Can Foreigenwre Get Auto Loan??

[cebu rocks]

A suggestion buy a VW beetle theres tons of them still around parts are cheap and available just about every mechanic knows how to fix them .http://www.sulit.com.ph/index.php/view+classifieds/id/3553732/VW+BEETLE+FOR+SALE?referralKeywords=vw+beetle#imageGallery

A fun car with locking doors . :cheersty:

[i am bob]

Man but I love that VW!

Just out of curiousity... When you buy private, how much will people usually move on their prices? New and almost new at dealers I hear don't move but older cars sold privately should move some, shouldn't they?

:89:

[Steve & Myrlita]

Man but I love that VW!

Just out of curiousity... When you buy private, how much will people usually move on their prices? New and almost new at dealers I hear don't move but older cars sold privately should move some, shouldn't they?

:89:

If you are a Filipino, it might. If they see your white face it won't and may even go up. I recently found out that I paid P50K more for my care than I should have. Why? Because the owner saw my white face.

[MikeB]

Man but I love that VW!

Just out of curiousity... When you buy private, how much will people usually move on their prices? New and almost new at dealers I hear don't move but older cars sold privately should move some, shouldn't they?

:89:

My experience with private sellers so far is that they are not willing to come down much, if at all, and they have a greatly inflated idea of what the vehicle is worth. Finding one that has been properly maintained is also a challenge.

[billten]

The last two cars i bought have been via my mechanic. I have used the same mechanic for all the years i have been here and have become friendly with him. He has a wide list of 'suki' and knows exactly when a car is ready to be sold by one of them. All i tell him is generally what i need and when something becomes available he calls me to take a look. As he is the person who usually helps set the price, he tends to manage the more silly expectations of the seller and i have gotten a decent price for both cars i bought thru him. Thing is, he knows that both the seller and the buyer will be seeing him again and again and he also knows the background and maintenance schedule of the car being sold (as he was the one that maintained it).

Perhaps, if you can create a trusting relationship with a local mechanic, you can find a decent deal in that way...

Bill

[tiger31]

its a crazy system here if you walk into a dealership with cash they tend not to be interested they only want you to buy on credit because they will make lots and lots of money.interest rates are usually from 18 % upards and beyond .for intance i wanted to buy a scooter for 66k brand new but if they can persuade you to buy on tick the same scooter will cost 120k over 3 years lol now you know their mindset credit is king not cash lol

[luke]

I have no experience with used cars sale but banks sell off repossessed cars:

http://www.bdo.com.p...orsale/Cars.asp

Or google: "repossessed cars 2012 philippines"

http://www.google.co...iw=1059&bih=863

15 years ago I was looking to buy a used car but I decided to buy new after I saw the state they were in.

Beside the condition of the car be aware of mafia practice; selling stolen or modified (change of serial numbers etc) cars.

I gave up driving 3 years ago. All is in walking distance for me and I need to move that big ass more....

Edited August 28, 2012 by luke

[wombatphil]

Thanks for the interesting info! I may decide to go for a used car and pay cash!

Any suggestions/things to avoid with used cars here??

You may quite likely end up with a stolen car here and don't know.

Before paying any money over for car/bike etc, there is a number to text to L.T.O, Land Transportation Office, the mob who give out licenses and rego's etc, and they will return an automated text on the vehicle you are enquiring about, letting you know the basic details and if there are any current 'aprehensions' or 'alarms' out on that vehicle... As below, follow instructions, it costs P2.50. I just did it then and it works fine...

number to text is: 2600

Then text: LTO (space) VEHICLE (space) (insert vehicle number here)

That's it, and just wait for the return text, store it in the phone and you can show any wanker in authority trying to say something untoward about your vehicle also.

[MikeeW]

I did get financing for a new car, two years ago. I was unable to get financing through my own bank here. I had been a customer for over a decade, but the basic rules were that to get an approval, the loan had to have a co-signer who was Philippino. The co-signer had to have sufficient resources of their own to make the loan even if you, the foreigner, were to be the one making payments etc. In effect, the bank would not loan to me in spite of having adequate resources.

My financing was in house from the dealership.

Ironically, it was a bank who provided the financing, but that was through the facilitation of in-house financing of the auto dealership. Effectively, the in-house financing was funded by a bank. However, a co-signer was not required.

The interest rates for in-house financing are outrageous. Beggars can't be choosers.

Financing required me to provide two years worth of pre-dated checks and on the 10th of each month, a payment was made from my checking account.

Process was pretty simple. Large deposit required. Large interest rate. Registration was made in the name of the dealership (shown as encumbered). Insurance needed to be obtained showing the encumbered condition.

There are deals to be had where the dealer will include one year of insurance, all registration costs or other benefits. Not much.

I got the distinct impression that sales were good for new cars and if you didn't want their terms, go buy a used car.

I have heard from others that some will get their car at a dealership not near their home and then ship the car to their province or city.

Be aware that items like batteries, tires and hi-fi will be covered under their own warranty. Probably standard practice elsewhere. However, there is a way the dealers can improve their profit margins and they use cheap, low-quality items like batteries and it's your problem when they fail.

Also, don't assume the dealership will offer assistance when the loan is paid off. The car will have a lien which needs to be removed and it is your burden to get that done. Same for any LTO business.

[Papa Carl]

Second hand cars here are way over valued, they retain their prices for a very very very long time. In fact it is more cost effective to buy new!

Yes banks here will give you an auto loan, I have been offered from BDO, and BPI, and my current bank China Bank. My current bank said I only needed to put 10% down,and the rest on finance, for 2, 5 or 10 years!! and I believe the interest was good as well, but I will have to check my paperwork

The best advice I have seen here is the comment, "get to know your local bank manager". That is very true, I don't stand in line, I go direct to his office, as I did with BDO in SM Clark as well.

If you know a Filipino that is doing business, get to know his bank manager!

One of the best connections I have made.

In regards to VW's yes I agree, one of the best cars I ever owned, it went through blizzards in Canada, when the police shut down the 401, and it still got me from London to Kingston.

However I disagree about the parts. I would love to buy one here and tried several times, but the price of the bug was way too high, and I could not find a mechanic to work on it, and everyone told me the parts were very expensive.

I will admit it was easier to find both the car and the parts in Manila, than it has been here in Angeles.

Papa Carl