Car Loan Philippines
Are you dreaming of buying a new car or even a slightly used one? Thinking of purchasing a car is a dilemma for most Filipinos as chances are, they don't have enough money saved to pay in cash.
There's no other way to achieve your goal but to get a car loan. Many banks and financial institutions offer this kind of loan which is similar to a personal loan but the only difference is that it can only be used for the purchase of a car. Car loans are sometimes backed by a security or collateral but most are not depending on the kind of car you are buying.
Interest rates for a car loan varies from institution to institution but here at AMA Bank Car Loan Philippines (http://www.carloanpilipinas.com), we only charge a very attractive rate as low as .5% per month. Aside from our lowest rate, our car loan services are different from others because we not only strive for flexibility, convenience, and customer satisfaction, but we are achieving these goals on a daily basis. Regardless of what your current credit situation is, or has been, we are very confident that there is a car loan which caused automobile.
We are committed in guiding you from processing to fulfillment of your car loan in the Philippines. To start off, here are some insights to help you decide whether to go for a short-term or long-term auto loan.
The following are listed types and descriptions of car loan terms normally available when purchasing a new or used car in the Philiippines:
SHORT TERM AUTO LOANS are car loans in the Philippines made for the purchase of a new or used car and have payment terms of 12 months (1 year) up to 36 months (3 years). These types of loans are designed to help a consumer quickly pay off a loan obligation for a new or used car purchase. However, the payment amounts of shorter term loans can be somewhat high or burdensome for some. This generally offer lower interest rates than do longer term loans, thus, people with bad credit may be required to use shorter term loans in order to approved by certain auto loan lenders. Interest rates can be somewhat higher than normal as people with bad credit can sometimes be expected tobuy back their auto credit. Short term loans enable a person with bad or poor credit, to re-establish his or her credit history.
Advantages of short-term Car loan Philippines:
Quick Pay off of a car loan obligation
Increased trade in value after the completion of the car loan
Much lower interest payments and lower overall cost of ownership
Disadvantages:
High or expensive individual monthly payments
May require additional sacrifices to afford higher monthly payments
May be difficult to sustain if the customer loses a job or income
LONG TERM AUTO LOANS are usually car loans that have payment terms longer than 60 months (5 years). Longer duration auto loans in the Philippines are designed to allow customers to make smaller, more affordable monthly payments on a car or truck. While the individual monthly payment amounts are much lower with long term auto loans, the amount of interest paid over the life of the loan increases dramatically. The increased accrued and paid interest can substantially increase the overall cost of ownership with new or used car or truck.
Advantages of short-term Auto loan Philippines:
Smaller and more affordable monthly payments
Frees up money for other obligations and expenses
May be able to be sustained if a customer loses a job or income
Disadvantages:
Car or truck may be little, or significantly reduced, trade-in value at the end of the auto loan term
Substantial increase in amount of interest paid and accrued
Increased overall cost of ownership.
There's no other way to achieve your goal but to get a car loan. Many banks and financial institutions offer this kind of loan which is similar to a personal loan but the only difference is that it can only be used for the purchase of a car. Car loans are sometimes backed by a security or collateral but most are not depending on the kind of car you are buying.
Interest rates for a car loan varies from institution to institution but here at AMA Bank Car Loan Philippines (http://www.carloanpilipinas.com), we only charge a very attractive rate as low as .5% per month. Aside from our lowest rate, our car loan services are different from others because we not only strive for flexibility, convenience, and customer satisfaction, but we are achieving these goals on a daily basis. Regardless of what your current credit situation is, or has been, we are very confident that there is a car loan which caused automobile.
We are committed in guiding you from processing to fulfillment of your car loan in the Philippines. To start off, here are some insights to help you decide whether to go for a short-term or long-term auto loan.
The following are listed types and descriptions of car loan terms normally available when purchasing a new or used car in the Philiippines:
SHORT TERM AUTO LOANS are car loans in the Philippines made for the purchase of a new or used car and have payment terms of 12 months (1 year) up to 36 months (3 years). These types of loans are designed to help a consumer quickly pay off a loan obligation for a new or used car purchase. However, the payment amounts of shorter term loans can be somewhat high or burdensome for some. This generally offer lower interest rates than do longer term loans, thus, people with bad credit may be required to use shorter term loans in order to approved by certain auto loan lenders. Interest rates can be somewhat higher than normal as people with bad credit can sometimes be expected tobuy back their auto credit. Short term loans enable a person with bad or poor credit, to re-establish his or her credit history.
Advantages of short-term Car loan Philippines:
Quick Pay off of a car loan obligation
Increased trade in value after the completion of the car loan
Much lower interest payments and lower overall cost of ownership
Disadvantages:
High or expensive individual monthly payments
May require additional sacrifices to afford higher monthly payments
May be difficult to sustain if the customer loses a job or income
LONG TERM AUTO LOANS are usually car loans that have payment terms longer than 60 months (5 years). Longer duration auto loans in the Philippines are designed to allow customers to make smaller, more affordable monthly payments on a car or truck. While the individual monthly payment amounts are much lower with long term auto loans, the amount of interest paid over the life of the loan increases dramatically. The increased accrued and paid interest can substantially increase the overall cost of ownership with new or used car or truck.
Advantages of short-term Auto loan Philippines:
Smaller and more affordable monthly payments
Frees up money for other obligations and expenses
May be able to be sustained if a customer loses a job or income
Disadvantages:
Car or truck may be little, or significantly reduced, trade-in value at the end of the auto loan term
Substantial increase in amount of interest paid and accrued
Increased overall cost of ownership.
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