Jefanie Genilla
Owning a car means you’ll have more freedom to go wherever you want to go. It also means you’ll have a more convenient way of transportation. But before you shop, just read this post to know how to choose the type of car you can afford to ensure you’ll get the financing you need.
While in the past a car is a luxury only available for the rich people, there are many road beasts today designed and priced for the average-earner. The only thing you should concern about is how to choose the brand you can afford.
Balancing Price and Quality
For starters, you should look into both the price and quality. Strike a balance between these two and you’re good to go. But where should you start? As for the price, look into these three main aspects:
- Down payment – Remember, the more money you shell out for the upfront fee the less you’ll be paying for the monthly amortization. In turn, this will also lower the total interest rate you’re going to pay if you decide to take out a car loan for the purchase.
- Monthly Amortization – Experts suggest that it’s best to choose a car with a monthly amortization equivalent to 10% to 20% of your income. This is to ensure you’ll still be able to sustain your existing expenses.
- Maintenance Cost – Of course as a newbie car owner, you might have to allocate money for your vehicle’s maintenance. This includes regular inspections, spare parts and fuel cost.
Quality-wise, opt for cars with the right security essentials, especially alarms and anti-theft features. You should also consider whether it is fuel-efficient and durable under the hood. Opt for a brand or model with spare parts you can easily purchase.
PH’s Cars Price Range
We’re lucky here in the Philippines to have a wide range of cars of various brands and price range. If you go for brand new vehicles, the price can be as low as PHP 100,000 to a couple of millions. For pre-loved cars, the cost can be as low as PHP 50,000 to a couple of hundred thousand. Price also depends on the unit, with those of top-end brands like Porsche, Ford and Mercedes-Benz priced more than those mid-level brands.
Getting Help with the Financing from the Experts
Auto loan financing options also abound these days along with the growing demand for cars. If you’re planning to purchase your dream car with a loan, make sure to contact Loansolutions PH’s consultants to help you choose the unit that suits you best. They can also guide you in planning your budget, considering the total cost of the car, interest rate and monthly amortization.
The best thing is that you can apply a loan via the 3-Step Online Application Process available on their site, Loansolutions.ph. All you need to do is follow the process to submit your borrower details. Then, we can do the crunching for you. We’ll review your details and find a suitable auto loan provider.
The Takeaway
Overall, the key to having your own car is to choose a unit you can afford to pay on a regular basis. Otherwise, you would have a hard time finding a financing provider if you go for a brand that’s too much for your capacity to pay. The best way to go is to take advantage of a reliable loan concierge service such as what Loansolutions PH offer so that you can compare the car costs and rates of various brands and, at the same time, choose the best loan to apply for.
