Buying your first-ever car brings such a great feeling of fulfillment. Finally, after years of hard work and various challenges at the start of your career, you can now reward yourself with your very own ride. You no longer have to get up at 4am to line up early at public transportation terminals because having your own car means you can conveniently schedule when to leave so that you will arrive just in time for work. It is also easy to go on spontaneous meetups with family and friends or even for emergencies.
For some, getting a car is somehow a rite of passage into adulthood. Since it’s one of your first major purchase, it’s really important to do a lot of research before making a decision. After all, this car will be with you for many happy and memorable years.
Paying close attention to details about the car like usage cost, resale value, and built-in features plus your own needs such as how you plan to use the car and the number of passengers, will determine the type and model of your car purchase.
Once you have considered these terms, you can now set up a budget. Remember that if you are planning to pay through car financing you need to calculate the monthly payment which ideally should not be more than 40% of your monthly income.
Keep in mind that the payment terms of your auto loan should not be a burden to you but just the right amount so you can still buy your needs or wants and save up for the future.
You may also want to check for maintenance and insurance options. Especially for young professionals, ask what financing terms and options are available.
With BDO Auto Loan, it is possible to reward yourself with travel convenience and still have the budget to pay for your bills, have savings, and treat yourself and your loved ones.
BDO Auto Loan offers convenient loan application online. You can simply look for a car, get an estimate of your monthly amortization, and apply for an auto loan.
To help ensure that the car you want fits your budget, you can use the BDO Auto Loan Calculator to compute and compare the interest rate, loan terms and monthly amortization that works for you. You can also take advantage of affordable rates and low cash out options such as All-In Financing and Multi Year Motor Insurance Coverage. This means that other fees related to the purchase of your car will be packaged into your loan for a lighter cash out.
With all these options on the table, you can now easily own a car and go places safely and conveniently.
For more details about BDO Auto Loan and how to get started, click here.
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