#car loan calc
Get the best financial deals in the Philippines
How do I compute for my Amortization Schedule?
There is no need for consumers to compute for your loan amortization schedule since iMoney has done the job for you, a built in car loan calculator is available for any consumer’s use and it is for free!
Input information essential to compute for your monthly amortization (monthly payments), simply key in, loan tenure, amount, down payment and if it is a brand new or second hand car. Click calculate and the comparison table would show applicable interest rates, monthly repayments and interest over time.
Paying in cash is simply risky for buying a car. It destroys your cash flow and even before a normal working Pinoy has that amount of cash, the value of the car has already diminished. Car financing through a loan is the best option for anyone who plans to enjoy the benefits of the car and to also make sure that someone’s cash flow is in top shape.
Definitely, most banks provide a loan for used cars. Car financing in the Philippines for a used vehicle can also be financed in a traditional way (straight line) or pay the premiums 30 days in advance to gain a lower interest rate. Consumers have to remember though that interest rate for used cars is bigger than the new ones.
2nd Hand car loans are generally riskier investments because the possibilities of it breaking down or going for repairs are more frequent than a brand new car. Banks as a safety net for these investments in order for them not to suffer any loss in case repossession would happen.