OFW needs help buying a new car

[techconnect]

Hi tsikoteers!

I need some advice in buying a new car. My partner is an OFW in Europe for 4 years while i'm here in the Philippines taking care of our son. Not yet married but we've been together for 10 years now. We want to get a car before he comes home for a vacation this April 2016.

Has anyone have personal experience or knowledge on how to go about this? I already tried talking with our bank (Metrobank) but they didn't even give me a car loan form or whatever, after waiting for almost 30 minutes to be attended, they just said to let my partner do the loan when he's already here. The problem with that is, we need to get the car before he gets here.

I want a bank P.O., but if someone can help me with this i'm willing to do this "in-house" as long as I get approved and get the car released ASAP.

BTW i'm planning to get an MU-X 3.0 AT 4x2 * 20% Down 5 years to pay. May promo kasi ang Mu-X till end of march na low down payment almost 200k+ lang

Thank you

[JCPR20]

Hi tsikoteers!

I need some advice in buying a new car. My partner is an OFW in Europe for 4 years while i'm here in the Philippines taking care of our son. Not yet married but we've been together for 10 years now. We want to get a car before he comes home for a vacation this April 2016.

Has anyone have personal experience or knowledge on how to go about this? I already tried talking with our bank (Metrobank) but they didn't even give me a car loan form or whatever, after waiting for almost 30 minutes to be attended, they just said to let my partner do the loan when he's already here. The problem with that is, we need to get the car before he gets here.

I want a bank P.O., but if someone can help me with this i'm willing to do this "in-house" as long as I get approved and get the car released ASAP.

BTW i'm planning to get an MU-X 3.0 AT 4x2 * 20% Down 5 years to pay. May promo kasi ang Mu-X till end of march na low down payment almost 200k+ lang

Thank you

If you intend to do it in-house, you should go to the dealer of your choice. You may be the one to sign application documents as your partner is not in PH and therefore your credit standing will be evaluated and not that of your partner. You may also want to post this in the MU-X forum as you mentioned you intend to buy a MU-X. I know some sales agents are active in this forum: https://www.tsikot.com/forums/isuzu-...neration-95615 Good Luck

[StockEngine]

Metrobank already declined your application. This means you cannot make a loan because of your current financial capacity.

Your ofw partner or his/her kin with good bank records or credit record can apply for the loan.

[techconnect]

His siblings are all abroad, no parents either. And unfortunately i need to quit my job when he left to take care of our son, so no income from me except for his remittance. I agree that the bank is gauging my financial capacity since i'm the one applying for the loan, so is there chance that I can apply "on his behalf" ? Has anyone ever done this?

[dr. d]

i don't think anyone will give you a loan "in your partner's behalf".
because legally, he and you are not responsible for each other's acts.
and you don't have a job or legal source of income..
and... if i may say so... you do not need that car when he arrives. you only want one. hiring a car will probably have the same transport effect on you both.
he can apply for the loan himself, and make you his legal representative, when he comes over.
good luck.

[techconnect]

i don't think anyone will give you a loan "in your partner's behalf".
because legally, he and you are not responsible for each other's acts.
and you don't have a job or legal source of income..
and... if i may say so... you do not need that car when he arrives. you only want one. hiring a car will probably have the same transport effect on you both.
he can apply for the loan himself, and make you his legal representative, when he comes over.
good luck.

Dr D, I respect your opinion but you simply cannot tell a person if they need or just want something if you don't know the circumstances. Also, I said that we want to get a car, but NEED to have it before he gets here. There is also this thing called special power of attorney, it's just that i need more input about it when it comes to car loans.

[dr. d]

Dr D, I respect your opinion but you simply cannot tell a person if they need or just want something if you don't know the circumstances. Also, I said that we want to get a car, but NEED to have it before he gets here. There is also this thing called special power of attorney, it's just that i need more input about it when it comes to car loans.

the power of attorney is a legal document that a person files, to give another person the authority to represent him in certain interests. ask the DFA if your partner can do this in the philippine embassy or consulate in the country he is in.
i apologize if you felt insulted by my comment on need and want. i was rationalizing. i hope everything turns out in your favor.

[Yatta]

Mahirap, not even sure if any creditor will remotely allow it. As an example I bought our SUV via inhouse financing as its the easiest albeit more expensive route. My wife and I just arrived from abroad after years of schooling so wala kami credit records. We have a joint bank account as well as separate savings accounts but still very little financial records. I do have a job but the pay barely reaches the cutoff sa car financial calculator ng bank. My wife back then only teaches part-time. But between our savings we could easily just pay for the car in cash, but we also have other stuff to pay for. So my mother abroad agreed to be the guarantor. She has a monthly pension from SSS and GSIS and can send remittance so no problem with income. Pero still the SA and bank opted to have my wife co-sign the papers.

Even with an SPA, the best that can happen is let you fill out forms. Ayaw ka bigyan ng form ng bank kasi alam nila made-deny lang at sayang ang oras na mag-backgorund at credit check.

[antonath]

Try inhouse. Ikaw ang mag loan, proof of income: remittances ( 3x ng monthly ammortization ng car ang narereceived mo monthly), atleast 3 months bank statement. Tapos kuha ka ng 1 co maker : with good credit rating..

[_Cathy_]

Try inhouse. Ikaw ang mag loan, proof of income: remittances ( 3x ng monthly ammortization ng car ang narereceived mo monthly), atleast 3 months bank statement. Tapos kuha ka ng 1 co maker : with good credit rating..

I think the issue will be they are not yet married. I hope someone from loans can verify this?

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[dreamur]

Do you have a bank account under your name showing a substantial balance and a healthy history of cash flows? If so, try to get a loan from that bank. By default, the bank will not offer you a loan if you have no steady source of income.

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[techconnect]

Do you have a bank account under your name showing a substantial balance and a healthy history of cash flows? If so, try to get a loan from that bank. By default, the bank will not offer you a loan if you have no steady source of income.

Sent from my SM-N910C using Tapatalk

Yes that's what i'm thinking kse we're not married kaya parang ayaw akong pautangin haha. We have a savings account sa BPI, but it's not under my name, I just have the ATM. Anyway, i'll be going to the bank tomorrow (BPI) hopefully hindi sila kasing sungit ng Metrobank hehe.

[dreamur]

Yes that's what i'm thinking kse we're not married kaya parang ayaw akong pautangin haha. We have a savings account sa BPI, but it's not under my name, I just have the ATM. Anyway, i'll be going to the bank tomorrow (BPI) hopefully hindi sila kasing sungit ng Metrobank hehe.

That could still be an issue with BPI even if you have the ATM card with you. Your partner should have opened that account under your name. Good luck anyways.

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[XTO]

Yes that's what i'm thinking kse we're not married kaya parang ayaw akong pautangin haha. We have a savings account sa BPI, but it's not under my name, I just have the ATM. Anyway, i'll be going to the bank tomorrow (BPI) hopefully hindi sila kasing sungit ng Metrobank hehe.

When you say "we" but not under your name? How was that?

[mitchiko22]

may discount ba if ever ofw ang mag car loan?

[KenGarcia]

may discount ba if ever ofw ang mag car loan?

Regarding discounts kahit di ka ofw if magaling ka makipag usap/haggle makakakuha ka ng discounts.

Minsan nga ibinibigay na ng kusa to entice customers.

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[techconnect]

*XTO Sorry kung ngayon lang ako naka reply, medyo busy na eh. About bout your question, i said "we" because of the "common law". I'm not a lawyer pero from my understanding, all of our properties including bank accounts are conjugal even if we are not yet married. Common-law marriage (live-in relationships) in the Philippines | Philippine e-Legal Forum

Anyway, i already went to the bank and they required my partner to get a special power of attorney from the embassy, unfortunately there is no more embassy in Ireland and he has to go to the nearest embassy in London to get one. Hay nakaka tawa na nakaka inis, daming hassle hehehe. In-fairness mas accommodating ang BPI, kinabukasan nag CI na agad kahit wala pang requirements.

[Walter]

They required your partner to get SPA because you don't have a source of income and it's actually your partner they need to sign. They don't really care whether your name is on the loan or not.

[techconnect]

Hi i'm back Good news nakapag paaprove nako last moday sa BPI and take note hindi na humingi ng SPA Naghahanap nalang ako ng dealer ngayon kasi wala yung white na 3.0 sa Alabang.

Eto ang issue ko, na curious lang ako dun sa nakausap kong ahente online mag in-house na lang daw ako yung all-in maraming freebies tapos low downpayment, mas mabilis daw ma release ang sasakyan kakayanin lang daw ng 1 day. Matagal daw pag bank PO mahihirapan daw akong pumili ng kulay.

Bakit kung kelan may approval na ng bank tsaka mahihirapan? Ano ba yun wala bang kumisyon ang mga ahente pag bank PO, feeling ko lang kasi parang di ka asikaso.

[Walter]

In house financing is almost double that of bank loan. Never get in house financing (there are very few instances where in house would be better than bank loan).