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Car Financing – Tips for Buying Second Hand Car in the Philippines

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car financingSearching for a 2nd hand vehicle to buy under car financing in the Philippines can be a tedious task alone. What more if you need to come up and find the best provider with lowest interest rate and affordable monthly amortization for financing your used car?

Whether this is your case or even if you simply just don’t have the cash money to pay your second hand car buy from a dealer, private seller or from a showroom, I can guarantee you that this article will absolutely help you with your goal. You may also read our previous post on Do’s In Car Financing.

Where to Find the Cheapest Vehicle to Buy Under Car Financing?

Most buyer’s common destination if they want to buy a used car through loan is online. With this step, if you are a buyer, you are deemed to see cars for sale from (formerly / ayosdito / buyandsell / carfinder and other online classifieds websites. Your next best usual step can be a visit to a nearby showroom. If these 2 places is what you think you can find the cheapest and best condition used car to buy, then I’m sorry to tell you that you can be in the wrong track. To ease out that stress, you can take a look at this offer.

Although generally speaking, both is a great place to find one, what you don’t know is how to distinguish which price is the right price? What I mean is that dealers, showroom owners and private sellers of all types come to these places to sell their used car. That being the case, you may occasionally find the same car having multiple pricing. There are some who would resort to hiding the plate number to disguise the car itself for nature of being sold at a higher or overpriced tag.

know car financing optionsKnowing that these places includes private owners of used cars looking to sell their car is a great clue for buyers. I’m telling you, these kinds of people are your real target. Private sellers are the right people where you can truly buy second hand cars at the right price. Along this find, you can use the set prices from the online websites mentioned by which car dealers and showrooms sell their cars. You can use this to make sure you will get the discount you need from a private seller. How? Simply make a comparison from the private seller’s price with that of the car dealers. That way, you will immediately know by comparison if you can ask for a discount from the private seller based from the prevailing market price by dealers or other private sellers. Just be sure to be sensitive to information because some dealers disguise themselves as private sellers and sell cars as one to get more money from buyers. This was revealed by country manager of the lending company whom I am currently working for as a top car collateral loan consultant (agent).

Bottomline – yes you can find the most competitive price from sulit or olx or ayosdito or showrooms but be sure you try to find the same car being sold in the same place at a much lower price. Find the real owner or seller and you will surely get the most our of your money’s worth needing to buy used car thru car financing.

Basic Requirements for Car Financing in the Philippines

car loan requirementsSo by now you already know where to find that dream car and at this point i’m sure you are much more interested to buy a used car and have it paid via car loan financing.

Your next step must be is to know if you can qualify to apply by knowing the different requirements and pre qualifying needs. I have listed just the basic documents needed for your information.

how to qualify for car financing loanYou may directly apply by undergoing a prequalifying 1-3 minute interview HERE. After which send us thru email – 2 valid primary IDs / latest electric bill and copy of OR CR of car to buy plus the contact number of your dealer or seller –

  1. Completely filled up application form
  2. Copy of OR CR of car you wanted to buy (not necessarily original copy)
  3. 2 Primary valid IDs photocopied in 1 page
  4. TIN ID or any proof of TIN like ITR
  5. Photocopy and original electric or water bill (not necessarily under your name but must have same address as 2 valid IDs)
  6. Proof of income – if with business – DTI and mayor’s permit + 3 months latest bank statement / for OFW or with remittance from abroad – 3 months latest bank statement and remittance receipts / if with property for rent – contract of least and 3 months latest bank statement / if with regular job – 3 months latest payslip + bank statement / if with freelance job – salary vouchers or receipts of payment of job

Other Types of Car Loan Offer in the Philippines

  • Those of you who are looking to use their car as collateral without taking car and using only the OR CR, you may visit this page.
  • If you are looking for 1-3 hours possible cash loan release via car impounding loan, you can see list of requirements and apply directly here.

How to Get Lowest Interest When Buying Used Car Under Financing

lowest interest rate car financingThere are so many ways you can actually save time and money if you are applying for car loan financing in the Philippines. I’ll be enumerating a few just to help you start. If you are really interested to know more, feel free to contact me.

  1. Make a canvass of interest rates from bank and compare it with a private financing and a dealer’s offer.
  2. Ask for FREE assistance from a duly accredited loan consultant or agent.
  3. Consult with a professional in the lending industry – agent or loan consultant
  4. Visit online websites offering second hand car financing services
  5. Always ask for a discount

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