Auto loan disapproved! help!

**reactor** · October 22nd, 2012 09:49 AM

BPI kasi is more on brand new cars. try mo mag apply sa mga bank na nag accept used car loan like ama at eastwest. ang alam ko ama ang mas madali kausap sa used car loan kasi yan ang target market nila unlike sa iba banks brand new lang ang accept nila for a loan. mabilis ang loan sa BPI kung existing client ka nila kasi hawak nila ang account history mo pero pang brand new cars pa din ang tatanggapin nila.

**ajkotse** · October 22nd, 2012 11:13 AM

Originally Posted by vinj

I used to be like that. I never had a credit card until i was nearing my 30s but now it's quite handy as a financial tool for me. When your expenses become bigger it is quite helpful as it minimizes the cash you have in your wallet. Get a CC and request for a small limit of maybe 15K-20K and always make it a habit to knock off all the amounts at month end. With internet banking, it's also easy to monitor your credit card balances. Just use it for resto, grocery and gasoline perhaps.

Try going to another bank such as BdO and PSBank. Also, if you're looking for a Hyundai Getz at 300K+ with around 140K d/p, why not consider a brand new unit Picanto or i10? Try to visit a dealer and get some quotes, and have a bank make a quote for you as well (don't go for dealer financing, and don't get insurance at the dealer as well as they charge much higher) and compare it against the second hand Getz you're financing. Don't forget to throw in insurance, maintenance, and fuel costs into the equation of your monthly overhead.

Appreciate your reply sir! Mapag-iisipan ko din ang CC, I know it's a necessity as well..

The reason why I'm getting getz is because of the SPACE. i10,picanto,spark,eon,alto are so small... 4seaters lang siya at medyo masikip sa loob, dpat walang galawan, lalo na yung leg room sa likod, prng nkaka-ngawit lalo na paglong drive.. getz is so much bigger, kasya pa nga 6 na tao hehe! sympre sa 3-4yrs ko siya gagamitin, I think may mga events din na kelangan ko magsakay ng 5persons, pagpinili ko sila isakay sila microcar, para kami sardinas :P

Ang katapat na nya sa SPACE ay ang vios,city,fiesta,swift,mazda2 etc. which are 2x na ang price compare sa Getz...
Ayoko naman i-stretch ang budget ko sa alam ko naman mahihirapan ako, gusto ko sure ako makakabayad ng monthly w/o any hassle at may extra budget pa ako for gas,maintenance,insurance,parking,toll etc... :D

**ajkotse** · October 22nd, 2012 11:19 AM

Originally Posted by reactor

BPI kasi is more on brand new cars. try mo mag apply sa mga bank na nag accept used car loan like ama at eastwest. ang alam ko ama ang mas madali kausap sa used car loan kasi yan ang target market nila unlike sa iba banks brand new lang ang accept nila for a loan. mabilis ang loan sa BPI kung existing client ka nila kasi hawak nila ang account history mo pero pang brand new cars pa din ang tatanggapin nila.

I'm planning to avail the personal loan nalang siguro... since tama din yung sinabi nung isa nagcomment na maliit lang kasi uutangin ko kaya ayaw nila... I know personal loans have bigger interest, "since wala sila mahahatak if ever hindi makabayad" pero kung 150k lang naman uutangin ko, maliit parin naman ang monthly ko at kayang kaya parin... Pupunta ako later sa BPI to avail personal loan.. gusto ko talaga sa BPI since dun ako may account at ayoko na maglipat lipat ng cash kung san ako makakaloan na bank.. pero kung hindi parin ma-approved sa BPI I guess I have no choice but to try other banks... "Pero I'll still try sa ibang banks since baka makakuha ako better deals hehehe"

**KERSMcRae** · October 22nd, 2012 11:57 AM

*TS,
tama ang sabi ng iba re:

1. credit history. try to have some bills na nakapangalan na sayo. meron dyan yung postpaid cp, P350/mo lang.
2. credit card. tulad mo din ako nung wala pa ko pamilya. bandang huli, nagsisi ako kung bakit di ko tinanggap yung inoffer sakin na cc before . Pag may cc ka, make sure meron kang self-control and ALWAYS pay your bills in full & on time.
3. loan amount. at least 200K yata ang min. for a car loan (not sure).
4. car brand. pwede rin na specific lang sila sa brand na ka-tie up ng bank.

5. personal loan options. try BDO. pag kulang, add mo SSS/Pag-ibig loans kung hindi mo pa nagamit. Sabi nila, hindi maganda ang madami utang. On the other side, you NEED it to build a good credit line/history.

**ajkotse** · October 22nd, 2012 01:14 PM

Originally Posted by KERSMcRae

*TS,
tama ang sabi ng iba re:

1. credit history. try to have some bills na nakapangalan na sayo. meron dyan yung postpaid cp, P350/mo lang.
2. credit card. tulad mo din ako nung wala pa ko pamilya. bandang huli, nagsisi ako kung bakit di ko tinanggap yung inoffer sakin na cc before . Pag may cc ka, make sure meron kang self-control and ALWAYS pay your bills in full & on time.
3. loan amount. at least 200K yata ang min. for a car loan (not sure).
4. car brand. pwede rin na specific lang sila sa brand na ka-tie up ng bank.

5. personal loan options. try BDO. pag kulang, add mo SSS/Pag-ibig loans kung hindi mo pa nagamit. Sabi nila, hindi maganda ang madami utang. On the other side, you NEED it to build a good credit line/history.

Guys just an update... hindi pala dahil sa credit history,financial statement ako nadisapproved. hindi pala sila nagloloan ng KIA at Hyunda Brands

Kaka-email lang sakin ng BPI. Pero baka magpersonal loans nalang ako... less hassle pa at makakapag-negotiate pa ako sa price since cash ko siya bibilhin sa buyer...

Still having second thoughts narin if I will go for Hyundai Brand...

I will try to apply for a personal loan... will update this thread if magkano kaya nila ipautang sakin.

Salamat ng marami sa tulong guys! Much appreciated!!!

**vinj** · October 22nd, 2012 01:17 PM

Re: personal loans, be wary that the rates for these are higher since the credit risk of the bank for this is usually high and amounts are smaller.

I'd suggest you try first talking to PSBank and BDO. RCBC Savings also has for second hands (up to three years). PSBank also has a warehouse full of repoed small cars, try dropping by and checking it out. Just be wary but you'll never know if you can find a good deal. You can google their listing and they can finance the purchase.

**mabuhay** · October 22nd, 2012 01:27 PM

+1kay sir vinj

**1D4LV** · October 22nd, 2012 02:22 PM

Originally Posted by mabuhay

+1kay sir vinj

Try also AMA Bank.
Pwede sila maski second hand or brand new cars.

**slapz** · October 22nd, 2012 02:49 PM

You do realized that applying online will be approved by a machine based on the set rules, right?

Wala atang subjective reasoning mga machines last time I checked.

**ajkotse** · October 22nd, 2012 02:54 PM

I agree kay vinj!

problem is 2nd hand repossesed cars lang ang niloloan ng PSbank.. lets say I'm getting vios 08. Sa bank 400k siya (with the risk of baka binaboy ng previous owner dahil alam nila mahahatak na) compare sa 350k pagbinili mo sa private owner. 50k ang difference. kahit mas maliit ang interest ng 2nd hand repossesed cars, mas malaki yung risk na baka nga binaboy atska hindi mo pa alam history ng car. kung magpepersonal loan ako... I can stretch out my budget ng +50k sa interest... so Okay lang din kahit mas mahal ang interest. at least sa private owner ka pa makakabili, makakahaggle ka ng price at alam mo history ng car :D

Most private owners ayaw ng financing since gusto nila cash nila makukuha.. kung papayag naman sila sa financing madalas tinataasan price or hindi ka na makatawad

dahil nga sa abala at madami pa kelangan gawin...

Siguro for now I'll pursue personal loans... :D