The heavy Metro traffic can’t stop you from buying a car. But wait, do you have the cash to get the keys to your own ride? You want it don’t you? You actually need it, you say to yourself. And then really hits you that you don’t have the money to buy even a second-hand car.
Well, there are car loans available out there that can enable you to afford the car you wanted. But do you know the best deals that are out there? Let us help you.
Check out the table below and see what fits you best.
Sample computations for a purchase of a car that costs P700,000 are shown below.
The bank would normally require 20% downpayment, which means P140,000 will already be paid outright to the bank. This leaves you with a total principal car loan in the amount of P560,000.
Assuming you plan to pay this P560,000 balance in 36 months (3 years), you can check out the table below to see how much:
- The annual interest rate charged to your loan;
- The amount of your monthly car loan installment; and
- The total interest you will pay to the bank.
Car Loan Interest Rates (2014)
|
Bank Name
|
Monthly Car Loan Installment
|
Interest Rate per Year
|
Effective Interest Rate
|
Total Interest over Loan Period
|
|
|---|---|---|---|---|---|
| 1 | Security Bank | P17,791 | 4.79% | 8.93% | P80,472 |
| 2 | BPI | P17,987 | 5.21% | 9.68% | P87,528 |
| 3 | Unionbank | P17,987 | 5.35% | 9.69% | P87,528 |
| 4 | PNB | P18,052 | 5.49% | 9.93% | P89,880 |
| 5 | Chinabank | P18,118 | 5.59% | 10.18% | P92,232 |
| 6 | RCBC | P18,164 | 5.59% | 10.36% | P93,912 |
| 7 | BDO | P18,183 | 5.63% | 10.43% | P94,584 |
| 8 | Eastwest | P18,276 | 5.83% | 10.78% | P97,944 |
| 9 | PSBank | P18,762 | 6.87% | 12.60% | P115,416 |
| 10 | Metrobank | P19,961 | 9.44% | 16.98% | P158,592 |
Source: PinoyMoneyTalk
