Car Loan Query

[mazzipino]

Hi,


My Sunday night dinner brought about this query.

My auntie, who is 60, is coming back to the Philippines with her husband after living abroad for 30+ years, she is a Filipino citizen with a Filipino husband who is already retired.

She wants to finance a brand new car for the family.

Is it possible for her to finance a new car at her age? If so, her spouse is retired and has no form of income - What are the workarounds, if any?

Also, what's the deal with OFW's and car loans?


TIA!

[josep]

Get the most out of what the banks offer nowadays. i believe OFW's are very much welcomed as potential clients. try visit different banks and compare their rates offered. am sure there are banks offering competitive rates.

they require supporting docs that you must fulfill, but in case difficult to produce on your part try convince them that you are indeed interested in getting a car loan. i don't think they'll turn a potential client down.

if in-house financing through car dealers suits you, well they are not so particular about docs compare to what banks require BUT they require something else from you... more money to shell out because of larger interest rates offered.
hope this helps..

cheers

[mazzipino]

The thing is, she's 60 now and she has the capacity to pay off the monthly ammortization, but will the banks take her on board?

She can provide all the requirements, but also the fact that she has no co-maker, would that hinder her chances?