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panu po ba ung mga car loans regarding banks that offer them.. how's the transaction all about?

 

It's all about a loan sir. If you want to buy a car and you want to pay it in installment, a bank will give you a loan so that the dealer is fully paid and you pay your amortizations to the bank. Meanwhile your vehicle is mortgaged to the bank which means if you don't pay the bank people will get back the vehicle from you and sell it to repay the loan. You can use the car in the meantime until your loan is fully paid wherein the bank will turn over to you the documents representing ownership of the car.

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It's all about a loan sir. If you want to buy a car and you want to pay it in installment, a bank will give you a loan so that the dealer is fully paid and you pay your amortizations to the bank. Meanwhile your vehicle is mortgaged to the bank which means if you don't pay the bank people will get back the vehicle from you and sell it to repay the loan. You can use the car in the meantime until your loan is fully paid wherein the bank will turn over to you the documents representing ownership of the car.

if the bank repossessed your car. does this mean you already have a bad credit line?

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Another question...

 

Can I sell my car in full then pay the remaining amortizations (one shot)... then transfer the ownership to the buyer's name?

 

yes you can if your buyer agrees. ganyan ginawa ko dun sa isa kong car. may natitira pa akong 9 months to pay, but i dont need the car anymore kaya binenta ko na. we did all the transactions in one day lang. nagtiwala naman yung buyer na after 15 days i'll give him the original OR/CR and other docs from the bank.

Edited by tma683
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Guys what is a chattel mortgage?

 

what is a chattel mortgage

 

A mortgage is essentially a debt that is secured by a property or asset as a collateral. Chattel represents any movable or immovable property except real estate (which is known as a real estate mortgage). An example would be a car, equipment, machines, etc.

 

 

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If the bank has repossessed your car, you will have no outstanding unpaid loan, so it won't appear in the credit bureau.

 

I think this has to be qualified.

 

Once the name of a person is reported to the credit bureau, his name will continue to appear in the negative listing UNLESS the institution that reported him will request that it be deleted from the list.

 

There are a lot of cases involving credit card debt which have been settled but still appears. In most cases, the person involved will be required by the creditor to seek a certification from the institution that reported him to clear his name.

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mga sir, meron ba bang na nagpapacar loan ng FX? like ung crosswind na gagawin pampasada? medyo kulang kase budget para icash ung brandnew eh

Usually sir bank preffer brand new units, lalo na pampasada. But if you unit is less than 5 years old, BDO, RCBC Savings, PS Bank and AMA Bank ang pwede mo consider.

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Sirs / Madam, if the bank approved my car loan payable in 36 months and say after 12months installment I have the cash to pay the remaining balance, what would be the computation? will I be paying the remaining 'principal' amount only or plus a very low interest maybe since I will settle my loan early? TIA

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Add on rate kse pag car loan. Mas malaki inaapply sa interest kesa sa principal so for sure ang laki pang utang mo, lugi ka kung pay off mo.

 

 

 

 

actually in depends on the bank, I/m working for Toyota as a Marketinf Professional. Alam ko may rebate sa bbyaran mo pag i pay off mo na

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Mas ok ba mag car loan sa bank, or opt for their "in-house financing"?

 

in-house financing is easier, but is more expensive interest wise

sa bank, more strict, but lower in interest.

Good Day sir's..

 

How about po ung sa mga 2nd hand cars na na acquired ng bank pero mga halos bago pa?

papano ang proseso nito at terms of payments? Usually po magkano ang mga initial payment dito? Pde po ba ito i loan? Kung pde gano katagal?

 

TIA

 

for those units that were repossessed by the bank, the procedure is the same. you pay a downpayment and pay it monthly.

however, may limit ang payment period. i think the maximum is 4 years old dapat ang oto, tapos one year to pay lang. kung 3 years old ang oto, 2 years to pay, etc.

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The best way to take out a car loan is via the Bank and not via the dealership.

 

Get an approval letter from BPI, then show this to BDO.

BDO will give you a better offer letter.

Show this to East West and they will give you an even better offer.

Then take that offer letter back to BPI and they will in turn give you the best deal.

 

Variables have to remain the same in order for you to comapre properly. - Amount to loan, term of the loan.

Watch out for Free insurance with conditions (lock down for length of loan) could be positive, could be negative.

Look for free / low chattel mortgage fees.

 

As for the dealer, look for upfront discounts, free LTO, 3rd party insurance, freebies- accessories

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Good day MTC Experts! Need help po regarding our problem sa auto loan

 

Last month we bought our first car. Before namin makuha yung kotse, inadvise kami nung agent na magopen kami ng saving account sa UCPB kasi dun daw nila ipapasok yung loan namin sa kotse. dumating yung day na kinuha nmin yung sasakyan, sa sobrang excited namin ng wife ko, hindi namin napansin na hindi nadiscuss smen yung details nung car loan like total amount financed, due date, monthly ammort (though may idea naman na kami bout sa monthly payment), and other fees. wala kaming nakuhang documents about sa car loan. ang papers lang na dala nmin pauwi was the receipt of our downpayment and yung registration sa lto. walang contract for loan. pagdating namin sa bahay, we asked the agent kung bakit ndi nya diniscuss smen, sabi nya lang imamail daw yung contract after 1 month basta magdeposit na lang daw kami dun sa savings account na inopen namin kasi auto debit naman yun.

 

I called UCPB main and pumunta ako dun sa bank kung san ako ngopen ng savings account to check the details of my loan. pareho sila ng sagot, wala akong existing autoloan sa kanila. Now sinabi ko sa agent nung kotse na hindi muna ako mgdedeposit sa savings account ko kasi wala akong contract, hindi ko alam yung due date and pano ko masisigurado na if may deductions sa savings, eh mapupunta sa payment ng car ko.

 

Ang kinakatakutan ko lang po is kung anong magiging negative impact neto saken, as a borrower. pwede bang mahila yung kotse ko? as i've checked; based sa

REPUBLIC ACT No. 3765

Section 2. Declaration of Policy. It is hereby declared to be the policy of the State to protect its citizens from a lack of awareness of the true cost of credit to the user by assuring a full disclosure of such cost with a view of preventing the uninformed use of credit to the detriment of the national economy.

 

Section 4. Any creditor shall furnish to each person to whom credit is extended, prior to the consummation of the transaction, a clear statement in writing setting forth, to the extent applicable and in accordance with rules and regulations prescribed by the Board, the following information:

 

ano pong dapat kong gawin and kelan po? TIA

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