Car loan difficulties

**kotsi123** · April 16th, 2011 10:17 PM

Used to be an OFW, recently just joined a company here in PI. Basic salary is 80k + 13th month pay and 85k worth yearly allowance/bonus. Married with one qualified dependent. After computation, net income should be around 70k+.

Now, since I'm new to this company (or newly working here in PI), I don't have an ITR yet. So far, all I have is a salary certificate. I never took any loans or applied for any credit card before so I don't have any credit history.

Now, what I fail to understand is that, why banks are refusing my car loan application without even giving me an alternative option, let's say 50% down payment etc. All my applications were only through dealers' endorsements.

I need your advice. Is it better if I will just go straight to the bank or it won't make any difference at all? Which bank is more lenient when it comes to granting loans? Or in my case, is it really impossible to get a loan at this point, should I just wait until I have completed at least 1 year in our company? Thanks.

**jmpet626** · April 16th, 2011 10:29 PM

Pag car loan mas maganda kung may ITR at matagal ka na din working sa company.

**monsrick** · April 16th, 2011 11:30 PM

Yap that's one of their regular requirements, ITR or COE, and if you're already staying at least 1 year na sa previous employer mo.
Minsan nga or palagi, they will also ask proof of billings and co-makers.
Mauutak yang mga banks eh, doon sila sa panigurado na hindi sila malulugi in return.

**aem** · April 17th, 2011 01:38 AM

sir ano po bang sasakyan ang gusto niyo bilin?

**kinyo** · April 17th, 2011 02:53 AM

Find a friend who can vouch for you in a bank. The friend could end up your co-maker/guarantor.

or

Save up for a used car. Use it until the bank deems you qualified for a car loan.

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Now I wonder why you don't have ITR's while working abroad. I was once OFW in Saudi and religiously filed my ITR all those years at the RP Consulate in Jeddah. Is there no RP embassy/consulate where you worked?

Anyhow, even if you have filed ITR's abroad, the bank may still hesitate to grant your loan for the mere fact that you are new in your current company.

**kotsi123** · April 17th, 2011 05:07 AM

Originally Posted by kinyo

Find a friend who can vouch for you in a bank. The friend could end up your co-maker/guarantor.

or

Save up for a used car. Use it until the bank deems you qualified for a car loan.

--------

Now I wonder why you don't have ITR's while working abroad. I was once OFW in Saudi and religiously filed my ITR all those years at the RP Consulate in Jeddah. Is there no RP embassy/consulate where you worked?

Anyhow, even if you have filed ITR's abroad, the bank may still hesitate to grant your loan for the mere fact that you are new in your current company.

Section 23, Tax Code of the Philippines states:

(B) A nonresident citizen is taxable only on income derived from sources within the Philippines;

(C) An individual citizen of the Philippines who is working and deriving income from abroad as an overseas contract worker is taxable only on income derived from sources within the Philippines: Provided, That a seaman who is a citizen of the Philippines and who receives compensation for services rendered abroad as a member of the complement of a vessel engaged exclusively in international trade shall be treated as an overseas contract worker;

**kotsi123** · April 17th, 2011 05:15 AM

Originally Posted by aem

sir ano po bang sasakyan ang gusto niyo bilin?

Any car with 2.0 and below displacement as long as the monthly installment won't go more than 25k.

**chua_riwap** · April 17th, 2011 06:03 AM

Originally Posted by kinyo

Now I wonder why you don't have ITR's while working abroad. I was once OFW in Saudi and religiously filed my ITR all those years at the RP Consulate in Jeddah. Is there no RP embassy/consulate where you worked?

Anyhow, even if you have filed ITR's abroad, the bank may still hesitate to grant your loan for the mere fact that you are new in your current company.

Sir Kins, I think that was years or decades ago.

Ngayon po.....tax exempt na po ang mga OFWs. Wala kaming binabayarang tax. Bale OWWA membership lang at POEA OEC binabayaran namin yearly.

**gmd** · April 17th, 2011 01:44 PM

Goody to u, ito kaibgan ko baka sa kali matulong ka, ito ang add. nya Fidel Papa, dhelbeth*yahoo.com ph, tnong mo lang kung makatlong cya sa iyo...

**rene_tagle** · April 17th, 2011 02:45 PM

Originally Posted by monsrick

Yap that's one of their regular requirements, ITR or COE, and if you're already staying at least 1 year na sa previous employer mo.
Minsan nga or palagi, they will also ask proof of billings and co-makers.
Mauutak yang mga banks eh, doon sila sa panigurado na hindi sila malulugi in return.

para sa akin wala ako nakikitang mali sa mga requirements ng bangko, normal lang sa negosyo na maniguro, ang laking perang involve jan, kung hindi gagawin ng mga financial institution ang paghingi ng mga documents na yan sigurado ako walang matitirang bangko dito sa bansa natin, lahat malulugi, at kahit sino na lang pwedeng kumuha ng sasakyan basta may pang downpayment, ang dami pa naman nagkalat na mga balasubas sa panahon ngayon dahil sa hirap ng buhay.