What are the tips for financing a new car?
- Know how much you are willing to spend
- Reflect on what ‘new’ means to you
- Window shop for finance options that fits your budget
- Look for the lowest interest rate you can find
- Get pre-qualified for your financing option
Many people dream of buying a car of their own. Most Filipino families prefer to ride in a car instead of relying on public transportation. During the current era affected by COVID-19, this is especially important as it offers an accessible mode of transportation for traveling to places safely and conveniently. Unfortunately, owning a car can be very expensive and requires saving up for a long period of time. That being said, you might want to know about the tips when financing a new car.
The pandemic has impacted the lives of Filipino greatly — may it be involving jobs or businesses. This is one of the main reasons why many people are looking for the best auto loan in the Philippines. Getting financial assistance for a car loan is not only easier on the pocket, but it can also support your family’s day-to-day needs by starting a small business. This is why trustworthy financing companies such as Asialink Finance Corporation are providing financial solutions during these tough times, including solutions for securing a car loan.
Asialink’s brand new car financing service has a faster processing time, fewer requirements, and low-interest rates. If you’re interested, you can take the online quiz to get pre-qualified or submit your documents today! Continue reading to find out about the best tips when financing a new car.
Know How Much You Are Willing To Spend
You may have your heart set on a specific car, but you need to heavily consider how much you are willing to spend if you want to take it home. As with any type of financing, having sufficient capital and knowing your budget are some of the most important considerations for financing a car loan. After all, this will help you focus on the cars within the price range you can afford instead of the ones that will break your budget.
As a rule of thumb, you should consider not spending more than 10% percent of your monthly household income on your car financing. However, this figure only takes into account your monthly car loan payment. You will also need to consider the insurance, fuel, repairs, and maintenance.
Keep in mind that the longer the loan term, the smaller your monthly payment will be, but there is more interest to be paid overtime. You can keep your payments manageable by knowing how much you are willing to spend in the long run.
Reflect On What “New” Means To You
Many people want to own a brand new car. But in times of need, you must reflect on what “new” means to you. The used cars will obviously be less expensive, whereas a new car in perfect condition can break your budget easily.
Asialink Finance Corporation can provide 2nd hand car financing options that can be a great option toward a well-maintained vehicle and an affordable monthly payment as well. The savings can be substantial. Ultimately, you get the most out of your investment when you apply for such a car loan.
Window Shop For Finance Options That Fits Your Budget
When you’ve narrowed down your dream car list and determined your budget, it’s time to think about your finance options.
Deciding on a car finance option not only depends on the visual appeal but most importantly, its practicality and your capability to afford it.
As stated earlier, many people are securing car loans today as a means to get through day-to-day needs. For example, if you live alone, a sedan or compact car may be ideal. On the other hand, if you are living with a family or trying to support a business, an SUV or mini-SUV may be the best choice.
Start by researching the vehicles that have caught your eye in the form of leaflets from various car dealerships in the country. This not only provides you information on different vehicle features but also allows you to compare financing price points.
Asialink Finance Corporation can provide funds that meet your car financing needs! Through the DiskarTech App, you can apply for a car loan. Once you are approved, you can give proof of the loan terms and amount to show the dealership of your choice.
Look For The Lowest Interest Rate You Can Find
When shopping around for the best auto loan in the Philippines, the first thing that you may be looking for is a low-interest rate. You need to find the lowest interest rates possible because it will reduce your monthly loan payment.
Not only may banks have higher interest rates, but the screening process for applications is extremely rigid. The market is highly competitive, so take the time to research to enjoy the best value for your loan.
This is also the main reason why many people go for financing companies such as Asialink Finance Corporation with interest rates as low as 1.5%. It plays a significant role in saving more money in the long run.
Get Pre-Qualified For Your Financing Option
You need to get pre-qualified for your financing option before heading to the dealership of your choice. Going in with a pre-approved offer is always a good idea as it increases your bargaining power and gets your dealer to match your loan terms easier. When it is time to take home a new car, you have more options and are at a greater advantage than ever before.
Key Takeaway
These are just some of the helpful tips when financing a new car. Most of you probably want to own a car loan for personal or business purposes. With Asialink Finance Corporation, you can rely on getting the best auto loan in the Philippines to help you during these tough times. Inquire and contact us today!
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