In the previous article, Philkotse.com made the introduction of three popular car financing options in the Philippines:
- Bank loans
- Co-operative or credit union loans
- Car lease
Today, we’re going to continue our car loan Philippines series with another three options. Check out now!
Car finance - What you need to know
>>> If you have missed Part 1, click here to look back
4. Home equity loans
This method permits you to borrow money from financial institutions and they will use your house as equity
Its name has already told you the nature of this car financing options. This method is exceptionally good if you own a house. It permits you to borrow money from financial institutions and they will use your house as equity. However, there exists a risk that if you cannot afford to pay your debt, you might lose your house. Thus, thoroughly think about this before opting for this touch-and-go option.
5. Car dealership loans
For this type of car loan, car dealers will help you to buy your dream car. One of the main arguments in favor of this option is that the chance of approval is higher and quicker comparable to many other car loans since the dealerships are always well-connect to a large number of lenders and financial institutions.
Car dealers will help you to buy your dream car
Before deciding to choose this kind of car loan payment, it is highly recommended that you should carry out some detailed research covering the interest rates and terms as those things are at odds among dealers.
6. Credit card loan
You can definitely buy a car with your credit card provided that your credit limit is high. Nevertheless, not all car dealerships say yes to this car loan approach. Even in case you’re approved, perhaps you have to pay for certain incurred fees. On the whole, this car loan is as not as flexible as others, that is the reason why it stands at the bottom of our list.
You can definitely buy a car with your credit card provided that your credit limit is high
So, we’ve gone through 6 most popular car financing options in the Philippines. Hope that our articles are helpful enough for you to choose the best one. Once you succeed in bringing your dream car home, remember to visit our page regularly for more useful car tips and advice.