Acquiring 2nd hand car thru bank loan

[tonio_pinoy]

may i know the process?..medyo nalilito kse ako...one of the fields in the application form is Amount of DP...tapos one of the requirements din upon approval is OR of Downpayment... Does it mean that I have to pay first DP before I apply for a bank loan? What would happen if my application gets disapproved? Pano na yung DP ko? Pano ko rin ma-assure na ok yung seller after magbigay ako ng DP? ...Also, willing kaya maghintay mga sellers for around 15 days habang ni-proprocess application?...

[mazingerZ]

What you and the seller should do first and foremost is to have the vehicle appraised by the bank's appraisers. It does not necessarily mean that you have to shell out the down payment. For compliance lang naman ang application form. PM me and i'll refer you to several colleagues of mine based in Manila who are account officers of our bank.

In most instances you are only obliged to give the seller a token amount representing earnest money (say P10k) as a gesture of good faith. Once your loan has been approved and all documentation has been done tsaka na lang ang buo. Or if the AO also gives the go signal na pwede ka nang magdown then you pay the downpayment.

Basing on experience, sellers are willing to wait naman wag lang masyadong tumagal. Pero once you already have paid the earnest money di na nila ibebenta ang kotse sa iba. Pero take note, dapat meron kayong pinirmahang kasulatan sa earnest money na yan say a trust receipt agreement muna stipulating that once the loan is approved to be deducted from the proceeds of the loan.

HTH. . .

[cupkeyk]

Hi.

Question lang po, kasi may guarantee letter na ako from the bank, ibibigay ko nal ang ito sa owner, kaso un owner gusto bago iprocess yung mga transfer ng OR/CR ay isabay ko na bigay ng downpayment. Possible ba ito? hindi ba dapat kaliwaan ito? ibibigay ko downpayment at the same time ibibigay na niya yung mga required docs for the bank para maprocess na yung bayad sa kanya....?!?

Another question, pwede ko na po ba kunin yung car after giving the downpayment? kasi transferred na ito sa name ko eh, nasa deed of sale na (assuming kaliwaan)....sure naman ibibgay ng bank yung manager's check, after 2 to 3 days nga lang.

ano po sa plagay niyo?!?

[mazingerZ]

Hi.

Question lang po, kasi may guarantee letter na ako from the bank, ibibigay ko nal ang ito sa owner, kaso un owner gusto bago iprocess yung mga transfer ng OR/CR ay isabay ko na bigay ng downpayment. Possible ba ito? hindi ba dapat kaliwaan ito? ibibigay ko downpayment at the same time ibibigay na niya yung mga required docs for the bank para maprocess na yung bayad sa kanya....?!?

Another question, pwede ko na po ba kunin yung car after giving the downpayment? kasi transferred na ito sa name ko eh, nasa deed of sale na (assuming kaliwaan)....sure naman ibibgay ng bank yung manager's check, after 2 to 3 days nga lang.

ano po sa plagay niyo?!?

The banks usually require that the OR/CR already be transferred in your name (for 2nd hand unit transactions). After you have paid the downpayment pwede mo nang kunin ang kotse. Reminders ko lang sa iyo are:

1. Be sure that the comprehensive insurance policy is already transferred in your name;
2. Copies of the documentary requirements are already complete (say stencils in MVIRR, insurance policies, deed of sale, registration is updated, etc.)

Naniniguro lang ang seller sir pero pwede mo na kunin ang kotse, bigay lang sa kanya ang letter of guaranty ng banko.

Should you have any more problems you could say it at this thread, or pm me na lang.