Comparing Our Top 3 Car Loan Options

Disclaimer: It is not a review. 

I think car is as important as our basic needs especially that we are living far away from the heart of the city. When our old and cranky car broke down for almost a week now, my mother and Chesska had to commute going to school every day,  same was true with my husband when he went to the office for work. Even though our place is accessible and there are other options such as jeepney to ride on, having a car is much more comfortable where you can bring anything you want and can go anytime most especially when an emergency strikes.

Just a couple days ago, my husband and I talked about a car loan. Honestly,  it is an idea that we often reject a hundred times but upon remembering our experiences when our car broke at the middle of the road and we had to get down and just take a taxi going home  or call a friend to help us tow our car, we discuss it with open minds.

Just to give you a few background of our car, we bought it second-hand in 2010 but the model is 1995. You see how old it is? Maybe it's time for him to retire (hehe).

Yesterday, we searched online the possible car companies that we are planning to loan with by next year, summer to be exact.  We found Toyota car company that sells our top choices namely Toyota Wigo and Avanza, and the other one is Isuzu company that sells Crosswind brand.  These have been the favorite choices my husband and I have been discussing in the past. Now let's make a comparison.

1.  Toyota Wigo (Model: 1.0 EMT)

via: www.toyota.com.ph


Toyota Wigo has a capacity of five people which will perfectly work for midget people like us (hehe). Using a loan calculator this will be the monthly amortization.

SRP: P 473, 000

If down payment is 50%

Monthly Payment (for five years): P 5, 164

My thoughts:
The monthly amortization of P5, 164 is acceptable for us since we fully paid our house already. It's not really a burden to our budget.




2.  Toyota Avanza (1.3 E M/T)

via: www.toyotafinancial.ph

SRP: P 764, 000

If down payment is 50%

Monthly Payment (for five years): P 8, 341

My thoughts:
My family and husband's love to travel and we need a big car that can go through rough terrains and endure long hours trip. Aside from that, the interior is big enough to accommodate people of 7. The monthly amortization of P 8,341 is a little burdensome but it's still negotiable.


3. Crosswind XL


via: www.isuzuphil.com


SRP: P 834, 000

Unfortunately, their website has no loan calculator but my rough estimate for monthly amortization with 50% down payment is tantamount to more or less P10,000. You may request a quotation here. 

My thoughts:
The same goes with Crosswind XL, it has a large capacity to accommodate a big family ready for any adventure.

But with all the monthly expenses we have now such as tuition fee, foods, electric bills, insurance, etc., I doubt, the monthly amortization would still fit our budget.


FINAL THOUGHTS:

As of the moment, we are still contemplating whether to take the risk of paying monthly or we'll just go for second-hand again for practicality sake. Our goal, if possible, is to free ourselves from any debt, however, there are times that we need to break the rules when the utmost need calls us. But, we are still depending on God's amazing grace and wisdom whether to push through this plan. After all, He takes charge of everything and only He who knows what's best for us. 


P.S. If ever we make up our minds, we plan to get next year summer and pay 50% of the down payment. I hope we can save a lot this year so we can move forward with our next plan. Fingers' crossed! 











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