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Buying an automobile in the Philippines is an expensive business, requiring a large payment, which deprives the hard work of many men and women. Fortunately, there are options from various credit organizations where you can independently calculate the amount of payments exploiting the car loan calculator.

What types of credits do Filipinos offer to buy an automobile?

A major feature of these options is the car loan calculator which shows the amount of down payment. There are two main types, both of which will offer for a new or second hand.

In case if you are not able to meet the loan repayment, the mortgage provider will have the power to repossess your asset or financed home.

  • Bank auto credit: It is one in which the financial institute pays the cost in full, while you pay monthly with interest. There is almost always a down payment to be made and you might require collateral.
  • The dealer’s auto credit: Dealers or their affiliates provides an automobile that is given to you. They are more likely to offer you a second hand without any collateral. Keep in mind that a second hand is not very popular and not everyone offers it.
  • Process and approval for bank is lengthy, with the product brand and type being a major issue. Merchant loans do not have such processes, but their rates are higher. Knowing the percentage rate, you can independently calculate payments exploiting the car loan calculator.

    How do I compute for my amortization schedule?

    On the bank’s website there is a car loan calculator in which you can compare the amount of monthly payments for various credit periods.

    Dealers usually provide simpler terms than a financial institutions would. Therefore, research institutes or finance companies in advance and note their terms for the purchase.

    What you need to know about the car loan calculator?

    Online car loan calculator can calculate down payment, monthly payment, years of lending. A car loan calculator will automatically give you interest for approval and, in turn, will receive your final balance of payments.

    How to quickly and easily get the best auto credit in the Philippines?

    There is no assurance of getting approval through financial institutions or dealers, even when a car loan calculator has graded your amount as the least lending credit. But you can meet all the requirements as best as possible to attract the attention of financing institutes.

  • Ensure you have a good credit standing by exploiting the car loan calculator
  • Do not apply if you recently changed jobs
  • Decide on the type beforehand. If you wish to get a Toyota, know it before you apply.
  • Complete all the process honestly and accurately.
  • Used cars are eligible for loans

    Financing institutes see most cars as collateral. To calculate whether it is profitable for you to take a used one, apply the car loan calculator.

    Brand new auto credit rates

    These rates, unlike that of a second hand, attract lesser rates. BDO offers a 16.48% rate, Ps bank offers as low as 4.85%, while the lowest rate falls with BPI and Metro bank at 4.10%. Be aware that these lending rates are the lowest these institutions. You can count the cost by exploiting the car loan calculator.

    Why is the cost of a credit for a used automobile higher than a new one?

    Prices increase depending on the quality and durability of a used ones; Toyota tend to attract more percentage. The terms also affect the size of payments. You can check the difference in payments exploiting the car loan calculator. Not all financial institutes or dealers agree to finance used brand. The process and approval level is also lower than with newer ones.

    Auto credit requirements

    In the Philippines, there are general requirements for merchants. If you are not sure that you can pay, use the preliminary calculation exploiting the car loan calculator. After that, collect the package of documents:

  • Accurately filled form, if it is from a bank
  • Valid ID
  • Official income
  • Proof of employment for workers and self-employed, proof of an active business.