A Rundown of the Best Car Loan Options You Might Like to Consider This 2016
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2016 will be a lucrative year for car manufacturers, many experts say. And this is due to the
improvement in the public’s purchasing power coupled with the favorable car loan packages
banks and pr...
ivate lenders offer. Many car financing providers have made their packages more
accessible to the masses, lowering income requirements, giving non-collateral options,
lengthening the terms and reducing the interest rates.
Banks Offering Car Loan with Corresponding Rates
Besides, the two-digit revenue growth started last year served as a head-start, for both car makers
and financing providers. One thing people need to be wise about, though, is in finding a suitable
lender who can match your needs as a borrower. With that in mind, this chart might get you
started in comparing the prices and features.
Bank Name New Vehicle
Down Payment
Minimum Loanable
Amount
Tenure
BPI 20% PHP 200,000 1-6 years
BDO 20% PHP 100,000 1-6 years
Metrobank Flexi PHP 250,000 1-5 years
PSBank 20% PHP 100,000 1-5 years
PNB Flexi PHP 300,000 1-5 years
UCPB 20% PHP 100,000 1-5 years
Getting a car loan can be a bit tricky if you don’t know what to look for. While it’s common to
focus on the interest rate, many consultants would advise you to consider these aspects, as well:
Convenient mode of repayment – Mobile and online banking are the most
convenient. But there are also banks with post-dated cheques and auto-debit
payment options if you like it that way.
Customer service – Pay attention to how the bank handles you as borrower.
You’ll need their support throughout the loan tenure, so you better choose the one
with good customer service.
The car’s purchase price – Study the specs of the car you want before you go to a
dealer. Then, don’t hesitate to say no to add-on features you don’t really need.
This will greatly reduce the vehicle’s purchase price and, consequently, the
interest rate.
Fast approval – Know the bank’s processing time and submit your pre-qualifying
requirements on time. Banks usually approve applications from those with all the
documents. So, this aspect party depends on your ability to present relevant
papers.
Ease of application – Many lenders offer online application portals, which you
might be so wise to use.
Money matters can easily get out of hand if you’re not keen to details, overlooking the small
numbers (e.g., car’s add-on features, tenure) that may have a great impact on your overall loan.
One good way to ensure everything is well-handled is to use a loan calculator. This will allow
you to experiment on the figures and determine the best amount to loan so that you can make
payments consistently until the maturity date. Apart from this, it also helps to contact
Loansolutions PH financial consultants to help you compare the perks, facilitate your
application and make the right choice.
Source
https://www....utions.ph/Category
BusinessGet a Quote
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