car loan

[999]

Mga tsikoteers tanong ko lang experiences niyo about purchasing a vehicle. Alam ko sa PSBank marami nagsasabi na sobrang bilis magprocess. Approve agad loan tapos 2-3 days kuha na ang unit.

Ako kasi sa ibang bank kumuha kasi mababa talaga interest rates nila, kaso natatagalan ako. March 8 pa approved ang loan, nakabayad na rin ako chattel, insurance, and gave them the signed loan docs pero hanggang ngayon wala pang P.O. Hindi rin makagalaw ang dealer kasi hinihintay raw nila P.O. from bank. Sabi naman ng dealer pagnareceive ang P.O. and downpayment 2-3 days after pa marerelease ang unit. Nakakafrustrate lang ng konti knowing na other banks can do it very fast.

Normal po ba ito kapag hindi PSBank? Thanks in advance.

which bank did you apply?

[skyflakes]

Mga tsikoteers tanong ko lang experiences niyo about purchasing a vehicle. Alam ko sa PSBank marami nagsasabi na sobrang bilis magprocess. Approve agad loan tapos 2-3 days kuha na ang unit.

Ako kasi sa ibang bank kumuha kasi mababa talaga interest rates nila, kaso natatagalan ako. March 8 pa approved ang loan, nakabayad na rin ako chattel, insurance, and gave them the signed loan docs pero hanggang ngayon wala pang P.O. Hindi rin makagalaw ang dealer kasi hinihintay raw nila P.O. from bank. Sabi naman ng dealer pagnareceive ang P.O. and downpayment 2-3 days after pa marerelease ang unit. Nakakafrustrate lang ng konti knowing na other banks can do it very fast.

Normal po ba ito kapag hindi PSBank? Thanks in advance.

ang PS bank mabilis talaga lalo n pag complete ang requirements mo, 1day lng approved n agad!
pero we settle our car loan to bpi, mataas ang c.m ng PS bank o kaya sa monthly ammo. ka naman kakanain
ano po ba bank nyo sir?
ang bpi po ngayon may promo ang BPI AUTO MADNESS..try nyo po

[badjhun]

Good day tsikoteers!

im planning to get a brand new car (lancer ex glx 1.6 mt). And I want to get it thru a bank car/auto loan. Im new to it, so I have a number of (basic) questions and clarifications. cguro some of my questions had been asked na po in d previous threads but I hope u wud be kind n willing to answer again.

1. What shud I do first? Contak an SA frm d dealer and get a quotation first, or shud I go directly to the bank. And if I go directly to d bank, do they already know d price/amount for a particular car/variant?

2. If I go to d bank, what wud be their basis for d price/value of d car dt I want to get? The SRP? What if d dealer offers a discount (e.g. For cash purchase, anniversary/promo discount, etc.), can it be deducted frm d SRP (as the amount basis of my car loan)?

3. Wch s wch? U CANT get freebies with a bank car loan, OR d banks usually give freebies (kahit basic freebies man lang)? As far as I undrstand, u CANT get d freebies gven by d dealers (all-in promo, cash purchase). am I ryt?

4. What r d questions I shud ask during my car loan application/inquiry? These are d few I cud thnk of:

A. Interest rate, DP, loan period/term
B. addtl charges - chattel M fee, insurance fee, LTO, at saan ko ito babayaran (thru bank or somewhere else since I presume these are on top of d loan contract/agreement, unless given as freebies)?
C. Loan/monthly ammrtzn Payment procedure
D. freebies (if any)

4. What shud I bring on d day I will apply for d loan? I expect dr r requirements in ds stage, and an0ther set of reqrments upon approval of d loan.

5. after I apply for a car loan with that particular bank, what r d next steps/procedure? I guess I have to wait.:-)

6. Upon approval, what r d next steps? Go to d bank? Wat r d requirmnts I shud bring? Shud I bring cash/be ready to pay for d cash out?

7. Upon completing d requirements and payments, what r d next steps/procedure? Wait? What do they usually advice if okay na lahat? Go to d bank again, P.O.? Go to the dealer?

8. Saan ko kukunin ang car? Bank or sa dealer? Any odr requirements and payments?

*basically, d above questions depicts d whole picture of what will happen if u get a car thru a bank loan. I appreciate ur patience for answering all of d above questions to help me and other tsikoteers who r newbies to bank car loan. BUT you may answer only d FIRST FOUR QUESTIONS since d remaining ones can be asked frm d bank personnel. THANKS MUCH.

[MonteroGLSV]

Hi sir

Day 1
1. Loan Application this will takes few hours
2. Contact your SA or Dealer for the discount freebies etc.
3. After completing step 1 and 2 and your loan has been approved, call your bank to prepare your contract.
Day 2
4. Go to the bank to submit your requirements together with your co-borrower. (morning)
5. Pickup your car (Afternoon) if your preferred unit available

Good day tsikoteers!

im planning to get a brand new car (lancer ex glx 1.6 mt). And I want to get it thru a bank car/auto loan. Im new to it, so I have a number of (basic) questions and clarifications. cguro some of my questions had been asked na po in d previous threads but I hope u wud be kind n willing to answer again.

1. What shud I do first? Contak an SA frm d dealer and get a quotation first, or shud I go directly to the bank. And if I go directly to d bank, do they already know d price/amount for a particular car/variant?
Ans: you need to apply at first your car loan BPI/METRO/BDO etc.this will take few hours to get your approval depending on the bank.
once approved you can contact your SA to ask discount as well as the freebie

2. If I go to d bank, what wud be their basis for d price/value of d car dt I want to get? The SRP? What if d dealer offers a discount (e.g. For cash purchase, anniversary/promo discount, etc.), can it be deducted frm d SRP (as the amount basis of my car loan)?
Ans Discounted price

3. Wch s wch? U CANT get freebies with a bank car loan, OR d banks usually give freebies (kahit basic freebies man lang)? As far as I undrstand, u CANT get d freebies gven by d dealers (all-in promo, cash purchase). am I ryt?
Ans:depende sa bank (1 yr insurance), basic you can get sa dealer.

4. What r d questions I shud ask during my car loan application/inquiry? These are d few I cud thnk of:

A. Interest rate, DP, loan period/term
B. addtl charges - chattel M fee, insurance fee, LTO, at saan ko ito babayaran (thru bank or somewhere else since I presume these are on top of d loan contract/agreement, unless given as freebies)?
C. Loan/monthly ammrtzn Payment procedure
D. freebies (if any)

4. What shud I bring on d day I will apply for d loan? I expect dr r requirements in ds stage, and an0ther set of reqrments upon approval of d loan.
Ans:Online application no requirement, maybe if you go to branch then need atleast ID.

5. after I apply for a car loan with that particular bank, what r d next steps/procedure? I guess I have to wait.:-)
Ans: in few hours you can get your application result

6. Upon approval, what r d next steps? Go to d bank? Wat r d requirmnts I shud bring? Shud I bring cash/be ready to pay for d cash out?
Ans:go to the bank together with your co-borrower ,bring 2 government ID's COE/ITR, Prof of billing,downpayment pwede na sa dealer
then sign kayo ng contract,bahala na bank magpasa ng ATD ba tawag dun Authority to Deliver?

7. Upon completing d requirements and payments, what r d next steps/procedure? Wait? What do they usually advice if okay na lahat? Go to d bank again, P.O.? Go to the dealer?
Ans: Go to the dealer

8. Saan ko kukunin ang car? Bank or sa dealer? Any odr requirements and payments?
Ans:You can get from the dealer mismo or pwede mo padeliver sa house,
1. Downpayment
2. Chattel??? sometimes free sa casa or you need to pay
3. LTO Registration? sometimes free sa casa
4. Insurance? Sometimes free sa Bank or Casa


*basically, d above questions depicts d whole picture of what will happen if u get a car thru a bank loan. I appreciate ur patience for answering all of d above questions to help me and other tsikoteers who r newbies to bank car loan. BUT you may answer only d FIRST FOUR QUESTIONS since d remaining ones can be asked frm d bank personnel. THANKS MUCH.

[badjhun]

Thanks much, sir for d quick reply. Addtl clarifications lang po if okay lang.

1. Tama po ba 'to.

After ma-approve ng bank, il go to d dealer and ask for a quotation AS A CASH PURCHASE, included na ung discount and freebies. In ds regard, is it advisable to deal w d SA as if I AM GOING TO BUY D UNIT/CAR on a cash basis? Or do I have to disclose dt im getting a bank loan.

Thereafter, il bring d QUOTATION together w d other requirements to d bank, along w a co-maker. There (bank), we wil sign a contract n other formalities. Then an ATD will be issued (by whom and to whom?).

After d contract signing stage, wala na po ba akong gagawin? Meaning, all I have to do is to wait for d bank's advice if pwedi na kunin ang unit AND along that waiting period, d transaction will be between d bank and dealer/SA.

2. At what stage po and to whom wil I pay d downpayment, chattel M, LTO and insurance (assuming not a freebie w d bank)?

3. What if I decided to add features/add-ons/accessories, at what stage can I get them? During d stage wen I am asking for a quotation (negotiating) w d dealer? If yes, wil it appear on d quotation wc wl be gven to d bank. How wud I and d bank deal with it (additional costs for d add-ons)?

4. Do all banks require a co-maker? Is there an exception (e.g. Good credit standing, good ability to pay).

*Medyo nakakahiya na po sir, dami ko ng tan0ng, but I hope u wil enlighten me wth ds queries. Maraming salamat po. U r really helping me...

[MonteroGLSV]

sir badjhun

1. pwede po kayo punta sa dealer sir kahit hindi pa approve ung application nyo.para once na ma approved
papadala na lang ng dealer ung quotation sa bank nyo. basically may mga contact na mga yan eh bank vs dealer
cyempre naka indicate na ung dealer discount dun incase na magbingay sila.

Yes, you can disclose po na Bank PO no problem po un, un nga lang matamlay ang SA mo pag ganun haha.

Dealer will send the quotation to your bank via fax

ATD by Bank to Dealer

2. Pwede na po sa dealer lahat yan sir. before ma release ung unit nyo.
3. Bale wla na po pakialam ang bank sa add-ons sir pay as cash na po un sa dealer, you can settle the payment before nila release unit mo.
4. IMHO, yes they require co-maker for their security, kahit good credit standing pa po kayo.

Anyway sir ano po ba bank nyo?kayo na po bahala makipag haggle sa SA nyo sir kung ano ung mga kaya nilang bigay but you cannot expect much since Bank PO po kayo.

Ayon sa aking experience sir kalimitan binibigay ng Dealer at bank ay

Bank: 1 yr Comp. Insurance
Dealer: Tint,EWD,Manual Cover, Umbrella,3yrs LTO Reg.Keychain,Visor unit discount if meron
Chattel subject for approval pa yan. pero ako binayaran ko ung chattel.

Thanks much, sir for d quick reply. Addtl clarifications lang po if okay lang.

1. Tama po ba 'to.

After ma-approve ng bank, il go to d dealer and ask for a quotation AS A CASH PURCHASE, included na ung discount and freebies. In ds regard, is it advisable to deal w d SA as if I AM GOING TO BUY D UNIT/CAR on a cash basis? Or do I have to disclose dt im getting a bank loan.

Thereafter, il bring d QUOTATION together w d other requirements to d bank, along w a co-maker. There (bank), we wil sign a contract n other formalities. Then an ATD will be issued (by whom and to whom?).

After d contract signing stage, wala na po ba akong gagawin? Meaning, all I have to do is to wait for d bank's advice if pwedi na kunin ang unit AND along that waiting period, d transaction will be between d bank and dealer/SA.

2. At what stage po and to whom wil I pay d downpayment, chattel M, LTO and insurance (assuming not a freebie w d bank)?

3. What if I decided to add features/add-ons/accessories, at what stage can I get them? During d stage wen I am asking for a quotation (negotiating) w d dealer? If yes, wil it appear on d quotation wc wl be gven to d bank. How wud I and d bank deal with it (additional costs for d add-ons)?

4. Do all banks require a co-maker? Is there an exception (e.g. Good credit standing, good ability to pay).

*Medyo nakakahiya na po sir, dami ko ng tan0ng, but I hope u wil enlighten me wth ds queries. Maraming salamat po. U r really helping me...

[badjhun]

Sir MonteroGLSV, thank you po... Nasa planning stage pa lng po ako. D pa po ako decided kung an0ng bank. And wala pa po ak0ng contact na SA sa mitsu. sa toyota kasi family ko.

Im choosing am0ng metrobank, bpi, chinabank and rcbc. Malapit kasi sa bahay.. Kaso I have n0 existing accounts sa kanila..wc s an0ther, questi0n-cn I get a loan frm them kaht walang existing account? Sorry noob ako pagdating dito kaya dami kong tan0ng kahit nasa planning stage plang ako. Hehe.

bank-hopping muna ako to compare their interest rates and saan ba may good deal and convenience...

*sad face talaga ang SA... Wen my dad bought a car last year, cash, I cud feel na unenthusiastic talaga ang SA..hehehe. Dts why I feel mukhang mahirap makipag haggle sa SA..

[badjhun]

Okay, sir. Thanks po sa info and advice... Wil visit these banks, including bpi... Thanks again..

[boytsiks]

Okay, sir. Thanks po sa info and advice... Wil visit these banks, including bpi... Thanks again..

Try mo sir ang metrobank baka may promo pa sila. Nasa 25% ang interest nila in 5 years.

Try mo punta sa dealer, tanong ka kung may promo sila. Tapos mo rin sila ng kung pede yun sa bank PO. Malamang sasabihin nila, hindi. Pero at least alam mo na ang freebies nila pag in house financing. Dyan ka ngayon maghaggle ng freebies and additional discounts. By all means, wag ka rin magfifill up ng any loan application form sa dealer kung hindi maiipit ka sa interest rates nila. magrereflect yun kahit magapply ka ng loan sa bangko.

Punta ka sa bangko after, apply ka ng loan. Minsan one day approval, minsan naman matagal. Depende sa bangko at depende sa requirements na hahanapin nila sayo. Anyway, kahit mauna ka sa bangko or sa dealer doesnt matter.

Once approved ka na, normally, kokontakin naman ng bangko yung SA mo para mafinalize yung loan amount. Pag ok na ang docs, pirmahan na. Then Pa PO mo yun unit. Handa mo ang DP mo. Pag may ATD, punta ka sa dealer bayad ka ng DP mo. Kunin mo ang auto mo. #

Good luck sir. Balitaan mo kami

OT: Iwas tayo sir sa txt speak, medyo mahirap basahin eh. Tsaka baka masita tayo ng mods dito. Thanks.

HTH

[brainmafia_310]

Suggestion ko sayo do it two wyas. Apply ka loan sa bank at apply kanin house financing. Then compare the two. Minsan mikhang mas mataas inhouse financing pero in the long run kadalasan same lang dahil naeextendnng sa ang discount at freebies.

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