Will I get approved on a car loan?

[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

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

thanks

[romeocharlie]

60k per month? Or annual?


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[E26M]

Sorry po per month po.

[_Cathy_]

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]

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?

[_Cathy_]

Pwede. My friend did the same with Honda.

[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.

[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

[E26M]

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]

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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[E26M]

Hi Masters, need help again, its going to be 3 weeks now that I havent heard from my SA regarding my car loan application. sabi in process pa din daw I had my mom as my primary on her application. He just keeps on saying na malapit na but we havent heard from the banks yet nor ng CI di naman daw decline the last time he said di ko din alam kung ginagawa nya. I texted him but got no response and I tried calling him to no avail. is it possible to have another SA take care of this? TIA

[_Qwerty_]

that's too long already, you can get approval in 2 hours.

[E26M]

Yes Sir, almost 3 weeks. binigay ko na lahat ng requirements ko sa kanya even still had the reservation the next day we talked. diko po alam kung pano gagawin.

[Ofw29]

mine was declined bcoz of cmap record...

[kishAn]

mine was declined bcoz of cmap record...

ano daw lumabas sa cmap? or do you any idea kung ano findings?

[shadow]

Generally in house financing is easier, agents can even provide documents that you don't have. They can provide like let's say ITR.


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[brianboi04]

Hi good sirs, d ako makapag post ng bagong thread kaya dito ko na lang ilalapag to. Im planning to get a brand new car via auto loan, nagdadalawang isip lang ako kase may cancelled card ako sobrang tagal na di ko na din naayos. May mga nakausap kase ako na ahente na may mga napapaaprove nga daw sila multiple cc pa nga daw ang d nabayaran. Stable naman ang job ko ngayon, 5 yrs na din ako sa present company. Lahat nga lng ng transaction ko is cash kase d nako nagtry uli mag apply ng credit card. Sa tingin nyo ba maaprove ako for auto loan? TIA sirs.

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[sean-archer]

Hi good sirs, d ako makapag post ng bagong thread kaya dito ko na lang ilalapag to. Im planning to get a brand new car via auto loan, nagdadalawang isip lang ako kase may cancelled card ako sobrang tagal na di ko na din naayos. May mga nakausap kase ako na ahente na may mga napapaaprove nga daw sila multiple cc pa nga daw ang d nabayaran. Stable naman ang job ko ngayon, 5 yrs na din ako sa present company. Lahat nga lng ng transaction ko is cash kase d nako nagtry uli mag apply ng credit card. Sa tingin nyo ba maaprove ako for auto loan? TIA sirs.

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Mas lenient ang approval sa car loan kesa credit card application.

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[brianboi04]

Mas lenient ang approval sa car loan kesa credit card application.

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Sir tanong ko lang po kung may kakilala kayo na naaprove sa car loan kahit may utang sa cc. TIA.

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[mda]

Sir tanong ko lang po kung may kakilala kayo na naaprove sa car loan kahit may utang sa cc. TIA.

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Pag sobrang overdue na, malabo yan.