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Car Loan - Things To Know Before Buying A New Carcar Loan - Things To Know Before Buying A New Car

Is It Your 1st Car? Then You Must Know These

Is It Your 1st Car? Then You Must Know These

Cy M. – Mar 26, 2023

Getting a car is a major purchase decision, and if it's your first-time, here are some helpful things to know before heading to the dealership. Luckily, buying your first car is way easier nowadays, big shout to online channel and resources, like Nook, that you can rely on to calculate for your monthly dues.

Knowing the details of buying your first car can help you secure a good deal that you won't regret having in the future. We've listed some down below to first check if you are ready to get your new car.

Ask yourself these questions first

1. How much is your budget?

Your planned budget will definitely help you determine which car to buy. As a general rule, your total car payments, including the principal, interest and insurance, should be 10% or less of your gross monthly income. This is a great help in making sure you have sufficient budget to cover any other expenses in your day-to-day life.

2. How much downpayment can you provide?

The standard or lowest down payment for car loan here in the Philippines is 20% of car price. It isn’t essential that you pay that much for your first vehicle, but the more you can afford to put down on the car, the lower your monthly payments will be if you choose to get a loan to pay for your new car.

3. Do you have enough budget for maintenance costs?

Maintenance needs should be factored into your decision of buying a new car. Larger vehicles, such as SUVs and pickup trucks, often get fewer miles to the gallon than compact sedans and it can cost more to fuel them up. These larger vehicles also have more expensive parts to purchase when repairs are necessary.

4. Do you prefer to buy through financing or cash payment?

Getting a car through bank financing is something that people sometimes feel unsure about because they hope to get a good deal on interest rates from the car dealership. One way to come out ahead is to have your financing in place before you start shopping. This helps ensure that you are comfortable with your loan’s interest rate.

Unless you have excellent credit and are buying a new car with special interest offers, you likely won’t get a better financing deal from the car dealership than you can from your bank. Having your financing in hand helps you avoid being sold extra services and “add-ons” that you don’t need.

5. You might want to consider promos

While some promos can be more flexible on credit requirements, they can also be more restrictive in other ways, like you should have a bank account at least with selected or from their partner banks or lenders with certain amount of maintaining account balance. Some could even up to buying a certain vehicle to make you more eligible. Not all car dealerships offers promo so make sure to research more.

Shopping for a car can be a lot of fun. You get to pick the color and think about what features you want. Do some extensive research online to find cars that you’re interested in. You can also read reviews about them and learn more about what to expect before you do a test drive. Plus getting yourself lots of car dealerships options will give you more flexibility and save you more money.

Now if you have decided which car and from whom to get it from, contact us today so we can start your auto loan application. If you want to know more about Nook auto loans, visit our website at or check out our social channels on the links in the footer.

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