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Author: admin | Category: Auto Car Loan Calculator | Date: 08.07.2016

Thanks to rising incomes, the growing array of vehicles that cater to various budgets starting from as low as P500,000, and attractive financing packages from the banks and the automotive companies themselves, more Filipinos are able to afford sedans, sports utility vehicles, vans or even sports cars to suit their requirements. Local banks have been cashing in on this growing demand for a car loan, as shown in their aggressive, competitive marketing activities that offer various freebies and promos to entice first-time car buyers, or those wanting to get a second family vehicle. The ease with which Filipinos are securing auto loans was deemed among the biggest factors sustaining the double-digit growth of vehicle sales in the country.
To help identify which financing package best suits your needs and ensures that you stay within your budget, you can conduct a “self-assessment” based on the bank’s requirements. By doing so, you can see for yourself whether you are eligible for an auto loan and which vehicles will fall within your income bracket. First, decide whether a loan will be for a brand-new vehicle or for a second-hand unit as the terms will differ. Some banks already allow those with a monthly income of about P30,000 to P40,000 to take out a loan for a P500,000 sedan, provided that you make at least a 20 percent downpayment. For BPI and PSBank, it can be as low as P30,000 but for the likes of BDO, it has to be at least P50,000. Most banks require practically the same documents: a signed car loan application form, at least two valid government issued IDs, the latest income tax return (ITR) or BIR Form 2316, certificate of employment with salary, latest audited financial statements for the self-employed, and tax identification number.
The amount that can be borrowed will depend on your capacity for repayment, and can be used mostly for purchase of passenger cars, passenger vans, trucks, sports utility vehicles, and Asian utility vehicles.
The minimum amount varies across banks, but the maximum amount is practically uniform at 80 percent of the net selling price of a brand new vehicle.
For pre-owned vehicles, the maximum amount that can be borrowed is much lower at around 50 percent to 70 percent of the appraised value.
Most banks provide a repayment period of between 12 months and  60 months (one to six years), but there are a few like BDO that allow up to 72 months. Most banks do not publish the interest rates for auto loans but instead, provide the so-called “loan calculator” wherein you can already compute your monthly amortization based on preferred terms. Some banks give an option for repayment schemes whether one month advance (OMA), which means the first monthly amortization is due upon booking of the loan and every month thereafter; or in arrears, which means that first monthly amortization is due one month after booking of the loan and every month thereafter.
Other banks like PSBank, meanwhile, have published on their website the standard rates for auto loans.
Normally, interest rates are lower for loans with a shorter repayment period and a higher downpayment.


For some vehicle dealers, insurance policies, chattel mortgage fees and registration may be bundled in ongoing promotions. BDO, for instance, offers all- in financing that includes chattel mortgage fees, first year car insurance program and three year registration with the Land Transportation Office (LTO). Make sure to check ongoing promos from banks and automotive firms to get the best value out of your money. At times, car dealers throw in a few “freebies” in the package which you might want to take note of as well.
As for the loan repayments, the most common modes would be through an auto debit arrangement with your bank or through the issuance of post debit checks.
Thus, given the sea of loan options available for the taking, do your research first and compare rates and terms across preferred banks before making that big purchase.
In the first half of 2016, Perodua achieved sales of 97,400 vehicles with the Axia hatchback making up 52% of sales, followed by Myvi (29%) and Alza (19%); June was the best performing month with 20,000 car registered.
Perodua needs to sell a further 118,600 vehicles in the second half to achieve its sales target. Since it started accepting bookings for the Bezza on 16 July (the car was officially launched on 21 July), the company has received an average of 1,000 bookings a day.
According to Datuk Aminar, the company has shored up Bezza inventory to cater to the initial demand and shorten delivery time, as part of its effort to improve customer satisfaction. On the after-sales side, Perodua managed to increase the throughput at its service centers by 5% to 1,000,000 vehicles year-on-year, from 965,000.
The amount of money you intend to pay on your own that is not covered by the loan you will be taking from a bank. The coverage type you select determines the level of protection offered by your insurance policy. This is a discount that is offered by your insurance provider if you have not made a claim on your existing insurance policy for a certain number of years. View all our exterior pictures of the 2014 Toyota RAV4 as well as interior photos, interactive virtual tours and colors. Use of this Web site constitutes acceptance of our Terms and Conditions of Use and Privacy Policy. View all our exterior pictures of the 2015 Toyota Tundra as well as interior photos, interactive virtual tours and colors.


Fastest way to Buy Sell Rent Your Vehicle or Find Any Spare Part Stores, Insurance Finance Services and Leasing Company, Banks in Sri Lanka. The cost of the monthly amortization is a second consideration,” explained Agudo, who also heads the Association of Vehicle Importers and Distributors (Avid). We reserve the right to exclude comments which are inconsistent with our editorial standards. Vehicle production however, saw a year-on-year decline of 14% to 100,300 units from 116,400 units owing to the soft demand and higher inventory. The market share improvement comes at the expense of other national and non-national marques.
Going forward, key contributors to its sales numbers will be the Bezza sedan and Axia (which has been its best-seller for some time).
This has led to an increase in intake revenue by 13% to RM 330 million as well as parts and accessories sales by 5% to RM 126 million for the same period. Masanori Takahashi as the new President of Perodua Auto Corporation Sdn Bhd who took up the post on 20 June.
All interest rates, amounts and terms are based on a personal simulation by you and your assumptions of same.
Comprehensive : Covers damage of your car as a result of fire, theft and damage (inclusive of third party damages). Total market share for national marques in 1H16 is approximately 49% (a y-o-y improvement from 47%). Perodua is continuing its efforts to keep more Perodua owners within the company’s ecosystem by continuously improving their after-sales services. Takahashi-san has extensive experience with overseas operations, having been based in the USA, South Africa and India when he was with Toyota Motor Corporation.
Easiest way to find details of Bank Loans, Leasing Facilities, Financial Companies and Insurance Policies in Sri Lankan Market.



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