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Autosweep

• Choose banks that you are already a long-time client with. This was what I experienced-- I got approved faster and with a rate even lower than their published ones. 
• It's okay to decline a pre-approved auto loan.
• Most banks require a minimum down payment of 20% of the total loan amount (car's SRP). If you can afford, make a higher dp and a shorter term period to have optimal savings on the overall value that you will pay.
  
  Choosing a 20% down payment means that you will shoulder and pay 20% of the car unit price to the car dealer, and then 80% of the price will be paid by the bank to the car dealer. You will then pay back the bank the 80% amount through the monthly amortization of the auto loan.
• If possible, choose to avail the auto loan and insurance from the same bank. Usually banks have promos for their insurance when you also avail the auto loan from them (I know this because I did get a promo for mine 😉).

1. Cash - if you have enough cash to pay the car's SRP in full, then good for you since you will pay the price as is, and save more actually because comparing it with a loan, you won't need to pay any interest rates.
2. Bank PO (Purchase Order) - the buyer is the one that applies for an auto loan from a bank and once it gets approved, the buyer just forwards the Bank PO to the car agent. Loan interest rates are lower if you go this route compared to in-house financing.
3. In-house Financing - it's technically still a bank loan but it's the car dealer that applies the auto loan to a bank. This is the route that some buyers use either because they have difficulty in being approved by their banks or they just don't want the hassle of applying for an auto loan themselves. This is the easiest fastest way to purchase a car because it is the agent who does all the job. You just need to give the agent some form of identification and they will do the rest. This option doesn't require a high cash out (I've seen offers that only require at least 15,000PHP cashout) but in the end you will pay a higher total value because of the high interest rate.

• Finding a car agent can be done in parallel with applying for a bank loan since approval for the bank loan might take time. 
• Joining car groups for a specific car model (i.e. on Facebook) proved to be very useful during this time. Car agents also join them to post their car quotations so they can make a sale. Because of this, it was very easy to contact car agents to inquire about quotations. I posted a "Looking for car quotations for this car model", and in less than an hour, I received tons of DMs of car quotations from agents. 
• By default, car agents send you quotations for in-house financing. Their quotation usually includes:
  
  monthly amortization
  LTO registration (3 years)
  car insurance (comprehensive)
  TPL insurance
  tint
  other freebies
  
  The quotations vary from agent to agent because it's wholly up to them to design their quotation that would make their offer marketable. Make it clear to them from the very start that you are paying via cash or bank PO instead. Almost always when you mention that, they will say that the freebies listed are not applicable for bank PO or cash.
• You can choose not to avail the insurance from the car dealer. I got mine from the same bank I got my auto loan from.
• The agents' goal is to make you purchase the car from them so they will do their best to make their offer enticing. One way is to list lots of freebies. However it's a bit misleading because some of the items that they include in their "freebies" list are not really freebies but rather standard inclusions in the car purchase.
  
  Common examples that I saw in car quotations are:
  - FREE spare tire
  - FREE jack and tools
  - FREE seat cover and matting
  - FREE rust proofing
  - FREE warranty booklet
  
  Again, these are the standard inclusions. Legit freebies that an agent can give you are:
  
  - Free LTO registration 3 years
  - Free TPL
  - Free Tint
  - Free Umbrella
  - Free Rain Visors
  
  Since the agents have control to modify their quotations, you can negotiate with them on what freebies they can include for their offer.
• Ask for a formal quotation. They will give you a PDF copy of their offer.
• There are hoax car agents online, so be careful. One way to identify legit ones is when they use their company email address when sending the formal quotation to you.
• As long as you have not closed the deal with the car agent (i.e. you have not paid for the downpayment), you can still transfer the approval to other agents. One reason why you would opt to do so is when your agent was not able to fulfill their assurance that they will be able to give you the unit within a certain period, or you just found a better offer from another agent.
  
  I learned this happened to other people as I read about their experience in the Facebook group: the agent assured the client that they will have a unit available in around two weeks, but client was already waiting for months (there was a high demand for this car unit, but not enough stocks being shipped to the country).
  
  I also did it myself. Initially I was in contact with this agent located at the nearest car dealer from us. I was ready to accept his offer because why would I bother to check other branches when this is already the nearest and most convenient location? Well the bank branch manager who was arranging my auto loan gave me this tip: canvass for other quotations from car agents so I could choose for the best deal. This was where the idea of posting on the Facebook group landed on me. And truly, I got a better deal. Although I had to travel a bit further to the location of my new car agent, I still got to save some money because I got the LTO registration, TPL, and tint for FREE. I had to pay all of that from my original agent. I think dealer branches have sales quotas to meet so the agents are really competitive with their offers to potential clients. Plus, my new agent was way better because he was so proactive and responded very promptly (even on weekends!). Compare that to my original agent who took 2 days to respond to my single inquiry. So yeah, thankfully, I found myself a great agent!

1. Budget
   With just this criteria, your options would extremely be trimmed down. Don't just look at the suggested retail price (SRP) of the unit. Have a budget range that is still flexible because you will still need some leg room for other car expenses like the car insurance. Based on my budget plan (thanks to YNAB by the way!), I got to determine the budget range that I can afford to buy a car.
2. Type of Car
   It was clear as day that I didn't want a sedan. I want my car to be midrange in size. My dream car is actually a Ford Ecosport. But it was beyond my budget range so I knew this cannot be in my options. I also didn't need a 7-seater because I would mostly just use it for going to the office or around the city (sometimes province) with my parents. If my siblings would come along, well they can just use their own cars. 😁
3. Features
   I want an automatic transmission car (mostly for the convenience of my knees 😉) I want my car also to have high ground clearance (because that was the cons of a sedan, from what I have learned from using my sister's car). Also, I want a wide trunk space so that my parents can conveniently load their groceries and wet market essentials or other stuff from the province when we visit.

Now that I have locked in my decision to buy a car, my next step is to do my research on the car options that I have based on the criteria that I have set. It was a grueling process but I'm excited to share all my learnings with you. Stay tuned!🚗💓