Having a car these days is no longer a luxury but a necessity. If you’ve had it with asking family members or friends for rides or taking public transport daily to get to work, buying your own car is the wise and practical solution.
But buying a car isn’t as straightforward as buying a new pair of jeans or a gadget. It’s not as complicated as you might think, either. Whatever your car-buying requirements, here’s a simple guide with a few tips to help you out.
1. Shop Around to Find the Right Car
The first step is knowing which car is right for your needs and budget. To do this, you can check the websites of different car manufacturers or dealerships in the Philippines.
Are you eyeing an excellent and reliable sedan for your daily drive to work? Or are you looking for a trusty SUV for navigating rough terrains and harsh driving conditions in the metro? Or maybe you think it’s time to get that dream sports car now that you can afford it.
Go online for more information about the car’s selling price, features, reviews, and dealer options. Some websites even have filter functions where you can check by car price, make, model, trim, color, and more. Use these tools to your advantage so you can trim down your list.
Furthermore, if you know someone who owns the car model you’re planning to buy, get their feedback on its performance.
Visit a car dealership to inspect the actual unit yourself. You can even ask the salespeople your car or financing-related questions.
While you’re at it, inquire if there are dealer-installed options or add-ons like car covers, floor mats, dashcams, early warning devices, or Preventive Maintenance Service vouchers. These are very practical and useful car accessories that would help keep your vehicle is in top shape, at the same time, ensure your safety as a passenger and driver.
2. Get Pre-Approved for a Car Loan
After conducting your research and deciding on a car, it’s time to determine how you’ll pay for your car purchase.
Because a car is a significant expense, most Filipinos opt for a car loan to spread the payments and make a car purchase more affordable.
The most common auto loan term is 60 months, and the down payment is usually 20%. You can take out a bank loan or apply for one through the car dealership. Car dealerships also offer in-housing financing for car buyers.
As such, you need to research which lender will be right for you. You should opt for a quick and easy auto loan application, whether you’re planning to buy a brand-new or pre-owned car.
The RCBC Auto Loan offers a low downpayment, affordable monthly installments, and flexible terms of up to five years. You can customize your RCBC Auto Loan according to your needs. For brand new cars, for instance, you can enjoy low monthly amortizations, free 1 year worth of free insurance, and affordable down payment.
What’s more is that as an exclusive treat this holiday season, RCBC offers Chattel Mortgage for FREE* for all Auto Loan borrowers. The promo is until Dec 31, 2022 only. For pre-owned cars, on the other hand, you can borrow from ₱200,000 with a 30% downpayment and enjoy a repayment period of 12 to 48 months. *terms & conditions apply. Per DTI Fair Trade Permit No. FTEB-155723 Series of 2022.
3. Test Drive the Car
This is very important, especially if you’re buying a used car. Aside from seeing the actual unit in person, you should conduct a thorough check to spot any red flags.
Make sure to check the tires, the paint quality, and the engine. Look for any inconsistencies, touch-ups, or any car component that’s not working properly.
After the visual inspection, take the car for a test drive. See how you or your family fit in the car and how it handles traffic jams, tight spaces, and different roads. Check the entertainment features, cargo space, and the driving and riding experience.
4. Review the Loan Contract
The car purchase price is one of many things that make a good car deal. Make sure to look at your car loan’s repayment period, interest rate, and even intangibles like customer service and convenience. If everything’s good, then it’s time to close the deal. Sign the papers and make your car purchase official.
5. Congratulations on Your New Car!
A car purchase is a big commitment. Once you sign the contract, there’s no cooling-off period―the car is yours.
Whether you drive home with your new car or the dealership delivers it to your home, the gas tank should be full and the car clean.
Do a last walk-around to see if there are any scratches or dents your car might have received beforehand or during transport.
If you haven’t received a tour or demonstration of the car during the shopping stage, now’s the time to ask the sales officer. You may have the owner’s manual, but reading pages and pages about your car can be tedious. A walkthrough can be handy, so you can quickly learn tricks and shortcuts when using your new car.
Call the RCBC hotline at +632 8877 7222 to know more about the RCBC Auto Loan. If you’ve picked out the car you want, you can jumpstart your application via the RCBC Online Auto Loan Application.
And the last thing you need to do? Have fun with your new car!
