Auto loan disapproved! help!

[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!!!

[LucasVN]

How old is the car to buy? or maybe you are just new to your new job, as you said kaka regular mo lang?

[renzo_d10]

300k lang naman pala yung kotse.

Meron ka na 140k on hand, then you take home ~40k/month. Wala ka naman bills to pay.

I-cash mo nalang. Ipon ka muna. Ilang buwan nalang titiisin mo na walang kotse. Less abala pa yan, wala kang babayaran monthly.

[antonath]

better yet try mo makipag transact sa mismong bank sir.
mas ok makipag deal inperson kasi lalo nat new borrower ka..

[ajkotse]

Hyundai Getz 2010 ang kukunin ko sana.. kelangan ko na kasi talaga since nahihirapan ako magcommute, lagi kasi ako taxi.. I think mas comfortable,safe at mas mkakatipid ako kung magkokotse ako.. To be honest I think kaya ko naman ipunin yun kaso estimate ko mga another 6months ko pa maiipon yun... nag-iisip narin ako ipunin nalang para hassle free... kaso matagal tagal ang 6months hehe... baka nga puntahan ko nalang mismo yung bank.. para maexplain ko ma-igi :D

[Enrikez]

Try ka sa ibang bank at sure ma-approve ka na, ang gusto kasi ng bank din yung tipong may mga binabayadan ka na bills na regular mo na nababayadan. kapag nalaman nila na ganon may pag-asa ka mabigyan ng loan,

[1D4LV]

its because bago ka pa sa work mo.
try other banks like psbank or rcbc..
medyo maangas ang bpi eh..

[1D4LV]

to add... ikaw kasi, personally, alam mo na kaya mong i sustain yung loan, pero yung bangko hindi.
you have to show them and prove to them that you can have that sustained.

[olidotcom]

afaik sir.. sa mga bank.. they require at least 1 to 2 years in your workplace?? not really sure though. but that's what I have heard from some that works in the bank.

[Syuryuken]

bakit kasi online pa kung kaya mo namang puntahan ng personal yung bangko.

[av8or5]

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!!!

sorry..na confused lang kasi ako dito... BPI refused or denied your loan because they dont loan for Kia and Hyundai brands? are you referring to new or used car? kasi if new..i find it weird... my kia was acquired through BPI car loan....

or if it's used..depends also how old the car is... usually 1-2 years old auto i think they will allow for auto loan of used cars...kasi...two people wanted to buy my less than 2 year old car..and bpi appraised it...but just like others....sellers want cash..not loan as their money will only be given once the paper works are complete... c.r. and o.r. under the new owner....

[stickers]

afaik sir.. sa mga bank.. they require at least 1 to 2 years in your workplace?? not really sure though. but that's what I have heard from some that works in the bank.

yup, requirement po yan ng bank.

[dreamur]

Most likely you do not have enough credit history (I.e., credit card payments, bills, etc.) That the bank can refer to as their basis to establish yourcredit worthiness. The bank needs assurance that you regularly pay your dues regardless of your take home pay. Dami dyan ang laki ng take home pay pero ayaw Lang talagang magbayad ng utang.

[ajkotse]

Appreciate all your replies :D Tingin ko napasama pa nga yung wala ako bills na binabayaran haha! (nagshshare naman ako sa kuryente,tubig,palaba etc.) though sa parents ko nakapangalan

nagtry lang kasi ako online, pero I guess much better nga na puntahan ko personally at iprove ko na kaya ko magbayad...

more than 2yrs na ako nagwowork...kaso kakaregular ko lang sa new job ko.. siguro isa din yun factor...

haay 6months na pag-iipon ay sobrang tagal para sakin... kung hindi ko lang talaga NEED, ayoko rin talaga umutang.. sayang din interest malaki laki din madadagdag

[shadow]

Apply ka muna credit card.


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[ajkotse]

Apply ka muna credit card.


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With all your respect, ang opinion ko kasi sa cc ay hassle at temptation.. Kasi i always buy cash bsta kaya, mas mlki kc ndidiscount ko pgsinbi ko cash ko bbilin, prang ang hassle kung may pera na ko in hand, idadaan ko pa s cc at dun ako mgbbyd, temptation din since bka khit wla n ako pera e bumili prin ako ng bumili.. Not to mention ung yearly n binbyrn sa cc.. (khit sbihin mo p mdmi k freebies) for me pa-utot lng nila un, mas malki prin nggastos mo :D

[vinj]

With all your respect, ang opinion ko kasi sa cc ay hassle at temptation.. Kasi i always buy cash bsta kaya, mas mlki kc ndidiscount ko pgsinbi ko cash ko bbilin, prang ang hassle kung may pera na ko in hand, idadaan ko pa s cc at dun ako mgbbyd, temptation din since bka khit wla n ako pera e bumili prin ako ng bumili.. Not to mention ung yearly n binbyrn sa cc.. (khit sbihin mo p mdmi k freebies) for me pa-utot lng nila un, mas malki prin nggastos mo :D

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.

[seymorebutts]

one reason din is maliit ang amount na ilo-loan mo, hindi sila kikita sa yo

[ajkotse]

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]

I'll try to go to the bank this week, hopefully ma-approve ako (cross fingers) btw nagcompute ako at mas malaki pa kinakaltas sakin sa tax compare sa babayaran ko montly i'll let you know guys kung approved or hindi.. Para mashare ko din exp ko sa mga gusto magloan