Jump to content


Photo

Questions On Car Loans


  • Please log in to reply
52 replies to this topic

#21 ESCALADEBOY

ESCALADEBOY

    Experienced

  • (03) Newbie
  • PipPipPip
  • 45 posts
  • Gender:Male
  • Location:Legaspi Village Makati City

Posted 11 October 2009 - 12:35 AM

Tips for Buying a Used Car........................


I'm thinking buying used car in manila can somebody help me of the legal aspects...step by step if possible.


Friendly Canadian,
AE

#22 Dr_PepPeR

Dr_PepPeR

    do not disturb - already disturbed!

  • Ambassador
  • 8460 posts
  • Location:Formerly Makati Central Business District

Posted 11 October 2009 - 01:06 AM

Tips for Buying a Used Car........................


I'm thinking buying used car in manila can somebody help me of the legal aspects...step by step if possible.


Friendly Canadian,
AE


You will need the following from the seller: Deed of Sale, Certificate of Registration, Official Receipt for payment of current registration fees, police clearance. If the seller is a corporation, a Secretary's Certificate authorizing the sale and naming the signatories.

#23 kadjo

kadjo

    Hottie

  • (04) Casual
  • PipPipPipPipPipPipPip
  • 358 posts

Posted 30 October 2009 - 08:32 PM

what is car loan without taking your car?

#24 Dr_PepPeR

Dr_PepPeR

    do not disturb - already disturbed!

  • Ambassador
  • 8460 posts
  • Location:Formerly Makati Central Business District

Posted 30 October 2009 - 09:17 PM

what is car loan without taking your car?


If you could elaborate further?

#25 NightWingX

NightWingX

    Looker

  • (04) Casual
  • PipPipPipPipPip
  • 133 posts

Posted 18 November 2009 - 10:31 PM

You can apply your loan at a bank first(look for the lowest interest). After approval then go to the car dealer and ask for discount for the car. You can get lower interest rate than in house financing plus big discount.

#26 ichigo51280

ichigo51280

    Looker

  • (04) Casual
  • PipPipPipPipPip
  • 155 posts
  • Location:quezon city

Posted 19 January 2010 - 02:16 PM

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

#27 Dr_PepPeR

Dr_PepPeR

    do not disturb - already disturbed!

  • Ambassador
  • 8460 posts
  • Location:Formerly Makati Central Business District

Posted 19 January 2010 - 02:32 PM

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.

#28 pentax^27

pentax^27

    Tease

  • (05) Regular
  • PipPipPipPipPipPipPipPipPipPip
  • 618 posts
  • Location:here, there and ever

Posted 23 July 2010 - 05:27 PM

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?

#29 Dr_PepPeR

Dr_PepPeR

    do not disturb - already disturbed!

  • Ambassador
  • 8460 posts
  • Location:Formerly Makati Central Business District

Posted 23 July 2010 - 05:37 PM

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


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

#30 tma683

tma683

    Hottie

  • (05) Regular
  • PipPipPipPipPipPipPip
  • 329 posts
  • Gender:Male
  • Location:seoul

Posted 23 July 2010 - 10:50 PM

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, 23 July 2010 - 10:52 PM.


#31 JoshII

JoshII

    Wooer

  • (05) Regular
  • PipPipPipPipPipPipPipPipPip
  • 504 posts

Posted 24 March 2012 - 12:50 AM

Guys what is a chattel mortgage?

what is a chattel mortgage

#32 fatchubs

fatchubs

    Lover

  • (06) Chronic Poster
  • PipPipPipPipPipPipPipPipPipPipPipPipPipPip
  • 1494 posts
  • Gender:Male

Posted 10 April 2012 - 10:39 AM

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.



#33 fatchubs

fatchubs

    Lover

  • (06) Chronic Poster
  • PipPipPipPipPipPipPipPipPipPipPipPipPipPip
  • 1494 posts
  • Gender:Male

Posted 10 April 2012 - 10:48 AM

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.

#34 fatchubs

fatchubs

    Lover

  • (06) Chronic Poster
  • PipPipPipPipPipPipPipPipPipPipPipPipPipPip
  • 1494 posts
  • Gender:Male

Posted 10 April 2012 - 10:53 AM

what is car loan without taking your car?


I think if you're talking about those in commercial operation, the lending company will lend you money using your car as collateral but the OR/CR will be under their possession.

#35 👑Daenerys🍕

👑Daenerys🍕

    かわいい

  • Diyosa
  • 2044 posts
  • Gender:Female
  • Location:ナゴヤ
  • Interests:チンク

Posted 21 November 2013 - 12:41 PM

Is there any bank beside AMA. Offers low interest in car LOAN?
2nd hand.


#36 xie

xie

    Chaser

  • (04) Casual
  • PipPipPipPip
  • 64 posts

Posted 07 January 2014 - 08:38 AM

Psbank, bpi mababa interest

#37 DJ777

DJ777

    Experienced

  • (04) Casual
  • PipPipPip
  • 46 posts
  • Gender:Male

Posted 04 June 2014 - 01:20 AM

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

#38 rigger05

rigger05

    guy neXXXt door

  • (05) Regular
  • PipPipPipPipPipPipPipPipPipPipPipPip
  • 858 posts
  • Gender:Male

Posted 04 June 2014 - 03:56 PM

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.

#39 jakewise

jakewise

    Looker

  • (04) Casual
  • PipPipPipPipPip
  • 137 posts

Posted 04 June 2014 - 09:16 PM

you can try Maybank too

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.



#40 mcdonald88

mcdonald88

    Devirginized

  • (04) Casual
  • PipPip
  • 23 posts
  • Gender:Male

Posted 19 July 2014 - 02:00 AM

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




1 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users


    Bing (1)