lowest auto loan rate

[reine2008]

Question po:

Nag apply po yung brother ko direct sa bank para mag car loan unit is Montero GLS. He was asked to submit the following:
Passbook, DTI, 2 Valid ID's and credit card statement. meron naman silang parking na kasya ang 2 sasakyan. Wala syang utang sa bank (he's paying his credit card in full), he owns the house, he has capacity to pay.

Pero na declied pa din. Ano po ba ang chance para ma approved?

Thanks po sa suggestion.


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[dr. d]

Question po:

Nag apply po yung brother ko direct sa bank para mag car loan unit is Montero GLS. He was asked to submit the following:
Passbook, DTI, 2 Valid ID's and credit card statement. meron naman silang parking na kasya ang 2 sasakyan. Wala syang utang sa bank (he's paying his credit card in full), he owns the house, he has capacity to pay.

Pero na declied pa din. Ano po ba ang chance para ma approved?

Thanks po sa suggestion.


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if we really want to know, we should ask the bank the basis for initial dis-approval.
offhand... i'd guess, his income ain't big enough. it is a montero, not a wigo... these guys have computations and formulas, on what makes a potentially good customer, and otherwise.

[reine2008]

Nilagay po nya sa net is 120k monthly.

Mabuti pa yung isang kakilala nya na peke ang docs na binigay pero na approved, pag legal na declined. Kaya nagtataka po sya anong basis. Kasi nag tanong sya sa kakilala nyang branch head kung saan sya nag apply ang sabi daw unfavorable field checking.


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[Juan Martinez]

Nilagay po nya sa net is 120k monthly.

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ano ba ang trabaho o negosyo nya, and how old is he?

in government, Php120,000 per month is equivalent to salary grade 31 (with a basic salary of Php117,086). that's the salary grade of the associate justice of the supreme court, or department secretary of the executive branch.

if i were the loan officer, and your brother is only in his 30s and he earns that much, i would also disapprove his application.

[dr. d]

another scenario that comes to my mind.
he may be earning big bucks. but if his savings account has only 1000 bucks, that speaks to me of his non-ability to "live within reason".
would you know how much he has managed to save in his bank account? and how much in credit card bills he racks up in a month?
is his employ permanent, or is it possible that the business can just fold up next month, leaving the employees high and dry?
i mean, i can think of reasons why this guy is a bad credit risk for a car.
bottomline, we have to ask the bank, why they denied him.

[reine2008]

He's a broker in a private company and at the same time may transpo business sya pero 3 yrs pa lang. Pero hindi na daw nya nilagay na currently employed sya kasi hassle pa daw mang request ng employment cert at wala naman daw silang payslip. yung sa credit card naman he pays the full amount daw kung magkano man ang nagastos nya kasi ginagamit lang nya para maka earn ng points.

Yung bank acc nya more than 500k ang savings kasi kelangan nya i sustain as savings dahil ginagamit nya pag nag a apply sya ng visa as proof.

Nasa early 40's na yung brother ko. Yung una nyang car loan fully paid na at never naman sya naka missed kahit isang amort dahil palaging 3 to 6 mos ang pondo nya. Kaya sabi nya kung kelan may kakilala syang manager sa isang bank tska pa sya na declined....

Totoo po ba yung sinasabi daw ng mga agents na lalaki ang tax ng mga sasakyan?


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[dr. d]

i wonder, what information he gave the bank.

[dr. d]

some time back, i thought car loan guidelines were so relaxed, many buyers took advantage of them. soon, bank bodegas were full of remated cars.
perhaps loan guidelines have since been upgraded. yung puede noon ay hindi na makakalusot ngayon?

[reine2008]

Nung nag CI dw typical question lang yung tinanong. Nagtataka nga din po ako paano sya na declined hehheh nasaan ang hustisya. Biniro ko pa kasi hindi nya pinag meryenda.... dati kasi ako nung nag autoloan nag bigay ako pa kunswelo sa nag CI... ayun 3 banko ang nag approved.

Sayang ang baba pa naman ng rate na binigay sa kanya less than 25% for 5 yrs at 20% DP.

Sabi ko 1 bank lang naman ang nag decline sa kanya kaya try naman nya sa ibang bank.

Thanks mga ka tsikot sa info.


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[kamotekid1968]

so far, from what i gathered, these banks give the lowest interest rate as of 2017 - metrobank, bpi and BDO. care to share your thoughts on these banks? can the chattel mortgage be waived if possible and how? thanks!