car loan

[shadow]

kung kaya sana 50% DP, then maximum 3 yrs lang for me dapat ang carloan...masyadong matagal ang 5 yrs luma na kotse binabayaran mo pa rin...

[revans]

You got PM sir shadow...

[revans]

Any ideas kung magkano approximately ang total na aabutin ng babayaran mo sa bank on chattel mortgage, insurance, LTO registration?

[Huyu]

Hello fellow tsikoteers,

Can we compute for the cost/benefit of an in-house and bank loan?
Ang assumption ko eh BIP rates (http://info.bpiexpressonline.com/bpi.../AutoLoanRates)
and in-house Mitsubishi Mirage GLS MT na rates

Mitsubishi Mirage GLS
InHouse Details BPI
578,000.00 SRP 578,000.00
124,000.00 DP 115,600.00
454,000.00 loanable 462,400.00
11,931.00 Amort/60mos 9,980.90
715,860.00 Total loan pd 598,854.24
261,860.00 Int. Pd 136,454.24
57.68% Total Int. 29.51%
11.54% True Int/yr 5.90%
Total Savings 117,005.76
savings/yr 23,401.15

Hence, savings kung bank loan eh 117k with a yearly savings of around 23k (compared to the in-house).
Now my question is, what are the cost of freebies?
1. comprehensive insurance with acts of God
2. LTO registration
3. TPL
4. chattel mortgage fee
and other benefits:
1. tints
2. floormats
3. seat cover
4. car care kit
5. early warning device
6. umbrella
7. FIRST 1,000 AND 5,000 PERIODIC MAINTERNANCE LABOR
8. 5% DISCOUNT ON ALL ACCESSORIES
9. 10 LITERS OF FUEL

to check whether they cost more or less 117k. if the price of the benefits and freebies is greater than 117k, then it is more beneficial to do in-house. If not, then bank loan (even if we have to pay for all the freebies/benefits - though YMMV in haggling).

Can anybody provide an estimate costing on the benefits/freebies?

thanks po!

[manilamako]

Insurance -- should be around 15-20k guesstimate. -- Insurance sa ibang banks libre or 12 months to pay.
LTO -- 8.5k libre pa nga ito usually. Binubulsa nalang ng agent to if veteran na. Fast selling cars though like sa Mirage expect to pay na since malakas ang demand.
TPL -- 1-1.5k like LTO minsan libre to pag nahaggle mo

The rest of the freebies mandatory yan. Not sure about the 5% discount on accessories but there's always banawe. I'll only get inhouse financing if the difference between the cashout and the 20% down makes up for the extra expense ng higher interest rate. In your case, mas matipid padin sa bank financing kahit 30k ang insurance na avail mo bank financing still wins. Only problem I see is baka di ka ma prioritize, and may D.I. too. If mataas ang DI, baka better na din mag inhouse for less hassle and mabigyan ka ng unit kagad.

And to add, yun 29% mo na interest rate from BPI could still be lower too

[Huyu]

yes sir mako yun rin nga ang analysis ko, though it seems na medyo mas malaki ang initial cash out (given that you have to shoulder some of the items), in the long run, bank loan still wins

the next question:
assuming mitsubishi mirage gls (around 578k), magkano ang total initial cash out?
115,600 (20% DP)
20,000 (insurance)
1,500 (TPL)
so about 137,100k hmmm....
thanks sir manilamako!

[manilamako]

Yup around 140k siguro cashout sir. But do ask if may DI silang hinihingi To compute for the DI = Amount to be financed x DI so 1DI should be P4,624.00 if 20% downpayment

[boytsiks]

yes sir mako yun rin nga ang analysis ko, though it seems na medyo mas malaki ang initial cash out (given that you have to shoulder some of the items), in the long run, bank loan still wins

the next question:
assuming mitsubishi mirage gls (around 578k), magkano ang total initial cash out?
115,600 (20% DP)
20,000 (insurance)
1,500 (TPL)
so about 137,100k hmmm....
thanks sir manilamako!

Add mo pa yung chattel mortgage mo which is more or less 2% - 3% ng loaned amount mo. Check mo sa BPI baka may promo sila na free insurance. Mataas yung 29% na interest rate (w/c might offset sa na-save mo sa free insurance if ever meron silang promo). Check mo sa metrobank baka may promo din, last time I checked nasa 25.xx% yung interest rate nila.

[Huyu]

sir, ano po ibig-sabihin ng DI? (dance instructor?) hahaha! :D
ano yan sir, parang processing fee?

[boytsiks]

Hello fellow tsikoteers,

Can we compute for the cost/benefit of an in-house and bank loan?
Ang assumption ko eh BIP rates (http://info.bpiexpressonline.com/bpi.../AutoLoanRates)
and in-house Mitsubishi Mirage GLS MT na rates

Mitsubishi Mirage GLS
InHouse Details BPI
578,000.00 SRP 578,000.00
124,000.00 DP 115,600.00
454,000.00 loanable 462,400.00
11,931.00 Amort/60mos 9,980.90
715,860.00 Total loan pd 598,854.24
261,860.00 Int. Pd 136,454.24
57.68% Total Int. 29.51%
11.54% True Int/yr 5.90%
Total Savings 117,005.76
savings/yr 23,401.15

Hence, savings kung bank loan eh 117k with a yearly savings of around 23k (compared to the in-house).
Now my question is, what are the cost of freebies?
1. comprehensive insurance with acts of God
2. LTO registration
3. TPL
4. chattel mortgage fee
and other benefits:
1. tints
2. floormats
3. seat cover
4. car care kit
5. early warning device
6. umbrella
7. FIRST 1,000 AND 5,000 PERIODIC MAINTERNANCE LABOR
8. 5% DISCOUNT ON ALL ACCESSORIES
9. 10 LITERS OF FUEL

to check whether they cost more or less 117k. if the price of the benefits and freebies is greater than 117k, then it is more beneficial to do in-house. If not, then bank loan (even if we have to pay for all the freebies/benefits - though YMMV in haggling).

Can anybody provide an estimate costing on the benefits/freebies?

thanks po!

Di ba dapat free ang mga yan? Try to haggle