Used car financing providers from banks to private lenders for buyers of second hand cars is very rare in many countries including the Philippines. But today, the industry has grown due to demand to cater for people looking to buy used cars and don't have the money to pay for it in cash. At Fast Loan, we believe in helping people come up with the best offer thru affordable low interest and attainable mortgage plan of monthly amortization.
Because many available local banks only accept financing new cars, people's canvass efforts and inquiries were mostly concentrated in buying a new vehicle. Hence, it leaves them no choice but buy a new car which later on ends up repossessed or taken back by banks by virtue of the loan contract. The good thing about buying 2nd hand cars is that you get the liberty to buy what you want and still get it at the lowest price possible which is affordable compared to financing a new auto. This helps buyers avoid getting into credit map troubles and from getting a bad credit status with credit bureaus around. Furthermore, choices are plenty and abound in many showrooms and centers for car auction.
In aid of helping our clients get the most out of offers, promos and discounts, we will be revealing here some techniques and tips on how to minimize the cost of buying used car and where best to buy it from. We will also be revealing sources and choices you have for financing your second hand car buy in Manila and surrounding provinces in the Philippines and many other countries.
I am very glad to announce the good news that one of my provider lending companies in the Philippines has made the loan term more flexible for used car financing packages. Interest rate is also lower this last quarter of 2014 and onwards 2016 to compete with bank offers.
It is now comparable
to bank interest rates including the loan payment terms which have now
been extended up to 3 years for clients and borrowers who are buying
2002 second hand car year model and newer. (see table below)
Due to stiff market competition and efforts to provide good service and affordable initial down payment and monthy amortization, we've made our offer for second hand car buyers even cheaper in all terms.
Before, we offer as high as 2% interest per month (monthly add on).
Fast Loan Philippines can offer our clients at least 2 service provider lending companies. Basically, one is with a bank which obviously offers a much lower interest rate and longer loan payment term based from our simple loan table below. Provider #2 offers a bit higher interest rate with shorter payment term. The bank on the other hand is much stricter with client qualification with regards to credit rating. The private lender on the other hand is much slack with credit score of borrowers.
NO HIDDEN CHARGES!!!
Since our mode of payment is through issuance of post-dated checks, borrower / client is required to have own checking account. (if you have one, this will be an advantage)
Maximum used car financing payment term is 5 years as stated in our table above. Due to high delinquency rate and risk factors, we no longer allow below 2000 year model vehicle.
We have been in the lending industry consultation service for more than 3 years now and we have learned so many things that up to now, we still use in assisting our clients to give them the advantage when buying 2nd hand auto.
With the issue of used car financing, we also have tips for clients. While there are literally almost no bank catering to financing second hand cars, these banks also have fixed offers for tie up commission to agents and brokers.
We are your professional loan agent and we know. The same thing works for private lending companies when we speak of agent's commission. Just please be reminded that your loan with any of the 2 providers will not yield lower rates. What will give you the edge of saving money is by thinking practical.Bank or Private Lending?
With banks, it is obvious that they offer lower interest rates but when we made our offer almost competitive and comparable to bank offers, which would you choose to finance your used car? Here's a simple takeoff.
My services are absolutely 100% FREE and our providers don't have hidden charges. All the fees to be collected will be disclosed before signing the loan contract to finance your used car buy.
CONTACT ME NOW FOR YOUR USED CAR FINANCING INQUIRY