Smart Ways to Use Metrobank Auto Loan Calculator to Finance Your Car

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Are you eyeing that stylish sports car or spacious SUV, but unsure whether you can afford it? With the Metrobank Auto Loan Calculator, you can easily estimate your monthly payments and total interest for a car loan with Metrobank in the Philippines.

Metrobank’s Auto Loan offers flexible terms and competitive interest rates, making it easier for you to purchase the car of your dreams. Whether you’re buying a brand new car or a pre-owned vehicle, our calculator can help you budget and plan ahead with confidence.

So, how does the Metrobank Auto Loan Calculator work?

First, you’ll need to gather some basic information about your desired car and your financial situation. Here are the details you’ll need to input into the calculator:

  1. Selling Price

The selling price is the total cost of the car you wish to purchase. This includes the base price of the vehicle plus any additional fees or charges, such as taxes, registration, insurance, and other add-ons. Be sure to research the actual, final price of the car, as this will affect your loan amount and interest rate.

  1. Down Payment

The down payment is the initial amount you’re able to pay upfront for the car. Generally, the larger your down payment, the smaller your loan amount and monthly payments. For Metrobank Auto Loan, the minimum required down payment is 20% of the selling price. However, you may choose to pay a larger down payment if you have the funds available.

  1. Loan Amount

The loan amount is the total amount that you’re borrowing from Metrobank to purchase the car. This is calculated by subtracting the down payment from the selling price. The loan amount, along with the interest rate and loan term, will determine your monthly payments and total interest paid over the life of the loan.

  1. Interest Rate

The interest rate is the rate at which Metrobank charges you for borrowing money. The interest rate varies based on your credit score, financial history, and the loan term. Generally, the longer the loan term, the higher the interest rate. Metrobank offers competitive interest rates for Car Loans in the Philippines. The current interest rates for Metrobank Car Loans are as follows:

Term of Loan Interest Rate
12 months 6.45%
18 months 9.27%
24 months 12.70%
36 months 19.04%
48 months 25.30%
60 months 31.76%

  1. Term of Loan

The term of the loan is the duration or length of time you want to pay back the loan. This is typically measured in years or months. The maximum term for a Metrobank Auto Loan is 60 months or 5 years. Choosing a longer loan term may result in lower monthly payments, but a higher total interest paid over time.

Once you’ve inputted the above information into the Metrobank Auto Loan Calculator, click “Calculate” to receive an estimate of your monthly payments and total interest.

The monthly amortization is the amount you’ll need to repay each month to cover the loan. This includes both the principal (loan amount) and interest charges. The monthly amortization is calculated based on the loan amount, interest rate, and term of loan. The longer the term of the loan, the lower the monthly amortization, but the higher the total interest.

The total interest is the total amount of interest you’ll pay over the life of the loan. This is calculated based on the loan amount, interest rate, and term of loan. The total interest includes all the interest charges accrued from the first to the last payment of the loan.

For example, if you want to buy a brand new car with a selling price of ₱1,000,000, with a down payment of ₱200,000, you’ll need to borrow ₱800,000 from Metrobank. If you choose a loan term of 18 months and an interest rate of 9.27%, the monthly amortization would be around ₱45,354.29, while the total interest paid over 18 months would be around ₱10,996.42.

It’s important to note that these estimates are for illustration purposes only and are subject to change based on your actual financial circumstances and credit score. Metrobank may adjust the interest rate, loan amount, or loan term based on factors such as your credit history and income. Always do your research and consult with a Metrobank representative before making any final decisions.

The Metrobank Auto Loan Calculator is a useful tool that can help you budget and plan ahead for your car purchase. By knowing your monthly payments and total interest, you can make informed decisions about your finances and choose the loan terms that work best for you. However, always remember to borrow responsibly and only pay what you can afford.

So, whether you’re looking for a family car, a commuter vehicle, or a luxury ride, consider Metrobank Auto Loan as your trusted financial partner. With our competitive rates, flexible terms, and easy application process, we’re committed to helping you drive your way to success.

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CashLoanPH Changed status to publish 25/05/2023