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Author: admin | Category: Auto Rate Calculator | Date: 19.03.2016

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. State bank of india offers 85% of car's price or 2.5 times of net annual income as a loan with an interest of 12%(floating).

View all our exterior pictures of the 2008 Hyundai Tucson 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. 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.
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Front suspension with McPherson struct with wishbone link and back suspension with H-Section torison beam with programmed deflection coil spring provides good comfortable travel. It loaded with fuel tank which can hold maximum of 50 Liters.Mahindra Verito Mileage and PerformanceIt gives average mileage of 14 kmpl.

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