Rev up your auto financing: Tips and thoughts to consider when getting a car loan
Once you’ve got the car that catches your eyes and your heart, it’s time to start thinking if it’s also the car that your wallet can afford. While paying up-front in cash is the ideal option, it just isn’t possible for most people – or the wise choice. After all, shelling out your hard earned savings for a car that depreciates with time may not be the best move. The alternative, then, is to get the right loan financing scheme that fits yor budget.
One of the options for financing is from banks. With these institutions, you can avail of competitive and flexible rates, packaged with personal service from Branch Personnel who can even advise you if you are paying too much for a car. Before applying for a loan, however, a little more research will come in handy.
First, it would be good to review your credit before taking out a bank loan. While credit scores are not the be-all, end-all to getting your loan approved, they are helpful especially in getting the best rates. Knowing your credit standing will allow you to fix any errors or habits that affect your rating.
It’s also best that you do a little math yourself. Do a little introspection and think about how much you can spend while still getting a car that you want – or one you are at least willing to settle for. By comparing prices and models, you can be sure to choose the right automobile for your pocket and tastes. Top Gear Philippines (www.topgear.com.ph) has an online database of cars wherein you can check out different car brands and models, their specs and prices. It even has a handy auto loan calculator that gives you an idea of your monthly payments after you choose the car of your dreams.
Other thoughts to consider are down payment and loan term. If you can afford to give a bigger down payment, this will mean more savings because of lower monthly payments. Of course, the shorter the loan term means the earlier you will get to pay off your loan.
Now, if you’re thinking that applying for a bank loan is too inconvenient and slow, you may want to consider BPI Family Auto Loan. You can get loan approval in as fast as 3-8 hours. Car Insurance with Acts of God coverage payable in 12 equal monthly installments. BPI Family Bank also has very convenient loan payment channels with options such as over the counter payments, auto debit arrangement, Express Online, Express Phone and ATM. You may visit any of the over 800 BPI or BPI Family Bank branches or call 845-6777 for more details on how to apply for a BPI Family Auto Loan.
If you do your homework, calculations, and budgeting from the start, you’ll find that taking out an auto loan can be as easy as cruising down a smooth road in your brand new car.