Lack of req.

[marjako27]

hi, newbies po
ive always wonderring, how can i hav this car, isa po akong ofw d2 sa korea, but sad to say, wala na aq contract, (tnt), and planning to go home this april 2014 for good., ive already stablished my own business in phil (lending business that can support enough including car loan) for morethan 3 yrs now. but again, i dont hav a business permit, in other words, i dont have the neccessary req. aside from bank documents, is there any chance na mka loan aq.?<br/>hope that this massage of mine will merit your time and effort, pls. reply..
thanks in advance.

[stavros]

May business pero walang permit?

[raycon_24]

May business pero walang permit?

lending business = 5/6 ata kaya walang bus. permit

[marjako27]

lending business = 5/6 ata kaya walang bus. permit

yes sir its a lending business, getting a proper permits to this kind of business is a little difficult, it has to be SEC and not DTI, nag umpisa kase ako, maliit lng at andito ako sa abroad. pero hindi naman po 5/6, lower interest lng.

[jhnkvn]

Well, difficult but not impossible.

In any case, this differs from bank to bank. So I suggest simply applying (bakit ka pa nahiya eh ikaw naman customer nila) and see if you and the bank can work the details out. After all, most of them simply asks for your income statement rather than your company's financial status. And if they ask, ede simply tell them the truth. There's a lot of businesses out there that isn't exactly registered with the DTI and the SEC you know.

[marjako27]

Well, difficult but not impossible.

In any case, this differs from bank to bank. So I suggest simply applying (bakit ka pa nahiya eh ikaw naman customer nila) and see if you and the bank can work the details out. After all, most of them simply asks for your income statement rather than your company's financial status. And if they ask, ede simply tell them the truth. There's a lot of businesses out there that isn't exactly registered with the DTI and the SEC you know.

yes i will do that, thanks

[revans]

Medyo ingat lang...it happened to me na nagka-problema sa requirements sa bank, nag walk in ako sa isang bank, i told them na kulang ako ng requirements (audited FS). I was told its ok they can work things out, ok na daw yung existing papaers na mayroon ako. In 2 weeks time my car loan is approved and i got my brand new car last month.... ito na ngayon, they keep on calling and e-mailing me at na pe-pressure na ako dahil kulang daw requirements ko at naiipit daw sila kasi di daw nila mabayaran ang car dealer. Feeling ko pina dive nila ako sa isang swimming pool na 5 inches lang ang lalim ng tubig.

[dr. d]

Medyo ingat lang...it happened to me na nagka-problema sa requirements sa bank, nag walk in ako sa isang bank, i told them na kulang ako ng requirements (audited FS). I was told its ok they can work things out, ok na daw yung existing papaers na mayroon ako. In 2 weeks time my car loan is approved and i got my brand new car last month.... ito na ngayon, they keep on calling and e-mailing me at na pe-pressure na ako dahil kulang daw requirements ko at naiipit daw sila kasi di daw nila mabayaran ang car dealer. Feeling ko pina dive nila ako sa isang swimming pool na 5 inches lang ang lalim ng tubig.

how much do you stand to lose, if you just leave the car in front of their doorstep (that is, return the car) ?

[marjako27]

Medyo ingat lang...it happened to me na nagka-problema sa requirements sa bank, nag walk in ako sa isang bank, i told them na kulang ako ng requirements (audited FS). I was told its ok they can work things out, ok na daw yung existing papaers na mayroon ako. In 2 weeks time my car loan is approved and i got my brand new car last month.... ito na ngayon, they keep on calling and e-mailing me at na pe-pressure na ako dahil kulang daw requirements ko at naiipit daw sila kasi di daw nila mabayaran ang car dealer. Feeling ko pina dive nila ako sa isang swimming pool na 5 inches lang ang lalim ng tubig.

thanks Revans, iwill keep that in mind, meron palang ganyang' scenario, kelangan ma discuss maige on both bank and dealers na cguro, tama ba.?

[kinyo]

baka pwedeng 2nd hand car muna bilhin para cash basis? madami rin naman used cars na reliable pa rin

[marjako27]

Parang ang hirap kase ng secondhand sir, lalo sa gaya ko wala masyadong alam sa oto. And cash for me is definitely not an option

[makwin]

I think this would be both difficult and improbable, either you take it out through bank financing or in-house. Although the loan is secured by chattel mortgage and postdated checks (equivalent to the number of months of your loan), both institution will still look into your (and your co-maker’s) subsequent paying capacity and credit standing, this is called credit underwriting procedure/s. You will be subjected through stringent credit investigation, and will be required to present copious documents e.g. proof of income, billing, bank statement, etc… If a second hand car/cash basis is not an option at this point in time, I don’t know what is. Then again, as somebody who is connected with a financial establishment, this is just my supposition.

[dr. d]

the bank initially accepted his (revans) proposal, albeit with (allegedly) "incomplete" documentation. the client did not hide anything nor pretend to be anything else..
the car is already with him and he is currently using it.
so what can he probably be facing? can he sue the bank for reneging on the contract?
my suspicion is, someone thought the big boss will approve it, because the client seemed "safe". but the boss did not approve it, and the "middle guy" is now caught in between...

just curious.. what was the bank looking for, to make revans'es documentation "complete"?

[jhnkvn]

the bank initially accepted his (revans) proposal, albeit with (allegedly) "incomplete" documentation. the client did not hide anything nor pretend to be anything else..
the car is already with him and he is currently using it.
so what can he probably be facing? can he sue the bank for reneging on the contract?
my suspicion is, someone thought the big boss will approve it, because the client seemed "safe". but the boss did not approve it, and the "middle guy" is now caught in between...

just curious.. what was the bank looking for, to make revans'es documentation "complete"?

Exactly my thoughts. Revans isn't liable naman, after all, he followed proper protocols in having his car loan approved and the person in-charge then, approved it. Sa ganyan, yun tama is you. In fact, you don't even need to return the car as your loan was APPROVED then and there. Thanks to lower interest rates, a lot of banks are now in stiff competition for consumer loans. If they approved it while you told them your situation in good faith, that's their problem not yours.

Don't be a pushover, raise the issue with a lawyer if you have to. You do have a contract after all.

[marjako27]

I think this would be both difficult and improbable, either you take it out through bank financing or in-house. Although the loan is secured by chattel mortgage and postdated checks (equivalent to the number of months of your loan), both institution will still look into your (and your co-maker’s) subsequent paying capacity and credit standing, this is called credit underwriting procedure/s. You will be subjected through stringent credit investigation, and will be required to present copious documents e.g. proof of income, billing, bank statement, etc… If a second hand car/cash basis is not an option at this point in time, I don’t know what is. Then again, as somebody who is connected with a financial establishment, this is just my supposition.

Thanks for the enlightenment Sir Makwin, unless they are willing to intervew some/all of my clients, i think theres no way for me to prove my financial capacity, as for the cash basis, if i have that amount liquid, i will put it somewhere profitable, the interest itself can cover morethan enough for MA. if i can't get that loan maybe someone can, hanap na lng cguro ng tao na makakatulong, someone who has good credit history, again thanks po..

[revans]

Ang hinahanap nila ngayon AUDITED FS which i told them clearly na wala ako... i submitted a copy of my BANK STATEMENT, ITR, BIR registration, my wife ITR, DTI as co-maker upon application for a car loan. And told me na ok na yun, after a couple of days they called me up, kasi nag haggle pa ako ng interest na babaan because i showed them the interest rate of the other bank and they did, they told me approve na yung 20% add-on interest and after a week pinag down na ako....

[marjako27]

Pki elaborate nga po, anu ba yan audited fs na hinihingi nila?

[revans]

Pki elaborate nga po, anu ba yan audited fs na hinihingi nila?

Financial statement that is duly recieved by BIR... ang mayrun ako ang in-house fs, naginawa ng accountant na walang recieved ng BIR.

[marjako27]

Financial statement that is duly recieved by BIR... ang mayrun ako ang in-house fs, naginawa ng accountant na walang recieved ng BIR.

Sad naman, dameng hinahanap ng mga banks, kala ko yun usual ITR + DTI Permit lang which also i dont have. Goodluck sa kaso mo, dont worry to much approve na yan, im sure mahahanapan yan ng sollution.

[robot.sonic]

Kaya matatag banking system natin dahil strict sila.