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Auto credit
Buying an automobile in the Philippines is an expensive project, requiring a large payment, which dooms the hard work 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 to Filipinos offer to buy an automobile?
Basically, there are 2 types of loans: for the purchase of a new car and for the purchase of a used car. According to the observations of experts seekingalpha.com during the pandemic, the demand for car loans for the purchase of used cars has increased, as people refuse public transport.
You can calculate loan payments using a calculator. A major feature of these options is the car loan calculator which shows the amount of down payment. The down payment may differ for new or used vehicles.
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.
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?
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.
Used cars are eligible for loans
Financial institutions see most cars as collateral. However, interest rates on used car loans are higher. To calculate whether it is profitable for you to take used, use the car loan calculator. Do not forget to add to the monthly payments the cost of car insurance.
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.
Brand new auto credit rates
These rates, unlike that of a second hand, attract lesser rates. BDO offers a 16.48% APR, BPI – 8.5% APR, while the lowest rate falls with Security Bank Philippines – 6.77% APR. Be aware that these lending rates are the lowest these institutions. You can count the cost by exploiting the car loan calculator.
6.77% APR
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:
