RCBC LISTS a useful guide for people on the prowl for a new car. “If you’ve had it with asking family members or friends for rides or taking public transport daily to get to work, buying your own car is the wise and practical solution,” said the company in a release, and added that the process is not as straightforward as when buying a new pair of jeans or a gadget, but “it is not as complicated as (one) might think either.”
LOOK AROUNDThe first step is knowing which car is right for one’s needs and budget. Check the websites of different car manufacturers or dealerships in the Philippines. Are you eyeing a sedan for your daily drive to work, an SUV for navigating rough terrains and harsh driving conditions in the metro, or a dream sports car now that you can afford it? Go online for more information about the car’s selling price, features, reviews, and dealer options. Some websites even have filter functions where you can check by car price, make, model, trim, color, and more. Use these tools to your advantage so you can trim down your list. Ask someone who already owns the car model you’re planning to buy, and get feedback on its performance and ownership experience.
Visit a car dealership to inspect the actual unit yourself. Don’t be afraid to ask direct questions about the car or even about financing. Inquire if there are dealer-installed options or add-ons like car covers, floor mats, dash cams, early warning devices, or preventive maintenance service vouchers. These are very practical and useful car accessories that would help keep your vehicle is in top shape and ultimately ensure your safety as a passenger and driver.
INSPECT AND TESTThis is very important, especially when buying a used car. Aside from seeing the actual unit in person, you should conduct a thorough check to spot any red flags. Make sure to check the tires, the paint quality, and the engine. Look for any inconsistencies, touch-ups, or any car component that’s not working properly. After the visual inspection, take the car for a test drive. See how you or your family fit in the car and how it handles traffic jams, tight spaces, and different roads. Check the entertainment features, cargo space, and the driving and riding experience.
CONSIDER A CAR LOANAfter conducting research and deciding on a car, it’s time to determine how to pay for it. Because a car is a significant expense, most Filipinos opt for a car loan to spread the payments and make a car purchase more affordable. The most common auto loan term is 60 months, and the down payment is usually 20%. You can take out a bank loan or apply for one through the car dealership. Car dealerships also offer in-housing financing for car buyers.
Research which lender is right for the purpose. Opt for a quick and easy auto loan application, whether you’re planning to buy a brand-new or pre-owned car. RCBC Auto Loan promises low down payment, affordable monthly installments, and flexible terms of up to five years. You can customize your RCBC Auto Loan according to your needs. For brand-new cars, for instance, you can enjoy low monthly amortizations and free one-year insurance.
As an exclusive treat this holiday season, RCBC offers free chattel mortgage for all auto loan borrowers. The promo is until Dec. 31, 2022 only. For pre-owned cars, on the other hand, you can borrow from P200,000 with a 30% down payment and enjoy a repayment period of 12 to 48 months.
REVIEW THE LOAN CONTRACTThe car purchase price is one of many things that make a good car deal. Make sure to look at your car loan’s repayment period, interest rate, and even intangibles like customer service and convenience. If everything’s good, then it’s time to close the deal. Sign the papers and make your car purchase official.
For more information on the RCBC Auto Loan, call (+632) 8877-7222.