You’ve been wanting to get your hands on your first steering wheel and is planning to avail a loan to cover the cost of getting your dream car. But with hundreds of car loan packages offered on the table, how would you assess if it’s the one that suits you? The best way to approach this is by fully educating yourself with the ins and outs of the auto loan you’re getting to make sure that you get the best deal possible with your hard-earned money.
PSBank equips you with these easy yet helpful tips on how to get the best auto loan for you:
Ask questions
Asking questions won’t do any harm. In fact, the more you ask, the more you’ll learn. You can begin by asking yourself and the lender what would be the most fitting down payment plan for your situation, what would be the base interest rate of the loan you’re planning on getting and if it’s the best rate that they can give you. You can also ask if there are any charges, penalties, or ground rules you need to be aware of, the exact amount of the loan you’re getting and how much interest you would end up paying.
Be honest
Being honest about your financial standing will help you get the car loan package that best suits your needs. Provide them with your correct financial information, such as income and debts. Be honest about anything you can think of that might affect your credit rating or score, and provide necessary details so that they’d be able to accurately assess your capacity to borrow.
Know your budget
Take a look at your finances and determine what you can afford. Be realistic. Calculate what you can pay every month while still being able to answer for your basic necessities. Know what amount of money you’ll have left and evaluate if you’d be able to live with it. Decide on a feasible term and determine the amount of down payment you plan to make.
PSBank Auto Loan with Prime Rebate has an Online Loan Application facility that can guide you in getting your car loan. With its Find the Car of Your Dreams module, you can choose the best car that will fit your lifestyle by selecting from a list of vehicles with photos and specifications. It can also let you compare prices of up to three car models. Included in the facility is a Loan Calculator that can compute the monthly amortization that will fit your budget.
Narrow your options for the Best Car Loan Deal
After exploring all of your options and evaluating your financial standing, narrow your search to car loan packages that can best cater to your needs. Don’t let the excitement of buying your dream car distort your perspective on things and cloud your judgment. By arming yourself with good information and knowing what your options are, you can make a better financial decision. It’s important to remember that a great car loan package has low and attractive interest rates, easy application processes, and accessible and convenient payment terms.
With the PSBank Auto Loan with Prime Rebate, you can get an approval via SMS on your loan application in as fast as twenty four hours. It also has competitive interest rates and flexible payment options that can cater to your auto financing needs. Enjoy their Prime Rebate feature and get an interest discount when you pay in advance or in excess of your monthly dues.
About PSBank
PSBank is a key player in the Philippine consumer banking industry. The Bank emerged as the 2nd strongest bank in the Asian Banker's AB500 annual ranking 2016-2017 edition. PSBank is the only savings bank that has consistently cornered a spot in the list of the top 10 strongest banks in the country for six consecutive years. We have expanded our network to more than 200 branches and more than 600 ATMs nationwide.