Buying a car is a decision that many people eventually consider. This is especially true for those who find the local commute to be a frustrating challenge to undertake. Generally speaking, it is also because cars provide so much utility to a given person. However, buying a car is not a simple thing to do given that they are expensive and require a lot of financial planning. This is where companies that offer 2nd hand car financing in the Philippines such as Asialink Finance Corporation, can help because they provide financial solutions and instruments that help people.
Given the increasing prices of brand new cars in the market, whether it’s due to inflation or new tax policies, 2nd hand cars are becoming the better option. Knowing why they are better can help you make better investment decisions in the future. That being said, here is what you need to know.
Loan providers compete for low-interest rates
Both banks and finance companies can provide varying terms for 2nd hand car financing in the Philippines. For example, the interest rates that banks offer on one to four-year loan terms are usually around .93% to 2%. In contrast, non-banks such as finance companies that offer one to three-year loan terms are around 1.25% to 1.30%.
This kind of set-up benefits you because it provides you with choices. There is usually an optimal choice amongst a given set. Typically, the difference-maker is the processing time and leniency when it comes to the approval of your loan application. Asking around can be your best bet to find out which option offers the fastest processing time payday loans PA or which is the most lenient.
Important requirements you need for a 2nd hand car loan
Here are some of the most common and important requirements you would need to apply for 2nd hand car financing in the Philippines. Continue reading Why 2nd Hand Car Financing in the Philippines Can Be the Better Option