Getting approved by bank with just US Dollar pension as income.

[KrisKros]

I'm a Filipino citizen that moved back here a few years ago after a long time away. I'm looking to buy a brand new car and get rid of my 2nd hand car.
My only income is a pension i receive from the US government which is around 75k PHP which goes to my American based account. I have a savings account and e-checking account and card. So I've never needed to open an account locally.

An agent said i would most likely not get approved by the bank. What are my options? Thanks.

[_Cathy_]

Did the agent say the reason? 75k net is more than a lot of people with car loans make. But I think you need a local bank account.

The only reason I can think of is if you are above 60.

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[KingoftheNorth]

Best option is in house financing if the banks cant get you approved.

Just give a bigger dp so the amount financed isn’t that big for your monthly amortization.


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[gongrhey]

I'm a Filipino citizen that moved back here a few years ago after a long time away. I'm looking to buy a brand new car and get rid of my 2nd hand car.
My only income is a pension i receive from the US government which is around 75k PHP which goes to my American based account. I have a savings account and e-checking account and card. So I've never needed to open an account locally.

An agent said i would most likely not get approved by the bank. What are my options? Thanks.

Talk to your bank (the bank manager) and inform that you are planning to get a car loan. The bank manager will give you the correct assessment not the agent. The bank has the history of your account so dun they can assess if you can get the loan. Edit: I think I did not get it right, your account is only in the US? If so, you may need a local bank account.

[dr. d]

I'm a Filipino citizen that moved back here a few years ago after a long time away. I'm looking to buy a brand new car and get rid of my 2nd hand car.
My only income is a pension i receive from the US government which is around 75k PHP which goes to my American based account. I have a savings account and e-checking account and card. So I've never needed to open an account locally.

An agent said i would most likely not get approved by the bank. What are my options? Thanks.

i doubt if you can get any loan on your own cognizance.
you do not have a source of income. all you have is a tale that someone outside the country regularly gives you 75K a month without fail.
they are thinking, "if this guy reneges on the loan, how am i gonna get my investment back?"
but if you get a co-maker with good credit history, they might allow the loan.

[brushless]

An agent said i would most likely not get approved by the bank. What are my options? Thanks.

If that is the case, then, maybe you can get a loan from a US based bank. Most banks here require that you must be 65 years old upon maturity of loan, employed, or have a business of your own.

Another option is if you have kids living here in the Philippines, maybe, they could help you out to get a brand new car, but under their name. Less headaches.

[EQAddict]

Another option is if you have kids living here in the Philippines, maybe, they could help you out to get a brand new car, but under their name. Less headaches.

This +1 seems your best option.

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[dreamur]

...or try some private lenders who are offering financing for housing or car purchase. But the interest rates are outrageous.

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[yebo]

Open a local $ account, transfer your money there monthly (online transfer) then ask that same bank you opened the acct with to give you a car loan. You may just have to wait 3-4 months and also do not widraw everything every month to show to the bank that your expenses are less than your pension.

[KrisKros]

Thanks for the tips guys. I guess I'll have to build credit here for now. I'll hang onto my current car for now until then.