Filipino’s are now wanting to get a car as for their own family service, but more Filipino’s people are buying a motorcycle or own a car to use as for hire.
Many auto loans are secured by your car, using it as collateral for the loan. Secured loans can mean lower APRs than unsecured options, saving you money in the long run. But you run the risk of the lender repossessing your car if you’re unable to pay it back.
These are the possible amount on how much we’re borrowing differs by where we’ve shopped for our new or used car: The average loan amount for a new car was about $31,099 in 2017 and averaging about $515 monthly payment. The average loan amount for a used car purchased at a franchise was $21,375, resulting in an average monthly payment of $398. The average loan amount for a used car purchased at an independent dealer was $17,002, resulting in an average monthly payment of $348.
Depending on your creditworthiness. However, franchise cars average a loan rate of 7.68%, while an independently used car’s rate averages 11.48% more than double that of a loan on a brand-new car.