Chances of Approval for Auto-Loan

[jdee12]

Good evening mga tsikooters, nag submit na ako ng application for auto-loan sa BPI, usually gaano katagal ito bago ma approved? at ilang percent ng chances na maa-approve ka?
Salamat po.!

[stavros]

Good evening mga tsikooters, nag submit na ako ng application for auto-loan sa BPI, usually gaano katagal ito bago ma approved? at ilang percent ng chances na maa-approve ka?
Salamat po.!

Your question is very subjective since we dont really know your background( financial capabilities, loan history, etc ).

[KERSMcRae]

aside from meeting salary requirements, you must have ..

1. permanent residency status in years (not NPA)
2. w/ good credit standing, like personal loans, if any.
3. not a revolver, if you have own credit card/s.
4. completeness of documents provided
5. they must be able to contact you easily.
6. have a savings account, esp. from the bank where you applied

etc.

[Super Inggo]

Our application with some banks takes less than 3 hours to approved

[renzo_d10]

Depends on your financial capabilities and previous records sa ibang bank. Kailangan maganda record mo, or else... yari.

[Noel Salisipan]

Good evening mga tsikooters, nag submit na ako ng application for auto-loan sa BPI, usually gaano katagal ito bago ma approved? at ilang percent ng chances na maa-approve ka?
Salamat po.!

Pag walang problema sa mga requirements at satisfactory ang financial credibility, 24hrs lang yan pwede ka ng makahingi ng manager's check.

[samira]

No need for requirements, pre approve. Just tell the manager what unit and what dealer. Most of the time we buy cars just because the manager has already reserved one for us. But that's me, so I don't really know what the requirements are. Maybe just submit all the documents and you will get approved.

[michgenn_10]

Ako din nagapply ng auto loan sa BPI thru Online, balak namin kumuha ng Accent 1.4 AT. Yesterday Tumawag ang BPI kay misis, sabi approve ako ng loan amount 700K. Ibigsabihin ba talaga e approve na ako e wala pa naman ako pinapasa n requirements like contact or coe? Ano na next step namin, punta ba ng BPI o punta muna ng Dealer? Nasa barko kasi ako ngayon at buti na lang may internet dito. Si misis lang pwede lumakad at pareho kaming walang alam sa mga ganitong bagay? Need advice sa may mga experience sa bagay na ito. TIA

[yebo]

punta muna sa bank, they will give you/your wife the forms to fill up and requirements to submit. since ofw ka (like me) they will need a copy of the contract that is on record at the POEA, or your contract with the most recent POEA OEC attached (sana hindi mo tinapon nung umalis ka). they will also need bank records for the past 6 months (get from the bank where your salary/remitance goes in). photocopy of your passport, marriage contract (since it will be your wife who will process the loan), and most probably a power of attorney signed by you designating your wife as your attorney-in-fact so as to allow her to sign in your behalf. pag ok na lahat yan meron pa ulit pipirmahan si misis mo, the loan document, daming copies, kakapagod pirmahan. pag approve na yun the bank will then tell you na ok na ang loan pwede ka na pumunta sa dealer.

sa dealer you just need to tell them that you are already pre-approved. malungkot sila at bawas sa kita, wala na sila commission from the bank hehehe! since cash basis na lalabas ang transaction you can then haggle for a discount. babawi naman sila sa iyo kasi mangunguripot sila sa freebies. then pag nakapili ka na ng unit, tawag ka sa bank for issuance of Letter of Credit (LOC), bank will either deliver it to the casa or they will ask you to pick it up. you have a choice of giving the down payment either to the bank or to the casa. pag sa bank then the bank issues an LOC for the total price of the car. pag sa casa then the bank only issues an LOC for the remainder after the downpayment and other charges. after nun pwede mo na iuwi ang car mo.

[BratPAQ]

Having a credit card with good standing at that bank helps. In our case pagka file namin sa internet the next day tumawag then by afternoon approved na, dahil na rin my wife has a credit card on that bank na laging nababayaran.

[michgenn_10]

Well detailed talaga reply mo Sir Yebo, Thank you. Kompleto naman ako ng basic requirements wala ako natapon. Sana lang kayanin ng powers ni misis ang pagaasikaso

[GIC]

No need for requirements, pre approve. Just tell the manager what unit and what dealer. Most of the time we buy cars just because the manager has already reserved one for us. But that's me, so I don't really know what the requirements are. Maybe just submit all the documents and you will get approved.

Ikaw na ang pre approved sir. I guess this thread calls for those who aren't just like me. Anyway nice explanation sir Yebo. Very detailed

[_Qwerty_]

diba kahit pre approved they will still ask for your requirements before you could take out the loan..

[Syuryuken]

Sa akin naman pagkabigay ng photocopy ng DTI, Mayor's Permit, 2 valid ID (me and wife), ITR tumawag agad ang RCBC sakin then tinawagan ang casa ang maganda dito pa sa bahay inayos ng ahente ko lahat ng mga requirements. Mas istrikto atmas maraming requirements ang mga kumukuha ng "LOW DOWN" at "5 YEARS TO PAY" sa mga 40%/50%DP payable in 2-3 years hindi masyadong istrikto ang mga bangko.

[GIC]

Apparently si samira no need for requirements, maybe he owns the bank

[calix0305]

less than 12 hours yun saken, nagpa-approve ako ng 1pm before 6pm nagtext na yung BPI approved na daw application ko.
Btw, I went directly sa branch and talked to ABM

[JUNFLO76]

Try considering PSBank. Within the day ang approval, kung may unit na pwede irelease the same day ang unit (of course as long as kumpleto n and available ang requirements)

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[ajkotse]

Hi Tsikoters,

Need your help, advice! nag-apply ako online sa BPI and I was disapproved
planning to buy a 2nd hand car at ipapafinance ko sana sa bank.
Car price = 300k
I'll be covering 140k
Bank will only finance P160k

BTW my salary is 44k nasa 35k take home ko.
2yrs palang ako nagwowork at kakaregular ko lang sa new company ko.

I'm pretty sure kayang kaya ko bayaran yung monthly since wala ako binabayaran na bills at nakatira ako sa parents ko. single din ako.

Hindi ko alam bakit hindi ako na-approved Pano kayo na-approved guys? share nyo naman...

Thanks sa mga magrereply! more power tsikoters!!!

[calix0305]

Hi Tsikoters,

Need your help, advice! nag-apply ako online sa BPI and I was disapproved
planning to buy a 2nd hand car at ipapafinance ko sana sa bank.
Car price = 300k
I'll be covering 140k
Bank will only finance P160k

BTW my salary is 44k nasa 35k take home ko.
2yrs palang ako nagwowork at kakaregular ko lang sa new company ko.

I'm pretty sure kayang kaya ko bayaran yung monthly since wala ako binabayaran na bills at nakatira ako sa parents ko. single din ako.

Hindi ko alam bakit hindi ako na-approved Pano kayo na-approved guys? share nyo naman...

Thanks sa mga magrereply! more power tsikoters!!!

May credit card ka ba or nagloan ka na ba before? tinitingnan din ng banko kung good payer ka.

pinaka da best is to go to your bank, kausapin mo agad yung loan officer or bank manager, alam naman nila financial capability mo kasi nasa kanila records mo.

If disapproved pa ren madaming pa namang banko, try ka lang uli.

[ajkotse]

May credit card ka ba or nagloan ka na ba before? tinitingnan din ng banko kung good payer ka.

pinaka da best is to go to your bank, kausapin mo agad yung loan officer or bank manager, alam naman nila financial capability mo kasi nasa kanila records mo.

If disapproved pa ren madaming pa namang banko, try ka lang uli.

Nope, wala ako credit card at 1st time ko toh magloan... baka ganun na nga lang siguro gawin ko.. punta ako personally sa bank para makausap yung loan officer... iniisip ko rin ipunin nalang yung 160k kaso ilang months pa yun.. car is a need right now sakin... thanks bro sa advice!