The way we go

We would like to express our thanks to the people who have given us their warm wishes for this column.  We also welcome your feedback and would love to hear from you, so write us!  As we said, we are not finance gurus and we are happy to learn with you, our readers.  Last week, we discussed about owning a home.  This week, we would like to share with you ideas on acquiring your family car. 

As I (Maricel) write this, we have just arrived home after a full day’s work at our office, which is a forty-five minute to an hour’s drive away from home.  Because we live South of Manila, I cannot imagine coming home without the use of a vehicle whether via public or private transit.  Our home is quite a drive from our office at the Fort but it is quite an enjoyable and pretty much hassle free ride as we take the Skyway and the SLEX.  There are no stoplights and hardly any pedestrians to compete with and the view is amazing which sometimes is a problem as it sort of lulls one to sleep because the drive is calming.

One of the main reasons we have opted to stay in the South is that it is loaded by perks that make life more relaxing and enriching but it also comes with some trade offs as well.  Since we live quite far from civilization and our home is literally 4 kilometers from the main entrance of our village alone, it is quite a challenge to get anything done without a reliable, available vehicle to take us to different places.  We realize therefore the value of having a car available for the needs of the family as there are no means of public transportation to take us from our home to our village gate.  This, we have also used as our training ground for our triathlons so we have managed by walking or running the whole stretch but that is not possible when we are talking about bringing home bags of groceries or food to feed our large family.  It has also been quite a challenge for our household staff when they go on their days off because of the distance that they would need to travel just to get a chance to leave our village.  During times of emergencies when there have been no car present to rush to the supermarket or the hospital, we have been blessed to have relied on neighbors and relatives who live nearby and friends to help shuttle us. Another partner in getting us from here to there? Private car vehicles owners who have made it a business (and a lucrative one at that!) to rent or lease out their vehicles for individuals, families and companies who have “Just in Time” requirements for transport vehicles! (Thank you Coach Joey for your partnership in getting our kids to school and their regular triathlon workouts!)

Owning a family car depends on the living environment and the type of activities that needed to be accomplished at any given time or day for that family’s particular needs.  It is definitely a must for people who do not have direct access to public transportation.  This may not apply to everybody especially those who can easily hail a tricycle, a cab or can reach their destination by foot. 

Because we love applying the Benjamin Franklin technique which Anthony introduced in last week’s column, I will share with you some points we consider when buying a family car and they are:  affordability, size (depending on the number of passengers that needs to fit in the car), safety, comfort, dependability of the car maker, gas efficiency, source (where you will choose to buy it from), style, cost, and post-sales support services of the car provider.  If you put all these in a column and discuss with your family how each car model fares for each of the categories that are important to you, soon you will discover the perfect car for your family’s needs.  It is so important to include the whole family in this process especially if it will be purchased for all its members’ use. 

There are a variety of ways to acquire your family car.  One is to save up for it so that you could pay for it in cash. One of our dear friends happily shared with us the other day how ecstatic he was to have acquired his dream car, which he had paid for in cold cash.  He shared that it required slowly saving up for six years!  That is amazing discipline, I must say.  But, for a family who is just starting out, that is quite not advisable which leads me to the other option – through an auto loan that is light on the family’s monthly budget. You also get to enjoy the benefits of your investment immediately! Imagine driving for your family with all its convenience and without going through the perils of commuting with your kids in tow.  Of course one should be aware that it comes with some additional, but worth it, interest expense.

Should you consider getting a loan to purchase your family vehicle, keep in mind that not all car loans are created equal.  It would be wise to compare rates and freebies thrown in whether thru in-house financing via the car distributor or the bank.  Assess each one’s requirements such as options for downpayment, monthly amortization payment, and other documents that you are capable of producing.  Ideally, an auto loan that has simple requirements that may be availed of in the soonest possible time is best.  Don’t forget to put a lot of weight as well on how you are treated with the bank’s auto loan representative.  If I were to consider getting a loan with a bank, I value the heart and effort my account manager will take care of me because I see the bank as my partner if I were to get a loan from them.  If you put all these in a column and compare those offered by different banks, you will discover one that you could easily afford with a bank that meets all your criteria.

Anthony grew up with having a large American sedan as a family car that fit all of nine children plus their parents.  That’s a total of eleven passengers! To this day, I still cannot figure out how they managed to fit in it without having lost their sanity but he attests it was vital to their closeness as siblings.

Remember, when all is said and done, a car is but a tool or a means for a greater end. We don’t buy a car simply to boast of having one; we do so in order to get our work done more swiftly, to transfer goods and offer services more efficiently, and to add quality and value to “the way we go,” building memories that will last a lifetime.

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BPI Family Auto Loan makes it easy for first-time buyers through lower down payments, lighter monthly payments, and free insurance with acts of nature coverage. You can visit bpiloans.com for more information or to conveniently apply for a loan. We welcome your feedback and questions! E-mail us at wealthness@philstar.com.ph