3 Ways to Get Low Price and Interest for your Second Hand Car Financing

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Second hand car financing in the Philippines had always been a profitable industry for many car dealers and small player sellers. The continued manufacturing and lowering of prices for brand new cars have even contributed to making available, more cars under repossession and mortgage foreclosure. This is because so many attractive promos, discounts and offers have poured in the past decade for brand new car buyers. Thereby, resulting in bulking up of repossessed assets all over the country through banks, private lending companies and financiers that I know of in the car loan industry.

Increase In Repossessed Cars Contribute to More Second Hand Cars Open for Financing

Needing to dispose of these assets by banks, they usually offer it via auction wherein a second hand, repossessed or foreclosed car can be bought at the maximized lowest price if there are no competing bidders. Any unit you buy through auction will be yours at a price that is lower than the usual market value or market price if you don't have any other bidders for that car. Therefore, winning bidders get the chance to get lower price provided they have the cash money to pay for it.

How to Get Low Interest Rate

A bidding fee is usually required but is refundable in this case. Because of the increase of these instances, car sellers and dealers are the usual clients of banks for their repossessed cars. Bottom line - an increase in brand new car availability at promo rates and discounted prices eventually helps in increasing the chance of a repossessed asset - a car.

This eventually contributed to an increase in number of available cars to sell for the car dealers who win via auction and sell their bought repossessed car in their car show room. This prompts for car dealers with capital money to earn more from buying used cars and selling them for a cheaper price while maximizing profit.

This particular instance of how it works in the used car financing industry has been going on for decades now since banks have opened up their assets recovery division to selling their repossessed cars. Thereby offering lower rates too for people looking to buy other bank's repossessed cars.

Car Loan for Bad Credit People

How to Get Low Interest when Buying Second Hand Car in the Philippines

If you wanted to buy 2nd hand car via financing and you want to avail of the lowest interest rate for your mortgage, there are basically 3 ways I know of how you can do it. Below are my professional tips on how to go over with the process and where you can get it.

1. Get Car Financing from Banks - Banks offer financing used cars these days unlike in the early days where you can only buy new car and have it financed through banks. In case you didn't know, banks are the first priority destination for any type of loan including mortgage of a used car if you want to get the lowest interest rate for your mortgage when buying 2nd hand cars.
2. Get Assistance from a Loan Agent - Loan agents know how the lending companies work. This includes banks and if by any chance you cannot qualify to apply with a bank due to previous bad credit records appearing under your name in credit mapping, the next destination will a private lending company. Since many agents like me know which providers offer the lowest interest rate, you might as well want to avail buying your next used car via financing through the assistance of a professional and qualified loan agent. Be sure you don't get scammed. You can read an article about avoiding getting scammed here. This article will also help you know outright if you can qualify to apply.
3. Year Model of Car to Buy - Many used car buyers don't know that buying a second hand car can be tricky at times. If your agent knows how it works, then a good tip might be is to determine how car year model to buy can influence the price of your interest rate and get lower rates and fees in return. Just to tip you off, the newer the car year model, the lower the interest will be. The reason is simple - its all about wear and tear issues.

Know Your Options - Ask FREE Assistance

By now you must be ready to buy your next second hand car through financing and I can only wish you good luck on your search. I hope these tips have helped you somewhere along the way.

Please share and spread the good news to all by sharing this post on Facebook, Twitter and other social networking sites so other used car buyers get the tip too. Should you need assistance in buying your used car, please also consider my FREE assistance. You can contact me below. Or fill up my application form here.

Ask Your Qualified Professional Loan Consultant Below!

Call me to apply for Car Loan – Sam Casuncad (Pinoy loan consultant)
home office phone: 542 7015 / 366 3645
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Email application form at info@loanph.com or samcasuncad.ofwcashloan@gmail.com