An Introduction to Car Loans and What You Should Avoid

car loans
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Today’s consumers have the benefit of belonging to a generation where car buying is easier than ever before. Technology has made it possible to view, research, and purchase all types of vehicles and for most consumers, the car shopping and buying process has, in many ways, been simplified significantly.

Car loans from Latitude and other financial institutions make it easy for consumers to not only select and research a vehicle but they also have streamlined the car buying process. Even with the ease with which cars can be purchased, there are still an abundance of potential pitfalls when purchasing a car. However, consumers can avoid many of these common mistakes with a little preparation and planning.

Let’s take a look at some of the most common mistakes many consumers make when getting a car loan and what you can do to avoid them.

Not Taking Financial Inventory

More than creating a budget, car buyers should first take inventory of their overall financial standing. Some of the factors that should be taken into consideration include existing loans, disposable income and savings. More importantly, car buyers should make sure they know their credit rating before heading into the financing office. Taking inventory of your financial position before going into the dealership or financing office can give you more leverage in seeking out a loan that best fits your budget and requirements.

Not Shopping Around

Typically, when purchasing a vehicle, the first instinct is to head to the closest dealership in search of the perfect vehicle without ever having considered alternative financing. Many times car buyers find themselves entering into loan contracts that do not provide them with the best possible conditions for the sake of convenience. Before even choosing a car, consider shopping around for financing deals from other institutions to ensure you get the best arrangement possible.

Most banks and financial institutions offer competitive car loans. In addition to conventional banks, credit unions and online financing companies also provide consumers with competitive interest rates. By shopping around, consumers can be sure of for securing the right loan.

Not Getting Pre-Approved

One of the best parts of financing today is that financial institutions have helped consumers in doing much of the footwork in terms of finding an appropriate loan. The pre-approval process involves the consumer providing lenders with all of the relevant information through the application process. The lender collects all of the consumer’s information in terms of employment history, income and wage, savings, and credit history.

With this information, the lender determines not only the risk but hey can also pre-approve you for a loan amount and interest rate. This is beneficial as the consumer goes into the car shopping experience knowing exactly how much he/she can spend. Furthermore, the amount of time devoted to buying a car is drastically reduced in that consumers do not have to fill out applications at the dealership, wasting time that could be spent doing something more constructive.

Not Making A Down Payment

The great thing for those buying a new car is that it is possible to finance the entire cost of the vehicle. The only caveat is that unless your credit is in good shape the interest rate on the loan will be slightly higher, and consumers with poor credit are at the mercy of financing companies that might hike the rate up in response to hedging the risk. However, one way to guarantee lowering the interest rate on your loan is to make a sizable down payment. As with other loans, when paying a down payment on the loan, you not only reduce your interest rate but you also reduce the amount of money you pay over the term of the loan.

Avoiding Mistakes Through Preparation

While the car buying process has changed significantly in recent years, consumers can gain an advantage by preparing themselves before ever visiting the dealership. By taking the right steps, you can make the entire process much easier, while reducing the amount of money spent throughout the loan term. Ultimately, by tackling these few tasks, you will end up with a positive car buying experience instead of one filled with potential problems.

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Honda Ushers Groundbreaking Liquid-Cooled 6-Speed Sports Engine on RS150

Honda
To address Filipino’s need for everyday commuting, Honda Philippines, Inc. continues on conveying breakthrough innovations in the local motorcycle industry with a variety of excellent product offerings.

Last year alone, it has launched four motorcycles that are both high on design, style, and functionalities, and also featured groundbreaking technologies that only Honda can deliver with superiority and class.

The latest product offering that has come off Honda Philippines’ assembly line is its new generation sports motorcycle known as the RS150, which was officially launched in November last year and is currently making its way to Honda dealerships all over the country.

More than its stylish and sporty looks, the RS150 has a major plus factor going for it that no competition can match at this point in time – it is powered by a new generation liquid-cooled, 150-CC, DOHC, six-speed sports engine.

The groundbreaking engine was borne out of Moto GP DNA, officially making it the latest iteration to the world-class racing engine suited for sports motorcycles. The new generation engine of the RS150 also comes with class-leading advance technology, giving its users additional advantages over other sports motorcycles.

Like the other motorcycles that were introduced by Honda Philippines to the Filipino market last year, the RS150 is brimming with excellent engine technology which is just beginning to catch on with the competition.

It features an intelligent and accurate programmable fuel injection (PGM-FI) which is capable of supplying the optimum fuel and air mixture in the combustion chamber for efficient engine power while ensuring low emission.

In fact, the motorcycle has been proven to comply with the stringent Euro 3 standards, which means that it has very negligible emission or effect to air pollution.

The sports motorcycle also has other features to complement its excellent engine performance including an O2 sensor, a catalytic converter, and a bank angle sensor.

The engine of the RS150 is also liquid-cooled with auto fan. It features an advanced radiator with electronic fan that automatically turns at a temperature of 103 degrees Celsius to prevent any form of overheating and maintain a consistent and safe operating temperature throughout the powertrain.

The RS150 is also the first motorcycle model under the Honda sports category and given its positive and warm reception from its initial owners and prospective buyers alike, it is certainly not going to be the last.

It is likely that the next exciting sports motorcycle models from Honda will be utilizing the same engine now being used on the RS150 while continuously building on the technology that the world’s No. 1 motorcycle manufacturer has been known to do.

In terms of other innovative technological features, the RS150 sports a futuristic digital meter panel to keep the driver informed of vital operational indicators. It also has sharp and sporty LED headlight to ensure brighter illumination especially at night. For security purpose and protection against theft, the RS150 also features an auto secure key shutter.

As far as its sporty, stylish, and functional design goes, the RS150 has a clip-on handle bar to support sporty driving style, stylish tail light, sporty cast wheel with tubeless tire, sporty pillion step, and sporty under cowl.

For added safety and protection of the driver, the RS150 features a twin perimeter frame to support engine performance and maneuverability even while driving at great speeds, a front and rear disc brake, and a rear monoshock for optimum shock absorption.

To know more about this superb engine and to get updates on the continuation of the Gen S story, connect with Honda through their website at www.hondaph.com or visit www.facebook.com/hondaph or contact the local dealer nearest you!

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5 Ways To Pay Off Your Car Loan Sooner

Getting rid of debts like car loans sooner rather than later can be a solid investment in your future for a number of reasons. It not only improves your credit history, but means more money in your bank account, so if you’re lumbering away under the cloud of debt, here are five ways to ease the burden and help pay off your car loan sooner.

car loan

Extra repayments

The key to paying off any loan sooner is to regularly make extra payments. Loans can be paid via interest only or via principal plus interest repayments. That means you are either just paying off the interest or making headway into the actual debt, so ensure you’re paying back more than just the interest-only amount to get your loan paid off sooner.

For example, if your charges are $167 per month, try to pay back $200 a month. Even a small extra repayment can make a difference over time. Also bear in mind that the more you pay off your loan, the smaller the interest, meaning paying that little bit extra can help you save money in the long term.

Check your loan to make sure you can make extra payments and, if you’re signing up to a new loan, ensure there are flexible payment options and no exit fees. Organisations like Zoom Car Loans have some great packages available.

Change the Date

It’s a small thing but something as simple as making weekly instead of fortnightly or monthly repayments can also help you reduce your debt sooner. For example, loan repayments of $100 per week add up to $5200 in a year, but $400 per month equals $4800 annually.

Lump Sums

Got a solid tax return or Christmas bonus pending? Funnel it into your loan. A decent lump sum every now and then can go a long way to paying off your car loan quickly.

Spare Change

A great way to rid yourself of a loan is to channel spare change into it. Have a look at your weekly budget and see where corners can be cut. It might be something as small as foregoing that daily barista-made coffee and opting for the office tea room instead. But that saving could be around $20 per week.

Extra cash

There are plenty of ways to pull in a little extra cash when you’re serious about a goal. From getting rid of your unused items on EBay to a little freelancing or odd jobs. Again, just a small amount per week can add up over the life of any loan.

The sooner you pay off a loan, the sooner an item is truly yours. It’s also the chance to demonstrate some great habits for your credit rating and have a little extra spare change each week. All it takes is commitment and a small amount of financial common sense.

Image Courtesy of Fantasista at FreeDigitalPhotos.net

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Another Gen-S Story: Honda Launches the All New Honda RS150

Here’s the much awaited new generation sports motorcycle that will thrill young generations who are passionate of bike and sports. Honda, the world’s largest motorcycle manufacturer, is now introducing another exciting motorcycle one after the other in the Philippine market. From the most technologically advance Scooters with Smart Engines to the most powerful Sports Engine in its class.

After several months of speculation, Honda has finally presented the All New Honda RS150. This Honda newest Sports Bike is equipped with a New Generation 150cc Liquid-cooled DOHC 6-speed engine, born out of Honda Racing DNA with class leading advance technology.

HondaPhoto shows (from left) Mr. Elie Salamangkit Jr., Product
Planning Manager, Honda Philippines Inc. ;Daiki Mihara,
President, Honda Philippines, Inc.; Noriaki Abe, Chief Operating Officer,
Regional Operations, Asia Oceania and president of Asian Honda
Motors Company Limited ; Hideo Nishinaga, AVP,General Manager,
Sales and Marketing Division, Honda Philippines Inc.

In its official public launch in this year’s Inside Racing Grand Prix (IRGP) event held at Carmona Racing Circuit, Mr. Daiki Mihara, Honda Philippines, Inc. President and Mr. Noriaki Abe of Asian Honda, Chief Operating Officer of Asia & Oceana Region of Honda Motor Japan, announces Honda’s commitment in delivering the most exciting Honda product for the New Generation. This time, not only that Honda has introduced in the Philippines Honda Smart Engines for Scooter or Automatic models but now our New Generation of Filipino Sports Motorcycle Enthusiast can enjoy the All New Honda RS150 with Powerful Sports Engine. This is just the beginning of another Gen-S story to come hinted by the two top Honda executives.
Honda RS150 red

The All New RS150 is an answer to young generation customers who are looking for freedom of high performance on sporty and sharply designed bike with class leading technology, specifications, and features explained by Mr. Elie Salamangkit Jr., Honda Product Planning Manager. To ensure the best handling possible, Honda’s Philosophy in developing sports motorcycle was applied wherein “Rider can control engine power in any circumstances… exactly when needed and as much as needed” or “Control at Riders’ Will”.
Honda RS150 pinkDesign, Frame and Engine synergy is what made this newest Honda motorcycle special. The bike design reflects aggressive new generation styling with sharp looking body and boasts attractive features from latest Super sports. Giving pride to the rider is its sharp wedge shape and innovative and edgy surface treatment not to mention its class leading features of LED Headlight, Fully Integrated Digital Meter Panel, Rear and Big Diameter Front Disc Brakes, Aluminum Cast Wheel, Clamped handle bar, Tubeless tires, and Rear Monoshock absorber among others.

The frame which holds the motorcycle was designed with high agility and safety in mind. The frame and chassis delivers agile and responsive control, very suitable for city streets made possible by its agile 45 degrees steering handle, compact dimension wheelbase of 1275mm plus the application of new strong twin-tube type sports frame which is designed to be safe at high speed and quick acceleration.
Honda motorThe engine performance has the best acceleration in its class, but still fuel efficient by application of wide variety of friction reduction technologies producing maximum power of 11.8KW (16.0 PS) at 9,000 rpm. The new generation engine especially designed for Southeast Asia including the Philippines has the following characteristics:

1. Flexible output characteristics that enable fun riding in a wide range of riding situations.
2. Improved fuel efficiency performance.
3. Remarkable level of comfort enabling the rider to experience a high-grade feel.
4. Exterior design with functional beauty that evokes the sophisticated mechanism.

Honda dares customer to test it and discover real power that you can handle.
Honda RS150 blackFinally, the all new RS150 is environment friendly with its Euro-3 compliant emission and safety is still Honda’s top most priority with the installation of Bank Angle sensor that increases rider’s safety by automatic engine turn-off during accidental crash or fall.

The IRGP crowd was further treated by actual show-off run of All New RS150 in the race track with its three exciting colors, Black, Winning Red and Space Magenta Metallic as special color which will all be available in Honda Shops nationwide.

To further strengthen commitment for the young generation, Honda has given the public a sneak peak of another Sports model, the All New CB150R which will be launched by next summer of 2016 as the Honda Gen-S story continues…

Excited with this latest news about Honda motorcycles? Find out more about Gen-S stories, visit their website at www.hondaph.com or visit www.facebook.com/hondaph or contact the local dealer nearest you!

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Gen-S Story: New Sports Model from Honda

Join the growing number of motorcycle enthusiasts. Enjoy the nirvana moments and riding adventures with the new exciting motorcycle from Honda, the world’s largest motorcycle manufacturer in the Philippines.
motorcycleFrom the most technologically advance Scooters with Smart Engines to the most powerful Sports Engine in its class, Honda is proud to present New Generation 150cc Liquid-cooled DOHC 6-speed racing engine born out of Moto GP DNA.

This Gen-S Sports Model will be finally unveiled to the public in this year’s Inside Racing Grand Prix (IRGP) event slated on November 15, 2015.

Learn more about Honda Gen-S Stories by visiting www.hondaph.com or visit www.facebook.com/hondaph.

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