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  1. Join Date
    Jan 2005
    Posts
    41
    #1
    Hi Guys. Just need your opinion on something.

    I'm planning to purchase a car in the next couple of months. I've already decided on the make, the color, etc. Here's the thing. I submitted my auto loan application to a bank a couple of days ago. After waiting patiently for an update, the bank rep sent me an SMS informing me that my application was denied because of my credit card problems a couple of years back.

    The question is: is there a way I can still get a loan given my present situation? I've worked for a good company and have recently transferred to another company that is giving me better compensation. There is no doubt that I will be able to honor my monthly commitments moving forward.

    Thanks!

  2. Join Date
    Jun 2006
    Posts
    6,074
    #2
    1. You can save up your money for the mean time.

    2. With your down payment money, you can probably finance a project that will generate you more income. With your profits, you can buy the car in cash saving you a lot of money in the process (from exorbitant interest charges).

    3. Settle your CC problem and get a cert of good housekeeping / that you are free from any debt. Talk to the bank you plan to loan a car from and tell them straight up that you had such problem to eliminate the hassle of waiting.

  3. Join Date
    Jan 2009
    Posts
    817
    #3
    That's good of the bank rep to give you a reason for decline. Usually, and it's often stated in the T&C, they are obliged not to disclose the reason for denial.

    If I were you, you should apply to many banks at once. Some banks are stricter than others. Some banks approve you in 3 hours, some in 3 weeks.

  4. Join Date
    Jul 2004
    Posts
    233
    #4
    Quote Originally Posted by Horsepower View Post
    3. Settle your CC problem and get a cert of good housekeeping / that you are free from any debt. Talk to the bank you plan to loan a car from and tell them straight up that you had such problem to eliminate the hassle of waiting.
    Pwede to, Is this your 1st time? Or pa accomodate ka na lang.

  5. Join Date
    Apr 2008
    Posts
    105
    #5
    Quote Originally Posted by probpt View Post
    Hi Guys. Just need your opinion on something.

    I'm planning to purchase a car in the next couple of months. I've already decided on the make, the color, etc. Here's the thing. I submitted my auto loan application to a bank a couple of days ago. After waiting patiently for an update, the bank rep sent me an SMS informing me that my application was denied because of my credit card problems a couple of years back.

    The question is: is there a way I can still get a loan given my present situation? I've worked for a good company and have recently transferred to another company that is giving me better compensation. There is no doubt that I will be able to honor my monthly commitments moving forward.

    Thanks!

    Have you paid for your past credit card obligations?

    If you did, then get a certification that you are fully settled then give it to the agent for them to reconsider their decision to deny your application.

    Or just look for other financing. Competition now is stiff and others will approve you but on a higher interest rate.

  6. Join Date
    Oct 2002
    Posts
    16,401
    #6
    Quote Originally Posted by Robenson View Post
    Have you paid for your past credit card obligations?

    If you did, then get a certification that you are fully settled then give it to the agent for them to reconsider their decision to deny your application.

    Or just look for other financing. Competition now is stiff and others will approve you but on a higher interest rate.
    x2 on this. The bank should have not just flatly denied your application and requested your reply to the credit card finding; if it has been settled or is being settled and your current work compensation and work status is generally stable then they should be able to mitigate that finding in your favor.

  7. Join Date
    Feb 2008
    Posts
    13,975
    #7
    Well its still their call, if that's their reason so be it! Find another one willing to lend you.

    But as always CASH IS KING!

  8. Join Date
    Dec 2009
    Posts
    41
    #8
    Quote Originally Posted by vinj View Post
    x2 on this. The bank should have not just flatly denied your application and requested your reply to the credit card finding; if it has been settled or is being settled and your current work compensation and work status is generally stable then they should be able to mitigate that finding in your favor.
    here's the inside view, from a banker's perspective:
    sadly, though, some banks will deny the application outright if you have a negative record, even if it's settled already. and yes, you would have to really prove it to them.

    on the merit that you are already earning more, but since you want to get a car, you'll also be spending more.... which leads the bank to think the past might repeat itself. you're earning more but you're also accumulating more credit.

    just my 2cents and to balance the opinions on the form.

  9. Join Date
    Oct 2007
    Posts
    1,329
    #9
    Quote Originally Posted by probpt View Post
    Hi Guys. Just need your opinion on something.

    I'm planning to purchase a car in the next couple of months. I've already decided on the make, the color, etc. Here's the thing. I submitted my auto loan application to a bank a couple of days ago. After waiting patiently for an update, the bank rep sent me an SMS informing me that my application was denied because of my credit card problems a couple of years back.

    The question is: is there a way I can still get a loan given my present situation? I've worked for a good company and have recently transferred to another company that is giving me better compensation. There is no doubt that I will be able to honor my monthly commitments moving forward.

    Thanks!
    Don't worry there are a lot of banks who will be willing to serve you.
    Bring your business to whom willing. Yes you can still get that loan.

  10. Join Date
    Jul 2008
    Posts
    723
    #10
    Actually you still can. There are a number of banks who will be willing to get your loan.

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