ones, so I'm expecting they've got nothing hidden.)

      Is branch 1 trying to get money from you? Well, to be honest all branches are doing that to you. But maybe branch 2 is not trying to get as much as branch 1.

      Or vice versa. I didn't really understand the amounts you quoted. Branch1 = 55k down-payment (100-45) but branch 2 will actually give you money? (70+k with discount of 78k = they'll give you cash to buy their car?)

      Delete
    2. P.S. All the cars are form the same manufacturer. Most likely from the exact same manufacturing plant. There's no practical reason why one branch would need a bigger reservation fee than another. Except maybe that they are able to charge more since they have a lot of customers and can afford to cater only to the ones willing to shell out more instead of courting everyone just to make or exceed the sales quota.

      Delete
  28. Hi Carlos, can I negotiate with bank reps if they could give me a 10% downpayment instead of the minimum 20%? I heard from BPI they allow this but not sure with other banks..

    ReplyDelete
    Replies
    1. Hi Jeric,

      Yes, you can always try to negotiate for a lower downpayment. However, at least a few banks will decline.

      I know that's vague, but the process governing whether they say yes or no is a little opaque. If you have a long and good credit history with them, plus very ample capacity to pay, and they're aggressive in loaning (it is after all banks' primary source of income); then they'll probably say yes.

      If they're being conservative with their loan portfolio, and/or they don't know you all that much, then they'll probably say no.

      Different banks will also be in different situations, so it's really a matter of finding the ones who'll say yes.

      Delete
  29. Hi Carlos, can I negotiate with the banks if they could give me a 10% dp instead of the 20% minimum? I believe BPI is allowing this but not sure with the other banks..

    ReplyDelete
  30. Thank you Carlos, and if they agreed on a lower dp %, that will eventually increase the MA right? But can they also retain the same interest rate despite of a lower dp? I just want to minimize the cash out but keep the interest rate as low as possible.

    Also another thing, once I get approved from the banks, how do I approach to get their computation for me so I can start negotiating and comparing? Thank you!

    ReplyDelete
    Replies
    1. Yes, the total amount to be loaned will then increase. This will then increase the monthly amortization.

      The interest rate could remain the same. It could rise very slightly. It's hard to tell, since it's a little opaque how they quote you an interest rate.

      By getting their computation, I assume you mean the sheets of paper describing your loan: total loan amount, interest rate, monthly amortization, schedule, etc.

      Most banks don't give that until you've loaned from them. But once you get pre-approved, just ask those details (which they are obliged to give) and write them down. You can then get pre-approved by a lot of banks and then compare the details of each.

      Delete
  31. hi carlos,i would like to ask coz i just got my new car,thru psbank how would i know if when is the due date for my first payment?would the bank call me to inform me the exact date?coz what i received the other day is just a txt msg from a bank rep informing me that i could now open an account with them and jst let them know what bank branch is convinient for me to open an account,theirs no specific info on the date for first payment and could i request for a specific date for me start paying my car loan?say for example due date is on oct 15 or every 15th of the month,can i request the bank for me to have the first payment on oct25 or every 25th of the month instead? thanks hoping for ur quick reply

    ReplyDelete
    Replies
    1. Hi Anonymous,

      I'm not sure if psbank lets you choose outright your amortization date. However, it's at least possible with all banks.

      What you received is their approval. Basically, you've been approved for a loan, so now they want you to open an account with them and begin the loan process.

      Assuming that they are your bank of choice, go ahead and proceed to your chosen branch and open an account. You should also air out all your requests/concerns (so list them down before heading to the bank; it's more productive if you raise them before signing any papers). It would also be best if you would be talking with one of the bank's officers or at the very least a staff who knows very well all the details.

      If the bank rep seems clueless, lazy, or even just indifferent, and somehow does not let you talk to an officer, do yourself a favor and walk out. Even if that's the bank with the best rate, there should be another branch you can comfortable conduct business with.

      With regards to the "due date" it will at least partially depend on the date the car purchase is made. Let' say you're paying in arrears (essentially, first payment is one month after the purchase), then simply time the purchase so your due date will fall on the 15th.

      The bank officer should have no problem helping you time this. You just have to be reasonable and go along with the necessary timing of your car purchase as well. (In fact, the bank officer who helped me with my loan volunteered to help me time my amortization if I had a specific date in mind).

      Unsolicited advice: if you're trying to time the amortization with your payroll (hence the choice of 15th), it's best to give yourself a couple of days of leeway, in case of weird, though rare, situations where the 15th is a holiday but payroll was not credited beforehand. So maybe 17th or 18th? You could always deposit payment early.

      Delete
  32. I choose Metrobank ,though the down payment is huge but commissions goes to the client..BPI won't intervene if you already deal the price with the salesman.they'll definitely follow that arrangement. Whereas in metrobank somehow they help you fix your clumsy ,stupid decision of dealing it with the salesman before consulting the bank hahahah

    ReplyDelete
  33. Hi Carlos, I would like to ask if you know the turn around time for banks to approve loans thru dealers. I submitted by application from to the dealer Monday this week. Does it take 5-7 days normally? Will they also inform you if your loan has been declined? Thanks!

    ReplyDelete
    Replies
    1. Hi Anonymous,

      Unfortunately I don't know the turnaround time. If you dealt with the bank, they would inform you directly. If the dealer did it for you, the bank would inform the dealer. And then the dealer will inform you.

      Going through the dealer possibly adds to the waiting time, but it's probably negligible if your agent is very proactive.

      And yes, in either case you will be informed if the loan is declined.

      Delete
  34. Hi Carlos just want to thank you because your site is very informative! Good job keep up the good work. You've help me in so many ways!

    ReplyDelete
  35. gud day sir..im having a hard time if il buy a brand or second hand car.il use it for delivery.my friends advise me to buy a new one the diesel type like the mitsubishi fb l300.unfortunately its quite expensive compared to suzuki apv panoramic which is gas type..if il buy a second hand I wont b sure on wat problem may occur in d future esp.to diesel type.pls help me to decide.the disadvantage if I buy d suzuki according to them its not yet proven to have a excellent performance bec.it was not design for heavy loads..pls.help me to decide..tnx

    ReplyDelete
    Replies
    1. Hi Anonymous,

      Tough choice.

      Since it's for a business, I'm assuming the factors you need are:
      Reliability (the more consistent your work, the more "consistent" your pay)
      &
      Expense (the lower the better, of course)

      The Suzuki seems the lower expense, at least upfront. You still need to verify how reliable it is. The more frequent the repairs, the less you save... at worst, you actually spend more.

      Also how "cheaper" the operating cost is (in this case that mostly means fuel consumption). Diesel is cheaper than gas. But make sure it's consumption of Diesel is at most at par with the gs engine counterpart (i.e. both 8 km/liter or Suzuki has higher efficiency.

      Best way is to ask people you know (who have or have driven either vehicle) about these factors.

      For me, I'm more biased towards reliability. But you will need to balance the expense with the expected income. If the income is really minimal, maybe it's best to go with the cheaper option.

      Also, you could factor in the opportunity to expand. If the income is ok, and you can expend (i.e. deliver more, increasing the "stress" on your vehicle) then maybe lean more towards reliability.

      I'd love to give a more concrete and solid advice, but it's best that you look at all these factors yourself, firm up your plans, and see which risks are worth taking.

      Delete
  36. Hi carlos..im so glad for this very informative blog plus series of comments here
    It made me enlightened about car loan and those i need to consider prior to taking a actual loan, may it be from bank or dealer.. with that, thank a lot!
    So as ive mentioned, we are not on the process of taking car loan
    I saw this site
    http://www.imoney.ph/car-loan
    Do you think this is updated?
    Coz if so, i will just have to consider the first 3 banks listed there which are security, metrobank and bpi.
    Thnks in advance and more power..

    ReplyDelete
    Replies
    1. Hi I'mmrsalwayzryt,

      Yes, as far as I know that site is usually updated. At very least it's more up to date than the rates I mentioned here.

      And those three instinctively make sense. Those are usually the banks that give the most competitive rates, from what I usually hear.

      Delete
  37. Hello! I just want to ask if i can be approved on car loan if i have negative findings in my credit card and not yet been settled it. The bank is easwest.

    Thanks.

    ReplyDelete
    Replies
    1. Hi Anonymous,

      It's possible. But if there are negative findings, the likely outcome could be that you get quoted a higher interest rate or not get approved at all.

      However, it's free to try and then just compare what other banks will quote you.

      You could also settle your credit card first and then apply for a loan if the quotes you get are not amenable to you.

      Delete
    2. same tayo.i have problem too in my eastwest credit card.so far declined po ako sa mga banks..may magagawa paba ang agent ko dito?

      Delete
    3. Your agent (car dealer?) won't be able to fix your credit card problem for you.

      What they could do is provide you in-house financing. Basically buying the car on installment at a higher price. Same deal as with a bank: they can repossess, but the interest rate is higher.

      I strongly suggest fixing your credit cards and other thigns that may be wrong with your finances before taking out a car loan. The only exception would be if you will be making money from the car in question.

      Delete
  38. Hi Carlos! Base sa mga post mo Metrobank ang pinaka maayos magpa auto loan so kukuha po ako kaya lang alam niyo po ba 2nd at 3rd year cost ng insurance sakanila? baka kasi bawian din lang ako doon kaya free chattel :( Thank you.

    ReplyDelete
    Replies
    1. HI Anonymous,

      I'm not sure what their 2nd and 3rd year car insurance rates will be.

      However, that's usually only a concern if the promo is free first year insurance. With that, you're locked in for a few years, no matter the price. Free Chattel, to the best of my knowledge, doesn't usually lock you into a specific insurer.

      Delete
  39. Hi carlos,

    Just wanna share my experience with bpi since you mentioned that they are terrible handling their loans. I applied for several dealership and the send my application to bpi. When i called bpi cust service they said that it was approved then ofcourse I already ask around from dealerahip the best deal then one dealership called then and confirmed that it was approved then when I decide to get the unit bpi said that it was no approved saying the approval on my application was for a different client. This really pissed me of after all the preparation and getting a garge for my unit plus the expenses. All i get was an apology and no one from bpi personel called me and explained to me exactly what happen. You're right they sucks and i hope your reader read this and be very careful dealing with #BPI. right now i close all my acccount wwith them.

    Thanks.

    ReplyDelete
  40. Hi carlos,

    Very informative for first timer.

    I just wanna say taht your right about BPI. They sucks at managing thier car loans.

    I had an exp with them. Last sept I planned to get my first car loan (bramd new) so i inquire from a dealership in pasig and was qouted. They ask me to send them i initial docs so they can submit to the banks. I agreed and send them my docs. I got calls from diff bank verifying that im applying for a car loan. Bpi called and i calles them 2nd week of oct and was advise by the customer service that it was ready approved since Oct 1 so I ask what is the next step. I was told that somebody from loans dept will call me early next week about the info and what to do next. The cust service was unable what dealership it was for and i was told that i can usse it to any dealership. Come monday next week no call was received so i call the dealership and verify with bpi that it was approved. So the dealership prepared my unit and finalized the dp, monthly and other fees and freebies. Then when i ff up with the bank after 3 days of waiting from bpi i was told that the approval was tagged under my name incorrectly and i was pissed off bec the approval was oct 1 and ita already 15days since then and no one informed me and i was even informed that it was approved. This really make me frustrated on how BPI was very CARELESS. and INCOMPETENT in handling this sensitive matters. I demanded a letter of explanation explaining that it was their mistake and how and what went wrong in their process. Until now no one tried expalining it to me until now.s

    So to your readers be careful with BPI you can get stressed and very frustrated with this bank its not worth it.

    ReplyDelete
  41. This comment has been removed by the author.

    ReplyDelete
  42. Hi Carlos, id like to apply for a car loan and here is my current status. Kindly advise if maliit chance n maapprove ako
    - Credit card balance: 20k (babayaran ko dn nmn soon)
    - Pag ibig lot loan: 3700 a month
    - currently no bank loan. Pero meron dati chinatrust. Ung latest loan ko s chinatrust, lagi delay payment ko. Pero nbyaran ko n in full
    - Employed: 4 months s current employer, 8 yrs sa previous employer
    - Salary: 52k

    Im just wondering kung malaking factor ung lumipat ako ng company. Naaprove n ko ng car loan last feb 2015 s ldb and psbank. Pero d ko tnuloy. Ngayon gusto k n tlg ituloy. Thanks!

    ReplyDelete
    Replies
    1. From experience, it is a factor that you are new to your job. But, at least from what I saw, it doesn't seem to be a big factor.

      They're more fussy about your tenure if you work in a call center, though.

      However, that credit card balance, can be a negative factor also. That pag ibig loan might not be.

      But they will probably also look at your capacity to pay. As in, how much of your income is left after deducting all those loans/bills.

      You could probably still get approved though. But you might get better terms if you fix those negatives first. But it doesn't hurt to try and get a quote now (just because you applied and they approved doesn't mean you are on the hook; you can still just back out with no commitment).

      If you don't like it, then try fixing the negatives first and try again.

      If you need the loan now, then just bite the bullet and make room in your budget by saving more and cutting expenses.

      Delete
  43. I am wondering how and when can I`ll be approve for a car loan? I know it is too early but I am actually planning it soon. I am working in a bpo, 1 year tenure, no cc issues, and first time loan application if ever, but the thing is my income is only 15k, would it be possible na ma approved ako if not thru bank , sa sss or pagibig ako lalapit? Though it`ll take time like for the payments process and whatsoever, haha I really don't know what are my plans for now but planning to have something that I owned and take it via loan or borrowed money first.para flexible. I know I have short income and really need to have big savings and currently working on it now to finally get the things that I want.I really admire this article it helps me alot .

    ReplyDelete
    Replies
    1. I strongly suggest that you enhance your finances first before proceeding. 15k income is not bad. But it's better if you have an emergency fund. Also, if you haven't already, save up for a large down-payment to minimize the cost of the loan.

      But yes, I think it's possible for you to get approved for a loan.

      Delete
  44. Hope I'll be notified forgot to click the notify button..

    ReplyDelete
  45. Good day Carlos,
    I'm planning to buy from toyota here's the quotation:
    Unit / Model Wigo 1.0 G TRD A/T
    Standard Retail Price 618,000.00
    FREIGHT ON BOARD 22,000.00
    3 Years LTO Reg. 10,000.00
    Insurance 25,130.00
    Downpayment 104,200.00
    CHATTEL 18,998.00
    DISCOUNT (20,000.00)

    But I'm planning to pay it cash so 618K + 22K + 10K + 25.13K
    minus the discount 20K so 655.130K
    my Question is it reasonable for the insurance costing 25K considering the amount of car?
    or can I get separate car insurance directly from bank or I will just stick to the car dealer insurance...

    Thank you.

    ReplyDelete
    Replies
    1. You could try getting quotes from other insurers, that's really the only way to know if 25k is "reasonable".

      You can get insurance technically from anywhere. Though it's usually most convenient to get one from the bank or car dealer (hence, most people choose that for at least the first year). If you choose a different insurer, you'll have to make the arrangements yourself, though they would also have agents, so it shouldn't be too hard.

      most importantly: congrats on being able to pay in cash!

      Delete
    2. Thanks. Yes you are correct much better i will get my insurance inhouse hustle free for at least in my first year.
      Thanks anyway you convinced me to choose inhouse I think its the best choice...

      Delete
  46. Hi Sir Carlos

    How about buying agricultural land thru bank financing, pwede mo po ba ako bigyan ng details. OFW po ako at balak bumili ng malaking farm lot na may sukat na 1.5 - 2 hectares, my monthly salary is 60k(converted to pero) pero wala po akong idea anong bank nagbibigay ng loan maka-acquired ng farm lot, documents na required para maapproved yung loan. Not related to car loan pero sinubukan ko lang Sir, any suggestions will be appreciated.

    ReplyDelete
    Replies
    1. Hi Michael,

      That's actually a great idea. Unfortunately I have no experience with that. But I'll try to help anyway:

      1) The process will most likely be similar to a home loan (for lot purchase). You'll have to go to the bank of your choice that "handles" the area where the farm lot is. My guess is you'll have to get details about the farm lot (buying it from someone else? no owner yet? get info from barangay, etc.) and then approach the bank, telling them you're interested in taking out a loan to purchase a farm lot.

      Most likely the farm will also act as collateral (if you don't pay, they get it). They might be strict with your financial background, since a farm isn't as easy to re-sell as a house or car.

      2. You'll need someone to manage and/or look after the farm. Even if it's in the middle of nowhere, if you leave it alone, you might be surprised that one day it'll be home to squatters.

      To answer some of your specific questions:
      1. I'm not sure either, but I'm guessing any of the big banks (BPI, BDO, Metrobank, etc.) near the farm lot would be able to accomodate you. I think it's still just a "lot purchase" technically, so the mechanics are probably the same as if buying a small lot to biuld a house on someday.

      2. For the documents required, Im not sure either but: title for the lot, proof that the one selling to you is the owner, or there is no owner, your ITR, payslip, certificate of employment (to gauge financial capability), sedula, fill out form from the bank, 2 government IDs (the usual). There might be more, but I'm sure at least those will be required.

      Try going to and joining OFW usapang Piso forum on facebook. You can get advise from other OFWs (on a lot of matters, not just farming), and they have a section on farming (not necessarily farms of OFWs, but still useful..)

      Goodluck!

      ...Remember to come back and tell us the whole story once you launch your hacienda! :D

      Delete
  47. Hi. Can I personally ask for help to make a review of my auto loan interest rate? I will send you a copy of my papers. Thanks!

    ReplyDelete
    Replies
    1. Hi Siegfred!

      I would not advise that. Better to just ask other banks and compare yourself, rather than share important personal info contained in those papers.

      Delete
  48. Hi! Just want to share our experience about the topic (car loan thru bank finance..)..this may be a great help or reference to all who's also planning to go for bank finance..
    First, I think it's true that when you'r mom already, u'l never stop until you get the best price on all your expenditures..in our case here, i really put all my efforts analyzing which bank can give us the lowest interest rate..
    After series of research, also i posted a question here to carlos, btw thanks carlos it really helped,
    I sent my application to 3 top lowest interest rate banks, bpi metrobank and security bank.
    1. BPI- I read some bad comments here..tho my experience was not that much bad as others here, i dont think they're accommodating enuf to dealt with me. After i submitted the information like dealers name, unit and amount, they seldom called me for the status of my application. For BPI, forgot to mention that they are actually my 1st choice since we have our joint accnt on them, it took 1 week before we got the approval.
    Since their rate is so close with the other 2 banks, and they cant waive the chattel mortgage, i turned them down.
    2. Security bank- i dont have much to share with this bank except that they are one of with lowest interest rate on car loan.
    With them, it took 3 days to get my approval
    However when i compared, even if the chattel is free, the insurance is locked up for 5yrs. Still not the best price for me
    ..well, to my surprised, when i told them about the rate i got from metrobank, they are so willing to give the same and even willing to lower further their rate so i would go for their rate..unfor2ntely, i have already submitted other requirements to metrobank so..probably in the future, i may reconsider them again..
    3. Lastly, Metrobank- for me they have the lowest rate among all banks.
    Plus points were free chattel and free insurance for 1 yr but we'll just be locked up for 3yrs. Unlike security and bpi that the locked up period is 5yrs.
    So when you compute the overall expense including insurance pymnt, Metrobank is really the top for me.
    For the approval period, it just took us 3days also.

    That's all during the application period.

    Now let me share our on-going agony..

    Btw, our first Dealer is at Toyota Pasig
    We realized that tho the bank loan is really cost effective, we found out that it's actually wasn't so easy and fast to get your desired unit after telling your dealer that you'd rather go for bank loan than their inhouse finance. Im not sure with other dealers but with toyota, this is what we experienced.
    Ive talked with 3 toyota branches like shaw, cubao and this worst branch toyota pasig
    After they knew that we are bank loan, they dont give much info and unwilling to process our application.
    With these 3 branches, we submitted toyota pasig as our dealer to metrobank.
    The reason why i said they are the worst was because they let us on waiting list for a month with no guarantee when we can have our unit. According to the agent they have low inventory in the HO.
    But when i inquired to toyota marikina i was surprised that they have available units.
    I think its not really that they dont have units but we're just not their priority because they have clients who's getting their inhouse finance. Too bad for us to be discriminated..��

    Now we are waiting and trying our luck with toyota marikina.
    Our problem never stopped on the dealer issue, now metrobank is taking too long to release the PO..
    So still we cant have our dream car!

    Well..somehow we're losing hope and thinking of quiting this all mess..
    But..let's see on the coming days.

    Gudluck to everyone.
    Hope you can get some idea here...

    ReplyDelete
    Replies
    1. hi sir, did your dream car ever materialize?

      Delete
    2. Thanks for the sharing of the 3 banks you mention as I still looking for a bank that can finance my dream car (either ford eco sport or chev trax), btw, can you give me some tips for all freebies that I may negotiate to the bank such as the free insurance, act of God, free seat cover, etc?

      Delete
    3. Hi Anonymous,

      For the most part, there isn't much you can negotiate with a bank. They have promos (insurance, lower rates, etc) which you can ask about. You could try negotiating with them, though. it never hurts, and maybe you can get something.

      A dealer is more open to negotiations. However based on comments some comments here, they may not be so accommodating with people who already have a bank loan approval. In my case that wasn't the case, but maybe because my bank luckily had some sort of partnership or tie up with the dealer.

      Delete
  49. Here's my case: I'm availing a car plan of 50/50 from my employer and I would like to know whether a NO CASH OUT bank financing exists. Our wages are transferred through BPI and it's more likely that I apply through the branch where our accounts were opened. Any advice? Thanks.

    ReplyDelete
    Replies
    1. Hi Anonymous,

      I have never heard of any no-cash-out promo from any bank or dealer. The closest is a very-low-downpayment promo.

      Can't really give any advice; that 50/50 split sounds great already :D you basically got 50% off on your car!

      Delete
  50. After po maapprove ng bank yung car loan ano po b ba ang next step.sales agent po ang nag paapprove

    ReplyDelete
  51. After po maapprove ng bank yung car loan ano po b ba ang next step.sales agent po ang nag paapprove

    ReplyDelete
    Replies
    1. sales agent of the car dealer? if so then probably get the car... better ask the dealer or the sales agent.

      Delete
  52. Hindi ko po maintindihan kung bakit mas malaki na yung babayaran kumpara dun sa srp kapag lumapit ako sa bangko.

    Halimbawa po, gusto ko magkaron ng hi ace commuter brand new ang srp 1,309,000.00. Tpos magdodown ako ng 400k, di po ba dapat yung matitira e hahatiin sa kung ilang bwan ko sya babayaran?

    Bakit po nung nagpunta ako sa metrobank ang lumabas sa qoute nila kung madodown ako ng 324k,ang magiging monthly ko nasa 20K? At kapag minultiply ko po iyon sa 60 mos, nasa 1.5M lahat ang gagastusin ko. Meron syang 200k na sobra kumpara sa srp ng sasakyan. Ibig sabihin na po ba, ito na yung kikitain ng metrobank kapag sa kanila ako lumapit?

    Lastly po, ano po ba ang masasabi mo dun sa offer nila na DP na 324k at magmomonthly ako ng 20,219? Total cash out 407k kung kasama na po yung chattel, insurance etc. Nasa magandang deal na po ba ako?

    ReplyDelete
  53. Hindi ko po maintindihan kung bakit mas malaki na yung babayaran kumpara dun sa srp kapag lumapit ako sa bangko.

    Halimbawa po, gusto ko magkaron ng hi ace commuter brand new ang srp 1,309,000.00. Tpos magdodown ako ng 400k, di po ba dapat yung matitira e hahatiin sa kung ilang bwan ko sya babayaran?

    Bakit po nung nagpunta ako sa metrobank ang lumabas sa qoute nila kung madodown ako ng 324k,ang magiging monthly ko nasa 20K? At kapag minultiply ko po iyon sa 60 mos, nasa 1.5M lahat ang gagastusin ko. Meron syang 200k na sobra kumpara sa srp ng sasakyan. Ibig sabihin na po ba, ito na yung kikitain ng metrobank kapag sa kanila ako lumapit?

    Lastly po, ano po ba ang masasabi mo dun sa offer nila na DP na 324k at magmomonthly ako ng 20,219? Total cash out 407k kung kasama na po yung chattel, insurance etc. Nasa magandang deal na po ba ako?

    ReplyDelete
    Replies
    1. Hi Anonymous,

      You are paying higher because you are getting a loan. So the interest of the loan is added to the SRP.

      If you did not get a bank loan, but do not also have Php1.309M in cash, the dealer would also offer you a loan (usually at higher interest than a bank).

      If you really want to know if you are getting a good deal, I strongly suggest you ask other banks. The rates and promos they give changes from time to time, so the only way to make sure you are getting a good deal is to see what other banks are offering.

      Delete
  54. Hi.im really very glad to see your blog. My question might be stupid but ill shoot anyway. I have a car allowance from my company which is 16k a month. i went around car dealers to ask for quotations. Initially the agent (kia) was the one who sent my application through bdo and got approved. Ang application ko is for a high end kia rio pero ngyon parang gusto ko na ng picanto dahil for personal use ko lang naman and my workplace is just like less than a kilometer from my home haha so i told that to my agent na picanto nalang pero sabi nya baka di na daw pwede baguhin and i need to apply for another loan. Ganun ba talaga or i can go directly to BDO to have it replaced

    ReplyDelete
  55. Hi Carlos,

    I have a question actually dami ko na natutuan sa mga q&a sa taas but my concern is different.

    Meron akong partner and we are living together for more than 1yr na and ang combined income namin e nagrrange sa 45-50K a month. going 7 months na kami sa company (call center). San mas mabilis maapprove ng loan for Toyota Wigo A/T bank or in-house and san kami mas makakatipid?

    Budget kc namin sana is al least 3yrs loan and ang downpayment namin na kayang ilabas is 25-40K lang.

    Tingin mo may chance kami maaprove?

    ReplyDelete
    Replies
    1. Hi Anonymous,

      My advice is go to a bank (with good rates) rather than in-house.

      Saan mas makaka tipid? sa bangko; parating mas mataas ang in-house, compared sa competitive na bangko.

      Saan mas mabilis ma approve? well, yan ang hindi sure. mabilis naman ang mga bangko, pero syempre mas eager maka benta ang dealership. I think ang pinaka important eh kung ma approve kayo ng bangko, kasi sa pagkaka alam ko minsan may slightly tougher requirements sila pag call center - usually dapat mejo matagal na sa call center.

      sa downpaymewnt... I think kaya yan kung may promo. Usually kasi 20% talaga ang downpayment (so approximately 105,200 to 112,200 based on current 2016 prices). Pero kung may promo sa dealership kaya siguro

      But advise ko is pag ipunan talaga muna ang downpayment. Pag malaki kasi ang downpayment, mas konti ang interest na babayaran.

      Delete
  56. Hello po sir Carlos, do you know any good banks with good prices offered now for 2016 Ford Wildtrak 2.2L 4x4 MT? Because at AUTOSEARCH MANILA posted an increase of 500k pesos at most if I get it in installment. Do you have any idea why Ford Charges so high interest rates or is it the banks?

    ReplyDelete
    Replies
    1. Hi Anonymous,

      That depends also on the number of years you will pay for it (the longer, the higher the interest). You hadn't indicated the terms (years) so it's hard to say.

      But when you say 500k at most, then that seems it could be around the norm. It's really an expensive car.

      I'd advise to go to banks directly rather than websites. It doesn't cost anything to ask and the worst that could happen is they might try to salestalk you to get the loan from them (though that could also lead to them offering a slightly "sweeter" deal).

      Delete
  57. Hi Carlos, i stumbled upon a promo deal for Mirage 2016 GLX. The dealer for a 20% dp in the amount of 110,600 slashed it to 91,000 dp only. Do you think this is a good deal if my goal is to lessen my monthly amortization by paying the 20% dp? in this kind of promo, is the difference between 110,600 and 91,000 considered a cash discount?

    Hope you could answer me. Thank you

    ReplyDelete
  58. Sa mga lending company okay din po ba? Di po ba kami hahanapan ng pang collateral?

    ReplyDelete
  59. Hello, just found out that my car loan rate in UCPB is 18% per year and it is way too high compared to other banks. Is there a way I could transfer the loan to other banks? Been paying for 1 year:(

    ReplyDelete
  60. Just found out ucpb is charging me 18% per year interest on my car loan.
    Been paying for almost a year.Is there a way I could transfer this to banks with lower interest rate? thanks!

    ReplyDelete
    Replies
    1. Hi Jaime,

      You can re-structure the loan. Look at this PMT forum discussion for details:
      http://www.pinoymoneytalk.com/forum/index.php?topic=44814.0

      Delete
    2. re-structuring basically means re-negotiating the loan (lower interest rate, maybe shorter time to pay, etc.)

      If that doesn't work (like the bank is not cooperating or entertaining you) you can also do a "balance transfer" type of thing. Get a loan from another bank, to pay off the current loan amount in full. But they key is that the new loan, has lower interest rate and is relatively more affordable for you compared to the pretty high 18% UCPB is charging.

      The thread I menitoned has a good discussion on these two options, even if the problem there is not exactly the same (but similar enough).

      Delete
  61. Hi Carlos,

    Alam nio poba or may idea kayo kung anong bank ang may pinakamagandang deals this year? Planning to buy my 1st car and 50% DP.

    Mas ok po ba ung deals na may free insurance for the 1st year and mortgage? or panghatak lang nila un, sa bandang huli medyo talo pala.

    Pasensya na sa tanong kopo kasi baguhan lang talaga.

    Thank you in advance

    ReplyDelete
  62. Hi Carlos!

    I am so glad I found your blog! Anyway, I just want to ask if it is possible to get a car loan even onboard pa ang husband ko? My husband earns 70k per month and Ako nag mamanage ng business namin na computer shop and it earns 40k a month pero wala akong ITR. I can just provide bank statements. Any advice? Hope to hear from you soon! Thank you!

    ReplyDelete
    Replies
    1. Hi Anonymous!

      In this case, the bank will be loaning to your husband since he's the one earning money. So they'll probably insist he be present as banks are generally prohibited from transacting with anyone other than the "real" customer.

      But since you have a business, maybe it could be loaned in your name. But you'll have to shop proof of earnings. In this case they'll probably insist on an ITR.

      Car dealerships maybe more lax, though. You could inquire with them what requirements they have. But I think it would be possible to get in-house financing from them without an ITR. I'm not sure they'll go for it, but it's worth a try if you don't want to wait until your husband gets back. The only downside is that in-house financing is usually more expensive.

      Delete
    2. Thanks for your reply! :) Yes you are right. Tumawag ako sa BDO and told me na yun nga pwede lang daw na si husband ang mag apply as barrower. 40k lang daw po kasi ang kita ko and they required 50,000 income kapag mag apply as autoloan unless meron daw sister or kamag anak na 50k+ din ang income.. Pwede daw po Yung ganun. In my case, hndi nga daw pwede kasi wala rin ITR. But the good news hndi nga mahigpit sa dealer (Mitsubishi). Ito lang ang hiningi nya sakin na requirements:

      Principal- wife
      - 2 valid id
      - original proof of billing
      - proof of remittance ( xerox of passbook kung s bank pumasok ang remittance )
      - contract of employment (husband)
      - passport ( husband)
      - letter from husband that he knows that you are applying for autoloan

      Yan lang.. Ito naman ang computation na binigay nya.

      2016 mirage g4 glx mt upgarded
      Unit price- 628,000
      Discount -75,000
      Net 553,000

      All in dp @ 30% -105,000
      11,159.00 ( 5 yrs to pay)
      12,982 ( 4yrs to pay)

      Para malaman po ba ang tinubo nila ganito po ba ang computation nyan if we'll get the 4 years.

      12,982 x 48 months = 623,136

      623,136 + dp 105,000 = 728,136

      728,136 - 553,000 (price of the car) = 175,136

      So 175,136 ang tinubo nila..

      Tama po ba ako?

      Please correct me of I'm wrong..
      Thank you po.

      Delete
    3. Hi Anonymous,

      Yes, you're computation is correct.

      And thanks for the info, I did not know about the 50K threshold for auto loans.

      Delete
    4. Thank you Sir for replying! I'm so happy na nag rereply po kayo kahit na 2013 pa mula nung pinost mo po itong blog :) Napaka laking tulong po talaga. Mag babasa basa pa ako about sa ibang post mo para naman dagdag kaalaman. :) God bless po! :)

      Delete
    5. Ang unang basa ko -> I'm so happy na nag rereply po kayo kahit na 2013 pa mula nung pinost ko yung question ko hehe

      Salamat dn sa pag visit sa blog na to :D

      Delete
    6. Si sir naman! LOL! Mag tatanong po ulit ako sayo sir next time.. :p sana di po kayo makulitan.. Hehe.. Thanks po ulit! :)

      Delete
  63. Hi Sir Carlos,

    Ask ko lang po, approved na loan ko with BPI then tinawagan na ko ng officer nila at tinatanong kung anong preferred dealer ko then sabi ko sa toyota marikina. Si BPI na ba bahala makipagusap dun kung meron sila agent s dealer? Usually po anu mga next steps.

    sorry newbie here, planning to buy my 1st car

    Jack

    ReplyDelete
    Replies
    1. Hi Jack,

      Yes, usually si bank (BPI in your case) na ang kakausap sa dealership. Di ko lang sure kung sino ang mamimili ng agent (bank or dealership). Pero kung may kausap ka nang agent dati, pwede mo naman siguro i request na siya na dn. Otherwise, sila na lang bahala.

      Next steps:
      Since nkapili ka na ng car, at approved na loan mo, mag uusap na lang sila bank and toyota. Pag may stock na nung gusto mo (kasi papipiliin ka dn ng kulay, or baka may accessories ka na pinalagay)

      (Assumption ko dn dito na may account ka na sa BPI na naka enroll na ng autodebit na para sa pagbayad ng monthly amortization mo)

      Magbabayad ka na ngayon ng downpayment, chattel mortgage at insurance.

      Sa case ko ang pagkakatanda ko yung downpayment sa dealer ko binigay derecho, tapos yung iba deposit ko na lang sa account ko. Pero unang nangyari yungpag pag deposit sa bank.

      Pero ang mabuti tanong mo na dn kay BPI. SOP basta malaking halaga parati mong tanong lahat ng steps kahit alam mo na para "official" at walang gulatan ;)

      Congrats sa bagong car!

      Delete
  64. 2016 and your research still holds: Metrobank still offers the best rate among BPI, BDO, Chinabank, and Security Bank. Thanks for your due diligence, Carlos!

    ReplyDelete
    Replies
    1. Hi Jon,

      Thanks for the feedback and info validation! It helps me to when others can verify.

      Delete
  65. Thanks sir Carlos nagka idea akong ng marami dito sa blog mo,Plan ko kasing bumili ng kotse..Maybe one of this day sundin ko payo mo, lalo na sa pag pili ng lowest rate ng bank. Sana di kayo magsawa sa aming kulang ang knowledge about bank and their rates.More Power and God Bless

    ReplyDelete
  66. Hi Carlos, I'm planning to purchase a preowned car from a direct seller. IF we settle it through bank financing, are they still going to appraise the car or can we inform the bank that we already agreed with the purchase value? Thank you in advance.

    ReplyDelete
    Replies
    1. Hi Blues Clue,

      Yep, may sariling appraisal si bank. And yun ang magiging basis nila para sa loan mo, even if magkaiba ang agreement niyo ni seller. So kung kulang bigay ni bangko, ikaw na magpupuno nung kulang.

      Delete
  67. Hi sir, thank you sa post mo. Share ko lang experience ko. Homebased freelancer ako with 60k monthly salary. Im still waiting for the result of my auto loan application sa ibang banks. Si bpi nireject ung application ko kasi daw ung coe ko is naka address sa USA hindi daw nila maveverify ung employment ko kahit sa kanila naman ung payroll ko. Sa tingin nyo po ba may bank na magaapprove sakin?

    ReplyDelete
    Replies
    1. Hi Anonymous,

      Meron naman siguro mag approve. Try mo na lang mag ask din kung meron ka pang maibibigay na iba pwera sa CoE. Baka pwede naman payslip for the last 6 months?

      Delete
  68. Hello po, Nangyari na po ba sa inyo na nakareceived ng letter from the bank kung saan kami nagloan(Ucpb) stating that we have to pay the full amount na agad. Nalate lang po kami ng bayad for 10days. Ganun din ba sa ibang.bank?

    ReplyDelete
    Replies
    1. Hi Unknown,

      Na late ako ng 11 months sa Metrobank, pero tinawagan lang ako para remind. wala dn penalty if 11 days or less lang ang late. Kanya kanyang policy siguro. Baka may ibang dahilan kaya pina pa bayaran ng bup agad? Or di lng 10 days ang late? or di eto first time na late?

      Pwede dn kausapin mo si UCPB, para mas alam natin ang gagawin.

      Delete
  69. Good day mr carlos.narrate ko lng nangyari sa amin ng brother tungkol sa car dealer dto sa amin.di pede kasi ang brother ko magloan kaya ako ang nag prisinta.pareho nmin gusto yung mpv kaya kami nagkasundo.sabi nung dealer kaya nilang gawin na mairelease na 2 cars sa isang tao.pero 2 bangko.payag din kmi dun sa term nila.pero ang problema ho matapos makumpleto lahat ng req.at mag bigay ng dp ay yung isa lang ang nairelease at yung isa ho 3 weeks ng delay at until now wala pa dn ho.sabi nila waiting pa rin sa go signal ng bangko.pero nag call yung banko sa amin ng 3x na sabi ay okay ng lahat ng req.bale 2 bangko ang nag approve sa loan ko.sana ho makahingi ng advice sa inyo

    ReplyDelete
  70. Hi Carlos! Kudos sa pagreresearch at pagrereply mo parin sa mga comments up to this moment. Well, Metrobank still has the lowest rate of all banks (but Security Bank told me that they will give me the same rate pero si chattel mortgage ay nirerequest pa to be free narin).

    Curious lang ako based sa experience mo kung paano maapprove ni Metrobank. First try ko kasi, nireject dahil net income pala ang basehan nila. Ginawa ko ng co-maker yung nanay ko (na halos kaparehas ko ng income). Tingin mo kaya maaapprove? Wala pa kasing balita from the bank. Bale yung monthly payment is nasa 30% na ng combined monthly net income namin. Thanks and God bless!

    ReplyDelete
  71. hi goodmorning
    ask ko lng po nag apply kami ng carloan
    nareject kami sa toyota under financing
    me chance pa ba kami sa ibang brand for approval
    me waiting kami pa kami nag apply naman kami sa suzuki na CI kami sa bahay pero hindi ako nakausap father ko that time then after 5days sabi agent samin denied daw ...so ok pero after 2weeks nagtext samun ng Recon daw ang ucpb hinihingan kami ng payslip at coe ng husband ko.. si na pass n namjn ....but until now wala pa din feedback kung anuman mag 2weeks na din cia...
    ask lang , kapag na denied n ba sa iba pwede p ba kami mag apply me chance pa ba kapag ganun for approval

    ReplyDelete