A Quick Guide on Getting Your Car Loan Approved in the Philippines

Wazzup Pilipinas!

Loans are tricky business among Filipinos, as many still think that borrowing money—especially for something as important as a car—is either difficult, burdensome, or downright impossible given their life circumstances. For those with little confidence in loans, the best solution may be to save cash for a one-time, all-in payment of a vehicle. But saving for this purchase may take a lifetime, costing a Filipino family many hours’ worth of convenience, mobility, and safety inside of a car.

With an auto loan, however, you won’t need to wait until the end of time to secure the car of your dreams. Auto loans in the Philippines from the country’s top banking institutions open up a lot of chances for potential car owners. You can apply for a loan on a brand-new car, a reliable secondhand four-wheel drive, or even refinancing for a vehicle that’s already in your garage.

Though there are several steps to getting a car loan approved, the process is not as hard as you think it might be. Here are seven questions to guide you through your auto loan application, tackling everything from your eligibility to your financial plans.

Are you prepared for the responsibility of owning a car? A good car is an investment that will last you for decades, but you will need to shell out for expenses like registration, gasoline, and routine maintenance in that same amount of time. The most important prerequisite of getting an auto loan is that you are a responsible car owner, capable of managing your car’s day-to-day needs.




Will you opt for a brand-new car, a secondhand car, or refinancing for a vehicle you already own? Banks offer different loan rates for new vehicles, used vehicles, and vehicles that are up for refinancing. Some can even refinance cars that are between 5 and 11 years old. With the number of flexible loan packages out there, you’ll need to decide on which arrangement is the most reasonable.




Do you meet the basic eligibility requirements of your bank? Depending on your partner banking institution, you’ll need to be of a minimum age ( usually from 21 to 25) to have your auto loan approved. They may also demand that you hold Filipino citizenship, that you meet a certain monthly household income, and that you are employed or involved in a profitable business venture for a certain number of years. It is best to check with individual banking institutions on what their eligibility requirements are.




Do you have the paperwork to accompany your auto loan application? Aside from the application form, your bank is likely to ask for the following: (1) government-issued IDs; (2) banking statements; (3) a certificate of employment; (4) your latest Income Tax Return (ITR) Form 2316 from the Bureau of Internal Revenue (BIR); (5) proof of your billing address. Once you find out what these attachments are, you can start collecting the paperwork in advance.




Do you have a good credit history? Your partner bank will need proof that you have the financial capacity to repay the loan on time. To increase your chances of getting the auto loan approved, make sure to settle other matters that pertain to your credit history: pay all your other bills on time, settle outstanding loans, and obtain certificates of payment from previous lenders that you can show to the bank.




How much have you set aside for down payment? For most auto loans in the Philippines, banks demand a down payment of between 20% and 50% of the total amount. If you can save up for a more substantial down payment, the better it will be for you—you’ll borrow less from the bank, and you’ll pay a smaller amount for your monthly amortization.




How long will you give yourself to pay off the loan? As early as now, you should choose a target date for repaying the auto loan in full. Is it better to choose a shorter repayment term and higher monthly amounts, but less interest? Or will you opt for a longer repayment term with smaller monthly amounts, with the interest mounting over time? Decide the length of your repayment term based on what’s best for your monthly budget.

Once you have the answers to these questions, getting an auto loan approved shouldn’t be as scary as you first imagined. Doing so will allow you to spend less time raking in your savings and more time cruising through the city inside your dream car.

Oakwood To Launch Two New Oakwood Suites By 2020

Wazzup Pilipinas!

Oakwood, a wholly owned subsidiary of Mapletree Investments (“Mapletree”), today announced the signing of Oakwood Suites in two key locations - Bangkok, Thailand, and Yokohama, Japan. Oakwood Suites Bangkok is scheduled to open by the end of 2019, while Oakwood Suites Yokohama, a Mapletree-owned property, is set to open in mid-2020.

Oakwood launched its Oakwood Suites product in December 2016 with the opening of Oakwood Suites La Maison Jakarta in Indonesia. Conceived as a sanctuary for sophisticated travellers, Oakwood Suites offers exclusive residences for jetsetters and senior executives with an emphasis on prime locations within Asia Pacific’s most central commercial districts.

“Oakwood Suites offers residential comfort for well-heeled global citizens who desire unparelled service delivered in an unobtrusive manner. By expanding into Bangkok and Yokohama, we are greatly increasing Oakwood Suites’ footprint and bringing a new type of contemporary luxury to guests and travellers alike in both markets,” said Dean Schreiber, interim chief executive officer of Oakwood and managing director of Oakwood Asia Pacific.

Oakwood Suites Bangkok is strategically located along Sukhumvit Soi 24 within the popular Phrom Phong district. Just a four-minute walk to the BTS Skytrain Station, the property is in close proximity to a diverse range of restaurants and malls, as well as Bangkok’s Central Business District. Offering 232 well-appointed studios, one- and two-bedroom apartments, Oakwood Suites Bangkok will redefine the jetsetting lifestyle of savvy travellers on short trips and extended stays.

After 12 successful properties in Japan, Oakwood Suites Yokohama marks the brand’s expansion into Japan’s second-largest city. With a collection of 175 elegant apartments occupying levels 46 to 51 of The Tower Kitanaka, the largest and tallest residential building in Yokohama, guests will find Oakwood Suites Yokohama’s locale highly favourable.

“Mapletree is pleased to expand our lodging footprint in Japan. Oakwood Suites Yokohama will be our second Mapletree-owned serviced apartment in Japan, following Oakwood Apartments Azabudai, Tokyo. As part of our business strategy, Mapletree will continue to pursue opportunities to develop and acquire assets, and bring the Oakwood brand to global markets,” said Mr Chua Tiow Chye, deputy group chief executive officer of Mapletree.

Oakwood Suites Yokohama will offer the elevated convenience of direct access to the Bashamichi Train Station and a plethora of shops and dining options within its retail and cultural zone. Guests will be able to enjoy a waterfront residential lifestyle, as the tower sits right next to Yokohama Bay in the popular Minato Mirai area and a stone’s throw away from Yamashita Park, famed for its waterfront views of the Port of Yokohama. A half-hour train ride from Tokyo, Oakwood Suites Yokohama is set to be a highly anticipated accommodation option upon opening, ahead of the 2020 Tokyo Summer Olympics.

How to Plan a Cheap Road Trip

Wazzup Pilipinas!

Everyone loves a great road trip, right? They love the feel, the vast planes that lay ahead and the company of kith and kin. However, not everyone wants to spend a fortune on a road trip. That makes sense too, when we consider that people choose road trips to escape from those hefty airline fares. Without proper planning, though, your road trip may cost as much as an international vacation — or worse, more than that.

Thankfully, a cheap road trip is no urban legend. I can do it; you can do it, and everyone can do it. All it needs is a bit of planning and strategy. Unless you want to travel on impulse, you can definitely save a lot of money during the road trip. In this article, we have a brief guide on how to plan a cheap road trip. We aren’t offering any location-specific details, since this will be a universal guide.

#1 Levelling Your Expectations

This is perhaps the most personal step of a cheap road trip planning. You should have an idea of what you’re expecting from the trip. There are a few questions to ask yourself. Are you looking for a luxury trip? Do you want to experience every good thing in the place? How long you want to keep yourself on the road? And, most importantly, can you survive without sleeping?

The answers would help you decide the budget you have to set, the lodging you have to choose and the core nature of your trip. For instance, if you can indeed survive without sleep, you can plan an overnight road trip — which would save you the accommodation cost. As far as basic facilities are required, you can depend on some cheap places.

#2 Choose the Best Possible Route

The first step of planning a cheap road trip is deciding the exact route. When we say the exact route, we do not mean each corner and curve. Instead, you should have a list of destinations that you want to visit. Of course, make sure that you leave some free time — for those spontaneous adventure needs. If you are a stickler when it comes to planning, you can go to the extent of counting the time for restroom, gas stations etc. as well.

While Google Maps is the perfect companion for route planning, you can depend on other services as well. For instance, AAA TripTik is a service to find out potential delays in a route along with fuel stations. Having an idea about regular traffic and the terrain would help you maintain a stable speed during the trip. As we said, be flexible with time, so that you can include more activities.

#3 Pack as Much As You Can, but Wisely

Wise packing is one of the best ways to make a road trip cheaper. The idea is to carry things that you would need the most — so that you don’t have to buy on the way. On a related note, your favorite highway pit-stops may charge you extra. However, this does not mean stuffing your whole boot-space with some stuff. Doing so will increase the weight of the car and thus reduce the mileage.

Some of the necessary items include a cooler, water bottles, snacks, utensils and handwash. Of course, we hope you will be carrying a smartphone, a GPS tracker for car, a charger and a camera. You may also want to carry a power-bank for worst case scenarios. Also make sure that you are carrying the essentials such as an emergency kit, medications and sunscreen.

#4 Transportation Decisions

Transportation is indeed the most expensive thing about a road trip. It’s also true that you can save a lot of money on the whole trip if you choose things wisely. For instance, let’s suppose you rent a camper vehicle instead of your normal car. You can practically cut down the accommodation costs. Of course, there will be an increase in the fuel cost, but at the end of the day, you win.

There are also a few ways to save money you spend on gas. For instance, you can avoid rush traffic hours to keep the mileage intact. While on the highway, you can maintain the same speed, and it works great if your car has cruise control. Last but not least, you can use a credit card that offers cash back when you spend on fuels. You can also prefer using fuel stations away from the highway to save some more money.

#5 Lodging and Facilities

We already told you two methods to cut down the lodging fees during the trip — drive overnight or rent out a camper vehicle. However, if you decide to stay in a motel, there are a few ways to save money as well. The best method is to choose motels that have tie-ups with tourist destinations, adventure programs and some food outlets in the area. These tie-ups would become discounts as far as you’re concerned.

Coupons are the best when you are taking a road trip, you know. You can consider installing apps that would present you with the right discount coupons. Also, as is the case with every other trip, you should book the motels pretty early to save some money. Last but not least, make sure you collect as many coupons as you find on the way.

#6 Food and Drinks

Food is the department that converts every potential cheap road trip to something so expensive. There are a few things you have to do to avoid this. First of all, you have to set a budget for food consumption. That is, decide that you won’t spend more than $60 on food. Second, you have to stay away from impulsive food consumption.
In addition, as we said, you can see if your motel has any tie-ups with any restaurants. This would actually get you quality food even when you spend less. Also, make sure you install all the food apps out there. You never know which one you come across, and it’s good to have promotional deals. And, yes, it’s great to carry some food items from home as well.

#7 Look for Free Stuff

There is no scarcity of free stuff in the world. And when you are on a broke road trip, that’s something that you should look for. First of all, do a check for the shops and other outlets in the destinations. It’s very likely that at least some of them are offering some free stuff. Of course, you may have to download their app and sign up to do that.

We already talked about the benefits of credit cards while buying fuel. As it happens, you can use your cards to get some cash back while purchasing other things as well. To make the best use, though, you may have to adjust the trips in some way or another. For instance, you may have to take a route that has shops where you can avail discounts.

The Bottom Line

We have shared some tips that can actually help you save money. One thing to be noted is that most of the steps have to do something with planning. The simple steps you take before would help you save money in the long run. Now that you have a clear idea, wish you a pretty inexpensive road trip.