Will I get approved on a car loan?

**E26M** · September 16th, 2013 12:23 AM

Hi Masters,

I just want to ask kung qualified po ako for car loan. Net income ko po is around 60k. Kaya lang po kc may 2 cancelled credit cards ako previously. Sabi sakin auto approved daw po yung 20% dp? I havent saved as much yet kc 8 months palang ako sa work cash flow lang po ba titignan nila or yung mismong pang DP ko lang? I badly need a car kc sobrang layo ng work ko, Antipolo- Makati. I was given a good rate for an all in promo. ok lang po ba na payroll bank lang i present ko? payslips and ITR? po pwede po ba auto debit nalang sa payroll kung sakali? 3rd less than 1 year plang ako dun sa new house namin will it affect my application? TIA

in case po ba ma approve may babayaran pa ako outside the " all in promo" ?

thanks

**romeocharlie** · September 16th, 2013 12:29 AM

60k per month? Or annual?

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**_Cathy_** · September 16th, 2013 12:29 AM

Originally Posted by E26M

Hi Masters,

I just want to ask kung qualified po ako for car loan. Net income ko po is around 60k. Kaya lang po kc may 2 cancelled credit cards ako previously. Sabi sakin auto approved daw po yung 20% dp? I havent saved as much yet kc 8 months palang ako sa work cash flow lang po ba titignan nila or yung mismong pang DP ko lang? I badly need a car kc sobrang layo ng work ko, Antipolo- Makati. I was given a good rate for an all in promo. ok lang po ba na payroll bank lang i present ko? payslips and ITR? po pwede po ba auto debit nalang sa payroll kung sakali? 3rd less than 1 year plang ako dun sa new house namin will it affect my application? TIA

Why were your cards cancelled? If it was from non-payment, I would suggest that you rethink your decision on applying for a car loan. It is harder to manage a car loan than a credit card. If you think you are financially mature to handle such a big obligation then go for it. AFAIK your net income is enough to get a car loan approved. I am not sure how the record on the credit card will affect your loan application though.

Auto debit from your salary can only happen if you applied from a car loan under your company, but if it in an outside loan, I highly doubt that company you are working for will let the bank access your payroll account.

**E26M** · September 16th, 2013 12:49 AM

Originally Posted by Cathy_for_you

Why were your cards cancelled? If it was from non-payment, I would suggest that you rethink your decision on applying for a car loan. It is harder to manage a car loan than a credit card. If you think you are financially mature to handle such a big obligation then go for it. AFAIK your net income is enough to get a car loan approved. I am not sure how the record on the credit card will affect your loan application though.

Auto debit from your salary can only happen if you applied from a car loan under your company, but if it in an outside loan, I highly doubt that company you are working for will let the bank access your payroll account.

1st card ko po non repayment tapos yung 2nd card po pina cancel ko na kc biglang dumating sabi ng friend ko bat ko daw pina cancel kc bad record daw po yun thanks po, nabigla po kc ako pwede ko pa po ba bawiin yung reservation fee na binigay ko sa SA?

**E26M** · September 16th, 2013 12:51 AM

Sorry po per month po.

**_Cathy_** · September 16th, 2013 12:51 AM

Pwede. My friend did the same with Honda.

**Manilablock** · September 16th, 2013 07:10 AM

much better option for you would be mag bed space ka sa makati, isipin mo na lang ung travel time mo at how much fuel ang kakainin, plus pa dyan ung bayad sa car at maintenance. or kung talagang need mo magkaroon ng ride mag motor ka pero wag lan barubal sa daan baka mapasama ka sa goon squad.

**makwin** · September 16th, 2013 02:33 PM

Kaya lang po kc may 2 cancelled credit cards ako previously. – A cancelled credit card would be reflected in the CMAP report. It has an adverse effect on your credit standing.

Sabi sakin auto approved daw po yung 20% dp? – The standard banking practice catering to the auto loans sector is 20% down (for brand new and not so old units) and the remaining 80% payable on terms of your preference, the shorter the term, the higher the monthly amortization.

I havent saved as much yet kc 8 months palang ako sa work cash flow lang po ba titignan nila or yung mismong pang DP ko lang? – They will look into your capacity to pay.

I badly need a car kc sobrang layo ng work ko, Antipolo- Makati. I was given a good rate for an all in promo. ok lang po ba na payroll bank lang i present ko? payslips and ITR? – These are the usual requirements when applying for loan plus proof of billing

po pwede po ba auto debit nalang sa payroll kung sakali? 3rd less than 1 year plang ako dun sa new house namin will it affect my application? TIA – YYou will be required to issue Post Dated Checks to cover your monthly amortization for the duration of your loan.

in case po ba ma approve may babayaran pa ako outside the " all in promo" ? - I think after your cash out for the downpayment, your next will be the amortization.

thanks - welcome

**E26M** · September 16th, 2013 10:25 PM

Originally Posted by makwin

Kaya lang po kc may 2 cancelled credit cards ako previously. – A cancelled credit card would be reflected in the CMAP report. It has an adverse effect on your credit standing.

Sabi sakin auto approved daw po yung 20% dp? – The standard banking practice catering to the auto loans sector is 20% down (for brand new and not so old units) and the remaining 80% payable on terms of your preference, the shorter the term, the higher the monthly amortization.

I havent saved as much yet kc 8 months palang ako sa work cash flow lang po ba titignan nila or yung mismong pang DP ko lang? – They will look into your capacity to pay.

I badly need a car kc sobrang layo ng work ko, Antipolo- Makati. I was given a good rate for an all in promo. ok lang po ba na payroll bank lang i present ko? payslips and ITR? – These are the usual requirements when applying for loan plus proof of billing

po pwede po ba auto debit nalang sa payroll kung sakali? 3rd less than 1 year plang ako dun sa new house namin will it affect my application? TIA – YYou will be required to issue Post Dated Checks to cover your monthly amortization for the duration of your loan.

in case po ba ma approve may babayaran pa ako outside the " all in promo" ? - I think after your cash out for the downpayment, your next will be the amortization.

thanks - welcome

Thank you Sir, may option po ba na mag prepayment sa loan, lets say pay a portion other than monthly to shorten the rate?

**romeocharlie** · September 16th, 2013 10:50 PM

Originally Posted by Manilablock

much better option for you would be mag bed space ka sa makati, isipin mo na lang ung travel time mo at how much fuel ang kakainin, plus pa dyan ung bayad sa car at maintenance. or kung talagang need mo magkaroon ng ride mag motor ka pero wag lan barubal sa daan baka mapasama ka sa goon squad.

+1 ako dito.. Baka nga di lang bedspace kung 60k net per month, kahit condo kaya! Hinde convenience ng may kotse ang solution ng problema ni ts eh..

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