Is someone selling the perfect car, that fits right into your lifestyle and meets all of your requirements in term of mileage, capacity and looks? That’s great news! Well, it is if you have the funds to pay for it. You could use your credit card, if you are able to that is, but how long are you going to be paying that back, and what about the interest rates they charge? Maybe using credit cards is not the answer after all? Purchasing a brand new car, even if it is only new to you, is very exciting – it is like buying a new toy when you are a kid. However, cars are considerably more expensive than a child’s toy and getting enough money together to buy one is not easy. Even if all you need to borrow at the moment is for a deposit, it can still be very expensive. Conventional wisdom has it that a deposit on a new car should be 20%. If we were to purchase a Ford Explorer today, it would cost at least P 2,748,000. 20% of this would be P 549,600. As you can see, even the deposit is a lot of money to lay down out of your pocket. Financing is a sensible option, then, but finding the right lender is not always so straightforward. Lots of people can spend a lot of time comparing vehicles, looking at different makes and models and then spend more time haggling with the dealer or owner to try and get the price down. By comparison, they spend hardly any time doing the same when it comes to auto loans. Very often they will grab the first one they get and so end up wiping out any savings they may have made while haggling. In fact, by choosing the first auto loan they come across they could even end up paying thousands more than they needed to. The interest rates on vehicle finance can vary wildly from lender to lender, so why pick the first one you see advertised? What you should be doing is spending as much time looking at lenders as you do choosing a vehicle.
Banks loans are one way to go, for sure, when you want to make a vehicle purchase. The trouble is that taking ‘advantage’ of bank invoicing is not always a good idea, this is because they very often attract higher interest rates than specialist car loan lending companies. Cars are expensive as it is, even after you have bought one – there is the gas, oil, maintenance, tyres, auto insurance etc. why add to the expenses with costly repayments? When you look at your bank statements, you don’t want to have to sit down first in case you start to feel faint. This is why credits are a bad idea also, even if you have reasonable rates because you have a good credit rating. Credit cards are notoriously difficult to pay off, and the card companies make it this way deliberately -the longer they can make you pay, the more money they make. The only other real alternative is to go and speak with a specialist lender. These companies are, more often than not, in a much better position to offer car loans on a much better amount of interest. You also want to be sure that you aren’t going to be left dangling on a hook for years to come, as credit card companies would like you to be. There are only two sure fire ways of making that happen. First, you could always just give up on the idea of buying a new vehicle (which is not an option anybody would want to consider) or, second, find yourself a finance provider that can guarantee you answers to certain questions. What kinds of questions? You need to know exactly how much you will be paying each month, with no surprise charges, and exactly when the final payment will be. Some companies can give you an estimate, but that should set the alarm bells ringing. If they are a charging a set figure, and the price of the loan itself doesn’t change then they should know exactly when the final payment will be. So why don’t they? That’s not all specialist lenders though, naturally. There are some lenders out there that have the ability to show you exactly what you will be getting yourself into. There is however, just one that is trusted right across the Philippines and finds its home in Makati City.
Asteria Lending can tell you precisely how much your repayments will be each month, and also exactly when your final payment will be. Remember, these are not estimates, we can tell you to the exact day. Our interest rates are among the lowest in the whole of the Philippines too at just 0.8 percent a day.
Taking all of the above in to account, why would you want to spend more somewhere else? To see exactly how much you will pay in total you can use our finance and interest rate calculator. This will tell you how much interest you will pay on the amount you need, as well as the exact total amount that you would pay back.Simple, straightforward and completely transparent. Just the way auto loans should be; you’ll wonder why everybody doesn’t do it! Asteria Lending services are 100% digital, meaning that there is no need to call in to the office in person (perfect if have no car at all!). We believe that this method is faster, more secure, enables us to offer the very best auto finance terms and, importantly, convenience for you.
To find for out yourself just what we can do for you, and how everything works, you can head to our FAQ page, or How It Works page, or you could just give us a call on Mobile: 0998-584-5045 or Landline: (02) 318 8000