Monthly amortizations, interest charges, late payment penalty or the possibility of losing your car would all be a non-issue if you have enough cash to pay for a car straight up in one go. What if you simply do not have enough cash? Your solution is car financing. However, not everyone qualifies for a car loan, and opting to get one would mean paying more because of the interest. Aside from banks, car dealers also offer car financing. Should you decide to take car loan in Iloilo or anywhere in the country for that matter, make sure you do it the smart way.
CAR FINANCING BASICS
As mentioned, there are two common options to finance your car. One is from the dealer and the other is from banks. You can also find financing companies ready to grant auto loan to qualified applicants. From the two common financing sources, banks offer lower interest rates but you should expect more legwork for you have to go to the bank and ask for their conditions, required documents, etc. Commonly, lenders require 20% down payment, but you can pay higher in order to reduce your monthly installment. If you are earning Php 30,000 or more, or you can prove that you have a stable source of income and you are capable of repaying, you could be qualified to take a car loan. Please note that the minimum income requirement and other qualifications still depend on the lender.
CAR LOANS FROM BANKS
In the country, banks such as BPI, BDO, Chinabank and PSBank are among those that offer the best rates. You can also search for banks with promos and take advantage of their offers. Most of these banks now facilitate online loan application, making it more convenient for borrowers to apply. Even the information you need can be found on their websites. However, you do not have to submit application to each bank if you choose to submit loan application to Loansolutions.ph.
HOW LOANSOLUTIONS HELPS
Loansolutions PH works with a wide network of banks and financing companies. We connect borrowers with lenders. What we do first is pre-screen your profile and see which lender you match based on their eligibility criteria such as minimum required income, etc. The first thing you need to do is provide us your personal data for you to be matched. Once we found a match or matches, we will notify you. If you get multiple matches, you have the power to choose one lender, the one you think has the most attractive offer in terms of interest rates, terms and others. We will also assign one of our loan officers to assist you. Loansolutions certainly offers a hassle-free way to apply for a car loan. It saves you time and effort, and gives you the chance to have access to the best loan offers.