All available auto loans information is collected for you. Choose the best organization
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.
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.
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.
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.
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.
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.
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.
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: