car loan

[finchy18]

up! any other car loan experiences na less hassle?

[puroy]

up to this thread. i also applied thru bpi online auto loan. after a day, bpi called me around 2pm to confirmed my application records. then after the call, i thought i would wait for couple of day for them to do a background check and validate my informations. to my surprise, i recieved a text message around 5pm saying that my loan has been approved and gave me a contact number to their marketing dept. i called the person and she gave me the required documents that i should bring for the auto loan. documents are:
1. coe - both me and my wife
2. 2 valid id for each
3 itr from last year (each)
4. cedula (each)
5. house sketch
6. 3 personal references with home address and telephone #

now my question is, does bpi interest rate lower that dbo? i have a filled-up application but i haven't submitted it yet. what about epic, much lower ba?

btw, since i applied to online. i'll submit the requirements to bpi main branch in makati.

[dbbanas]

ako din may tanong, correct me if im wrong. if one chooses to have the car financed in a bank, the dealer considers the sale as "CASH" kasi the bank will issue a check with the full amount of the unit. tama ba analysis ko? if so, dapat mas malaki ang discounts at freebies kse cash buyer yun client compared to having it financed.

yup,, pero minsan alamin mo muna xe minsan paghindi alam ng buyer yun ndi binibigyan ng discounts and freebies ang dealer pra mas malaki kita nila..

[dbbanas]

bro anong car ka gs2 mo iloan??

[yebo]

7.Lastly if i finished paying my loan, do i need to pay anything else? will the bank change the owner of the car to my name?

yes meron pa. cancellation of chattel to remove the "Encumbered" stamp on the OR and CR. depends on the amount of loan, in your case since 50% down mo then this will be less than 1k.

[NightWinger]

Metro bank is having a special rate for car loan till setp. Have to check it out.
Ilang % ba talaga anually sa car loan? mababa na ba yun around 12% for two year?

[Linkk]

answer to q.1 > it depends primarily on the dealer, some dealers require rust proofing, try inquiring about it sa mga dealers or so their quotations.

answer to q.2 > after being approved first time (the application form w/c most dealers asked you to accomplish if there is a sense of need), go to the bank that you got approved and asked the banker in charge of the auto loan to start processing the necessary documents. The 2nd part comes in as stated during the previous post. you must, again, supply the necessary documents needed since you're already applying the bank usually, they'll ask you, 2 valid IDs, current CoE, recent payslips (if employed), etc. etc. this is required. Pay the downpayment and others.

answer to q.3 > not necessarily but if you opted for a dealership that's near you why not? anyway, in case there is no available unit that you want, the bank will transact with different branches to search for an available one. giving you yet another option. Also, you ask the dealer to just process everything, just be ready with the required cash out.

answer to q.4 > usually its seperate. BDO had freebies when you got a deal with their autoloan. As for the dealer, In my exp., they gave me an umbrella, sun shade, seat cover, floor mats, EWD, Jack and tools and a special tshirt with a brochure that is only available if you purchase that unit, Lucky! . They don't cancel out each other.

answer to q.5 > Dealer : Vehicle's Sales Invoice (cust. copy), this is required for your car not get impounded . the rest is standard. The bank will give you your passbook (if auto debit) or atm for you to deposit your MA, the reciepts of the transactions too.

answer to q.6 > the main procedure is usually they deliver it to your home for confirmation, but you can/may also opt to recieve the car directly at the dealership's branch (that's what I did). Just bring the necessary documents:
Authorization letter (if its entitled to other family members), a valid ID from that member, 1-2 valid IDs of your own. Of course you have to sign the documents there yourself in the stead of the one entitled.

answer to q.7 > I dont think the bank will ask you to pay anything other than the option of paying up in advance.

Hope this answer your questions!

Good Day!

Thank you sir for taking some time to answer my questions

[Linkk]

yes meron pa. cancellation of chattel to remove the "Encumbered" stamp on the OR and CR. depends on the amount of loan, in your case since 50% down mo then this will be less than 1k.

noted. thank you po sir

Metro bank is having a special rate for car loan till setp. Have to check it out.
Ilang % ba talaga anually sa car loan? mababa na ba yun around 12% for two year?

in my case ,sa EPCIB they are offering 11.58% for 2 yrs mukhang pareho lang.

[devdevlin]

up to this thread. i also applied thru bpi online auto loan. after a day, bpi called me around 2pm to confirmed my application records. then after the call, i thought i would wait for couple of day for them to do a background check and validate my informations. to my surprise, i recieved a text message around 5pm saying that my loan has been approved and gave me a contact number to their marketing dept. i called the person and she gave me the required documents that i should bring for the auto loan. documents are:
1. coe - both me and my wife
2. 2 valid id for each
3 itr from last year (each)
4. cedula (each)
5. house sketch
6. 3 personal references with home address and telephone #

now my question is, does bpi interest rate lower that dbo? i have a filled-up application but i haven't submitted it yet. what about epic, much lower ba?

btw, since i applied to online. i'll submit the requirements to bpi main branch in makati.

chief pwde ba wala na cedula? eto pinaka hassle kunin na requirement eh.

[yebo]

chief pwde ba wala na cedula? eto pinaka hassle kunin na requirement eh.

dehins pre, requirement yan basta pipirma ka ng contract. meron naman nagi-issue ng cedula sa barangay, dun ka na lang kumuha honest pa sa barangay. sa city hall puro kawatan dun, dadayain lang yung ibayad mo.