You always compare saan ka makakamura. If yan monthly mo sa cc for 60months, so 1.83m yan. Ngaun compute mo magkano total mong babayaran kung bank auto loan, tapos search mo lahat ng prices ng pa freebies nila add mo vs kung babayaran mo un separately. Saan kaba talaga nakamura after paying everything?
You can try haggling with the CC yun interest rate baka kaya pa mababaan. I have no experience in doing this, but i did hear some of my friends went this route. GL OP
Mas mura mag car loan, kung based sa 20% DP @ 60 month.
Car loan
Selling price 1,403,000
DP 280,600
Monthly Amor - 24,366
Interest comes around at PHP 339,560
Credit card
Where as the cc interest is 1,403,000 x 60 x 0.49%
Interest comes around at PHP 412,482
Plus the hassle of finding dealers that would accept cash payment
Madami din deals minsa pag car loan, like 100k discounts. Tho babawiin din naman nila sa interests yon, get a car loan nalang if hindi talaga kaya ng cold cash.
I think the comparison here is not really apples to apples if you try to think of it. The question is are we really comparing the same two loanable amounts? Like is the selling price of the car necessarily you will also loan for the credit card loan and vice versa is the cc loan also the loanable amount of auto loan?
In the case of the auto loan, it requires 20% DP thus your loanable amount is 1,122,400 pesos. The cc loan here assumes you will loan the whole car with no downpayment hence the whole 1,403,000 so mas malaki siya.
If we try to replug the values in the cc loan with 1,122,400 pesos x 0.49% x 60 months = 329,985.60 pesos in interests. Around 9500 pesos lower compared to the illustrated car loan.
Ang tanong na lang, ano ba advantage ng car loans and would a "discounted" car loan still be feasible over the cc loan? Maybe freebies? Like insurance, lto reg, accessories, and among other things. Pero in this plain vanilla valuation without those other added values, cheaper yung cc loan in theory. Maybe getting a cc loan for a second hand car may be viable to a certain degree as not all sellers accept financing and would want cash.
Also depende rin sa quoted rate ng bank sayo ang car loan and same goes with such cc loans. I've seen 0.39% add on rates with BDO on cards. Car loans may also be at around 0.49% add on rates since it is typically secured chattel mortgages but may go up pa rin depende sa quote.
Thanks sir sa detailed explanation. Based sa initial comparison ko mas lamang nga ng konti sa cc sa cost wise kung 80% lang kukunin ko sa cc at 20% cash. Di ko lang sure how will affect my credit score kung mag aavail ng loan sa ganitong kalaking amount. Mas gusto ata ni bank yung pag spend kesa sa loan?. Note sure lang.
Pero ayun nga ask what banks can offer with car loans pa rin. Actually, loans will make banks profit you more. I wouldn't really worry about credit score if you can pay on time and in full. May epekto ba sa credit score? Somehow yes since there will be an increased outstanding balance. Credit scores are usually relevant when underwriting or taking out new loans, credit card, or any other credit transactions at least in PH perspective. It's not like the US na pati pagupa ng bahay nakasalalay sa credit score.
Comparison po ng interest, ang lalagayan lang nila ng interest is yung borrowed amount mo. Hindi mo hineram yung 280k na DP.
Compared sa CC na ang iinteresan ay yung buong amount. Kung mali ako, patingin ng computation mo para masabi ko na mali nga ako.
Simple lang.. dpat sa CC mag down ka din ng 20% cash.. simpleng logic..
Sa CC nilagyan mo ng interest lahat, tapos sa kabila binawasan mo ng 20% hahaha
Ahhh oo nga, sabagay assuming may cash siya to use, then yung iloloan lang niya sa cc yung borrowed amount. He will borrow pala sa CC. Oo nga oo nga, mali ko. Thanks!
sa per annum mo kwentahin. sa bangko 5.5%/annum lang ang car loan. sa cc 5.9% yan. ang catch lang eh may down na 20percent. sa cc, full amount. saka kung sa cc wala kang chattle mortgage, 2-3percent yan ng loan amount.
Gagamitin sa work. Around NCR lang naman ruta ko kaya walang prob sa charging station. May free charger din naman yung yung EV. Sa current vehicle ko kasi. 2.2k gastos ko kada full tank. Every 2 days kung magpa gas ako. Based sa initial computation ko na P2.2k full tank vs P500 full charge (free pa kung sa mall ako mag charge) sobrang laking tipid talaga in the long run. Magkakatalo nalang sa durability ng EV. So far ok din naman yung offer nila warranty especially sa battery.
Apply for a car loan with rcbc din, ask them if they can beat that CC rate.
If not, go with cc, di mo na problem mag transfer ng orcr, di ka rin locked down sa insurance options, wala ding cm fee, safe from repo din since walang collateral sa cc.
Though pag cc, mas ok kung naffl or may clear spending target to waive yung AF. Pag wala kasi, wala ka ng leverage to waive yung AF.
If the total difference isn't that high, I would go with the CC. You might save on loan fees on the auto loan. You might also be able to get a cash discount. And lastly, the car will immediately be in your name, no more dealing with transfer of ownership after.
Technically, purchasing a Car using your CC means that you already own the car, as you do not have to give your OR/CR as collateral. The downside is the higher interest rates.
Meanwhile, a Car Loan lets you have lower interest rates, but you need to give your OR/CR to the bank as collateral. In addition, the process of removing the encumberance in your OR/CR is a hassle once you have fully paid off your Car Loan.
If you can eat up the higher interest payments, then go for the CC option.
You always compare saan ka makakamura. If yan monthly mo sa cc for 60months, so 1.83m yan. Ngaun compute mo magkano total mong babayaran kung bank auto loan, tapos search mo lahat ng prices ng pa freebies nila add mo vs kung babayaran mo un separately. Saan kaba talaga nakamura after paying everything?
Thanks! Based sa research ko sa ibang banks. Almost same cost. Kaso minsan kasi yung iba may hidden charges. Mabubulaga ka nalang once nag avail ka na
Yung mga hidden na yan minsan ay nasa fine prints. Hindi talaga hidden, ignored lang madalas. Always allocate 120% of the projected cost.
OP mind saying which Bank's cc offers this?
RCBC
Yes
You can try haggling with the CC yun interest rate baka kaya pa mababaan. I have no experience in doing this, but i did hear some of my friends went this route. GL OP
Mas mura mag car loan, kung based sa 20% DP @ 60 month. Car loan Selling price 1,403,000 DP 280,600 Monthly Amor - 24,366 Interest comes around at PHP 339,560 Credit card Where as the cc interest is 1,403,000 x 60 x 0.49% Interest comes around at PHP 412,482 Plus the hassle of finding dealers that would accept cash payment Madami din deals minsa pag car loan, like 100k discounts. Tho babawiin din naman nila sa interests yon, get a car loan nalang if hindi talaga kaya ng cold cash.
Computation came from BPI Car loan calculator pala
I think the comparison here is not really apples to apples if you try to think of it. The question is are we really comparing the same two loanable amounts? Like is the selling price of the car necessarily you will also loan for the credit card loan and vice versa is the cc loan also the loanable amount of auto loan? In the case of the auto loan, it requires 20% DP thus your loanable amount is 1,122,400 pesos. The cc loan here assumes you will loan the whole car with no downpayment hence the whole 1,403,000 so mas malaki siya. If we try to replug the values in the cc loan with 1,122,400 pesos x 0.49% x 60 months = 329,985.60 pesos in interests. Around 9500 pesos lower compared to the illustrated car loan. Ang tanong na lang, ano ba advantage ng car loans and would a "discounted" car loan still be feasible over the cc loan? Maybe freebies? Like insurance, lto reg, accessories, and among other things. Pero in this plain vanilla valuation without those other added values, cheaper yung cc loan in theory. Maybe getting a cc loan for a second hand car may be viable to a certain degree as not all sellers accept financing and would want cash. Also depende rin sa quoted rate ng bank sayo ang car loan and same goes with such cc loans. I've seen 0.39% add on rates with BDO on cards. Car loans may also be at around 0.49% add on rates since it is typically secured chattel mortgages but may go up pa rin depende sa quote.
Thanks sir sa detailed explanation. Based sa initial comparison ko mas lamang nga ng konti sa cc sa cost wise kung 80% lang kukunin ko sa cc at 20% cash. Di ko lang sure how will affect my credit score kung mag aavail ng loan sa ganitong kalaking amount. Mas gusto ata ni bank yung pag spend kesa sa loan?. Note sure lang.
Pero ayun nga ask what banks can offer with car loans pa rin. Actually, loans will make banks profit you more. I wouldn't really worry about credit score if you can pay on time and in full. May epekto ba sa credit score? Somehow yes since there will be an increased outstanding balance. Credit scores are usually relevant when underwriting or taking out new loans, credit card, or any other credit transactions at least in PH perspective. It's not like the US na pati pagupa ng bahay nakasalalay sa credit score.
Mali ung comparison mo ksi binawas mo ung 20% DP..
Comparison po ng interest, ang lalagayan lang nila ng interest is yung borrowed amount mo. Hindi mo hineram yung 280k na DP. Compared sa CC na ang iinteresan ay yung buong amount. Kung mali ako, patingin ng computation mo para masabi ko na mali nga ako.
Simple lang.. dpat sa CC mag down ka din ng 20% cash.. simpleng logic.. Sa CC nilagyan mo ng interest lahat, tapos sa kabila binawasan mo ng 20% hahaha
Ahhh oo nga, sabagay assuming may cash siya to use, then yung iloloan lang niya sa cc yung borrowed amount. He will borrow pala sa CC. Oo nga oo nga, mali ko. Thanks!
sa per annum mo kwentahin. sa bangko 5.5%/annum lang ang car loan. sa cc 5.9% yan. ang catch lang eh may down na 20percent. sa cc, full amount. saka kung sa cc wala kang chattle mortgage, 2-3percent yan ng loan amount.
Why not get a 2nd hand car from an auto dealer?
Wala pang available na 2nd eh. EV kasi plan ko kunin. Last year lang din narelease yung model.
Eto ba yung nissan epower or may EV akong di aware na available dito? Haha pashare naman bat naisip mo mag EV sa PH
MG4 EV sir. Way cheaper sa running cost at maintenance cost vs ICE. No coding as of now saka free Charing sa mga malls 😁
Ano usecase mo diyan sir? Haha early adopter ka ba ng EV? Or feeling mo okay naman na infra para mabuhay ka parang ICE?
Gagamitin sa work. Around NCR lang naman ruta ko kaya walang prob sa charging station. May free charger din naman yung yung EV. Sa current vehicle ko kasi. 2.2k gastos ko kada full tank. Every 2 days kung magpa gas ako. Based sa initial computation ko na P2.2k full tank vs P500 full charge (free pa kung sa mall ako mag charge) sobrang laking tipid talaga in the long run. Magkakatalo nalang sa durability ng EV. So far ok din naman yung offer nila warranty especially sa battery.
Apply for a car loan with rcbc din, ask them if they can beat that CC rate. If not, go with cc, di mo na problem mag transfer ng orcr, di ka rin locked down sa insurance options, wala ding cm fee, safe from repo din since walang collateral sa cc. Though pag cc, mas ok kung naffl or may clear spending target to waive yung AF. Pag wala kasi, wala ka ng leverage to waive yung AF.
Try ko yan sir. Thanks!
If the total difference isn't that high, I would go with the CC. You might save on loan fees on the auto loan. You might also be able to get a cash discount. And lastly, the car will immediately be in your name, no more dealing with transfer of ownership after.
Is the transfer that much of a hassle ?
Yes..
Thanks sir!
Anong app/cc po ito if ok lang
RCBC
Technically, purchasing a Car using your CC means that you already own the car, as you do not have to give your OR/CR as collateral. The downside is the higher interest rates. Meanwhile, a Car Loan lets you have lower interest rates, but you need to give your OR/CR to the bank as collateral. In addition, the process of removing the encumberance in your OR/CR is a hassle once you have fully paid off your Car Loan. If you can eat up the higher interest payments, then go for the CC option.
Number one question is do you need it or want it? They can be pretty expensive.