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CASH OR LOAN?- buying a new car

prnd32 · 40 · 7153

prnd32

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on: Sep 13, 2014, 12:58 PM
If you are planning to buy a new car at this very moment (sa Pinas), what would you prefer pay in cash or thru financing?  And why?

I need some guide.  Thanks!


OMG.27

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Reply #1 on: Sep 13, 2014, 03:35 PM
Pay In Cash..


budoi

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Reply #2 on: Sep 13, 2014, 03:57 PM
 :D e cash mo na agad para less hassle! : :rakenrol:


Jarhead1994

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Reply #3 on: Sep 14, 2014, 07:17 AM
If you have the cash, go for the full payment, imagine the savings you will make. If you have it financed and you pay in increments for 5 years, you could save as much as PhP100,000 or more if you pay in cash instead, depending on the type of vehicle and the financing details.  :cool2:


Wills

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Reply #4 on: Sep 14, 2014, 02:00 PM
Cash if possible and don't buy brand new.

A  brand new Honda CRV base model in US will cost you around 22thousand dollars that's roughly 950thousand in Pesos, here in PH same car will cost you around 1.250Million!

Honda Pilot here is 2.5M pesos in US its 1.6M pesos only.


Homeboy

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Reply #5 on: Sep 15, 2014, 01:01 AM
don't buy brand new.

Only applicable kung car enthusiast ka meaning alam mo binibili mo or may sarili kang mekaniko or kilala mo at alam mo kung paano ginagamit yung sasakyan. True makakatipid ka pero kung puro problema yung nabili mong sasakyan i think its not worth the trouble.

Buying a brand new vehicle saves you a lot of money and a lot of headaches. You will have a peace of mind na hindi ka basta basta titirik.

1 tip bro
"Hulugan" mo yung bank account mo ng equivalent sa 1 month amortization (36 to 60 months) ng type mong sasakyan. Do it every month until mareach mo yung target amount mo. You'll be amazed na you can own a vehicle in less time possible, wala ka pang utang!


Wills

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Reply #6 on: Sep 15, 2014, 05:48 AM
^that's a good tip.

I got the idea of not buying brand new car from my brother in law, he only buys 2-3 yrs old car with a mileage of less than 30thousand kilometers.


angeljme

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Reply #7 on: Sep 15, 2014, 10:23 AM
not brand new but less than 3yrs old or bank re-po car.  anything older than 5yrs is a NO GO anymore.
if you have the means to buy in cash, then go for cash.  think of all those interest payments that you'll save.

if you can't pay in cash, then opt for a 3yrs payment.  don't pay it in 5yrs.  lugi ka sa re-sale value ng car.


prnd32

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Reply #8 on: Sep 15, 2014, 10:44 AM
we are getting great responses here.. thanks pmt peeps and keep them coming :)


poorguy

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Reply #9 on: Sep 15, 2014, 11:05 AM
i go for loan (kontra :hihi:) cash for investments/properties...


bauer

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Reply #10 on: Sep 15, 2014, 11:27 AM
If you are planning to buy a new car at this very moment (sa Pinas), what would you prefer pay in cash or thru financing?  And why?

I need some guide.  Thanks!


^ I recalled a study made a long time ago and I believe it still hold some value.  Cash plus 3 year financing terms (the best value) for new vehicle acquisition.


prnd32

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Reply #11 on: Sep 15, 2014, 11:50 AM


^ I recalled a study made a long time ago and I believe it still hold some value.  Cash plus 3 year financing terms (the best value) for new vehicle acquisition.

sir bauer, where can i get hold of that study?  and who conducted the study?  tia!


spidermannn

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Reply #12 on: Sep 16, 2014, 02:45 AM
saken mas masarap hugasan ung brand new na binili ng cash kesa bank finance...peace of mind...


DonT

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Reply #13 on: Sep 16, 2014, 07:55 AM
For a Brand New car....I would go for financing. Since Interest rates on Car loans are pretty low, i would like to take advantage of this an invest money where i could get more mileage out of it.
 
But, practically speaking. I would not buy a Brand New vehicle (Been there, done that). There are a lot of very good condition 3 to 5 yr olds at very good prices. Better Value for Money.


Dong_Nguyen

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Reply #14 on: Sep 16, 2014, 10:34 AM
Buy a car thru financing, then buy a property and have it rented. Use your property rental income to pay the monthly amortization of your car. After your loan is fully paid, you don't only have a car, may free bahay ka pa na nag gegenerate ng passive income.


 


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