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Published: 2017-08-20   

Buying a car? Check your budget first

Kapag napapaligiran ka ng mga car promos here and there, sobrang nakaka-tempt bumili na nang kotse diba?

Kapag napapaligiran ka ng mga car promos here and there, sobrang nakaka-tempt bumili na nang kotse diba?

Buying a car? Check your budget first

Kapag napapaligiran ka ng mga car promos here and there, sobrang nakaka-tempt bumili na nang kotse diba? Hindi rin ganoon kahirap mag-apply for a loan.

Sa Pinas, hindi ganito kadali kumuha ng kotse; kaya nakaka-excite rin, to be honest. But the question is, magkano ba ang kayang mong ibayad para sa isang kotse?

How much should you really spend on a car? There is an ideal rule that you can follow.

Pero bago yan, alalahanin na it is still best to pay for a car in full. Ipon-ipon muna, tapos magtingin-tingin sa Classifieds, baka may makita kang secondhand na mura at sobrang ayos pa, diba?

Since not everyone can do that, okay lang din naman mag-loan for a car at bayaran ito monthly. But there is a 20/4/10 rule that you should consider before taking out that loan:

20%

Ideal na makapag-bayad ka ng 20% na down payment. This allows you to shorten payment terms and cut your monthly installments to a rate you can afford.

4 years

While most car loans here go up to 5 years, find a deal or car model that would allow you to pay your loan for 4 years. Kung kaya ng 3 years, go, perfect yan. The reason? Nagdedepreciate ang value ng kotse, so technically, hindi sya investment. Mas makakatipid ka sa interes kung mas maiksi ang payment terms.

Kung hindi kayang bayaran within 4 years, consider other cars that fall within your budget.

10%

Lahat ng kailangan mong bayaran para sa kotse sa isang buwan (monthly payments including interest charges, insurance, etc) ay dapat equivalent lang sa 10% ng total monthly income mo.

Wag hayaan na mapunta sa kotse ang buong sweldo. Dapat may savings ka pa rin at emergency fund, bukod pa sa lahat ng basic expenses.

Kung AED 7,500 ang sweldo mo, hanggang AED 750 ang pwede mong gastusin every month para sa sasakyan.

A lot of financial experts have sworn by this rule. Remember to live within or even below your means, and this includes buying a car.

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