Purchasing New Vehicle for Us Older Folks

[bigrod]

Decided to purchase a new vehicle here in the Philippines.  As most know if you get a loan to finance a vehicle here they normally want 20% down payment, with financing from 24-60 months.  Also most loans are to be paid off by reaching 65 years old.  I am currently 68 years old.  Working with my BDO branch manager I secured a loan with 25% down with 36 months financing, the loan department wanted 30% down and because of my age will only go 36 months.  We will pay the car off early next year so the loan term is immaterial.  Just letting you know that loans are still possible for us old farts.  Personally could care less about a new vehicle but the asawa has never had one so worthwhile from that standpoint.  Suggest all to establish a good working relationship with your bank branch manager.  They can be very helpful.  Think the asawa will be happy with her new Tucson.

Chuck

[Art, just a re(tired) Fil-Am]

Instead of buying a new vehicle, we bought a slightly used 2006 Toyota Innova with 45,000 miles for P350,000. I took out a cash advance from my U.S. credit cards to pay the owner in cash at her and my BPI bank, which she, the owner and good friend of my wife did all the paperwork and vehicle registration including the Deed of Sale.
It's now been a year and our Innova is still running well without any issues. Will renew the registration tomorrow and still has comprehensive insurance that was renewed just yesterday.
I still have my restored "Little Red" 1979 Toyota Corolla and she's still running better than ever before with a new installed dual twin carburetor and a new coat of paint, "Chinese Red" with super dark tinted windows all around. I hardly ever do any driving at night, unless it's for an emergency.

Well Chuck,
you and your wife enjoy your new Tucson for many years.

[bigrod]

Art,

Buying a used vehicle would have been my option also.  As I stated my asawa has never had a new vehicle so thought I would pamper her while I can.  My point for posting was to let others know that it is still possible to do here even with the age restrictions.

Chuck

[Lee2]

Congrats to you and your wife on you new car Chuck, enjoy it. So I guess you bought it from a dealer, was there any negotiating allowed off the sticker price there in the Philippines, here in Florida we can get substantial discounts off cars, that was why I ask out of curiosity?

Also AMEX, Costco and other places have online sites like truecar.com to get discount prices from in order to negotiate the price at the dealers, or to have a set price if a person goes all the way with to completion with the Truecar site, then all they have to do is go in and pick out the car with the equipment picked and pay the price Truecar, Amex or Costco gave them, sort of makes car buying much easier nowadays here in the US. My wife and I recently bought a car that way but I used the truecar price to negotiate the car down even more than what was listed on it and then I got them to toss in a back sliding area cover since I bought an SUV and that was not included on the package we bought.

Curious how the buying process goes there any other details you can give would be appreciated?

[bigrod]

Lee,

Not like the US no dckering on the price per se.  We bought a Hyundai Tucson which they were running a promo on til 8 Jul, P100,000 off the price, 3 years license tags, free chattel mortgage and 1 year basic insurance.  Got floor mats, window tint, etc., with the prom, the back cover and net by saying I did not want people to see what we had in the back when we parked and begged a little. lol  Always promos running on different brand and models.

Chuck

[Lee2]

Lee,

Not like the US no dckering on the price per se.  We bought a Hyundai Tucson which they were running a promo on til 8 Jul, P100,000 off the price, 3 years license tags, free chattel mortgage and 1 year basic insurance.  Got floor mats, window tint, etc., with the prom, the back cover and net by saying I did not want people to see what we had in the back when we parked and begged a little. lol  Always promos running on different brand and models.

Chuck

Thanks Chuck, I doubt I would be buying a new car there but it is good to know the process in case I or my wife ever does. I had a Tucson years ago when they first came out, it was a great car, the wife and I were very happy with it. When we bought that car we bought it off the newspaper ad because they were running it on special that way, in the past we could not get any discount off ads but as you wrote, we could always get things tossed in and especially labor related things like paint and interior sealant. 

[bigrod]

Here is the vehicle we bought a 2016 Ruby Wine Hyundai Tucson.

Chuck

[bigpearl]

A very sexy and collectable Corolla Art, nice and thanks for sharing.

Cheers, Steve