Help! ?Sa tingin nyo, what are the chances that I get approved for a car loan?

[pm_me_your_dog]

Hi, I am not sure if allowed ba dito mga ganitong post. But i'll try..

Nag-apply ako ng car loan sa PSBank last tuesday (Sep 5) and I have not heard any update since tuesday night after the
credit officer called me to verify some info. What do you think, may chance ba ako or denied na siguro?

To give you more insight, here is some background about me that I also mentioned to the credit officer:
27, living in the province, single and no dependent and living with my parents who are still both working.
I am still new to my current company (9 months) and I have a business under my name which is operating for
3 yrs and 6 months already.
I dont have ITR pa sa current job ko kasi dec 2016 ako nagstart kaya ang pinasa ko ay CoE with compensation at yung ITR ng business ko.
First time to apply loan. No credit history whatsoever.

Income:
My current job: 35k gross
Business: 20-30k average but more than that depending on the months.

Gusto ko lang din i-mention na may ginawang something weird yung agent ng bank na inaplayan ko. When I asked where to fill
out yung sa co-maker ko, he said na di na daw kelangan. Di nya rin pina fill out yung reference part at yung part na kung saan ililista mo mga bank accounts mo.

Nagtaka ako bakit kaya di nya pinafill out. Baka ba dahil sa pag assess nya pa lang, alam na nya na di rin naman ako ma-aapprove so di nya nalang pina fill out para wala ng hassle? Or baka na-assess nya na enough naman yung income ko at di na kelangan ng comaker?

Nakakakaba at nakakapagod maghintay sa bagay na sa huli ay di mo naman pala makukuha.

[dr. d]

so, you are a total stranger to the world of credit. BIR does not know you. you don't exist. you have no credit record. they have no idea of just how good or bad you are, at handling money. your potential creditor has no idea where you will get the first couple of months' payments. you have no references. and you have no guarantor.
if you were seated at the other side of the table, would you approve your own loan?
heh heh.

but... miracles happen.
good luck.

but if you are a professional...

[pm_me_your_dog]

so, you are a total stranger to the world of credit. BIR does not know you. you don't exist. you have no credit record. they have no idea of just how good or bad you are, at handling money. your potential creditor has no idea where you will get the first couple of months' payments. you have no references. and you have no guarantor.
if you were seated at the other side of the table, would you approve your own loan?
heh heh.

but... miracles happen.
good luck.

but if you are a professional...

For the record, di ko naman choice na hindi maglagay ng guarantor/comaker at references. The agent told me na di na daw kelangan and I just trusted him that he knows what he is doing. Well I guess lesson learned na lang sakin to.

[dr. d]

there was a thread here about loans.
the TS was initially approved, and the car was released to him. a short while afterward, the loan was dis-approved.
but as of last thread, he was allowed to keep the car, and he has been faithfully paying the monthlies, from what i understand.
my suspicious mind is now running on overdrive... is your loan officer attempting something like this?

the built-in safety feature of many loans, is that the car may be repossessed if loanee fails to pay one to several monthlies.

[iskramble]

Hello po. I have a similar problem sa bank approval. Newbie po ako sa thread and first time po mag aaply ng Bank loan. Nag apply na po ako sa mga malalaking bank like BDO,BPI at metrobank. after 2 weeks nagsend na ng message na denied ung application ko sa BPi at Metrobank. siguro mababa masyado ung salary ko for the Loan. 752K kasi ung loan amount for 5 years sana ung loan, then less than 30K lang po monthly salary ko. pero co- maker ko ung brother ko which is nasa 85K+ yung monthly salary. plano kasi sana naman isplit ung bill per month based sa computation around 15-16k ung monthly nung sasakyan for 5 years. medyo alanganin nga sa sahod ko ung monthly. so ang plano sana is 10k ang babayaran ko per month tapos 6k sa brother ko. kaso sa loan application di naman nila cinoconsider ung salaray ng co-maker. parang basis lang yata nila sa pag approve ung salary ng Primary loan. malabo naba ako makapag apply ng loan? or may mga bank na medyo lenient sa pag approve ng loan or mga agent na makakatulong para makalusot sa loan approval sa bank. TIA

[StockEngine]

your salary is too low. im sure youre paying for other expenses so maliit na lng natitira..

your brother should be the applicant..

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[iskramble]

your salary is too low. im sure youre paying for other expenses so maliit na lng natitira..

your brother should be the applicant..

Sent from my SM-G935F using Tsikot Forums mobile app

Di na pwede ipangalan sa kanya yung loan kasi may existing pa siyang car loan. (1 year left to pay) and ayaw nya ipangalan sa kanya kasi may plano siyang bumili ng house/lot so baka di siya ma approve sa house loan if may mga additional loan pa siya. may mga extra income naman ako na pwede makasalo sa mga expenses ko. kaya tingin ko kaya naman ung 10k a month.

I heard sa iba na may mga cases na 25k lang salary pero na approve ung loan nila. depende ba un sa agent or may kakilala sila sa loob ng bank?

[StockEngine]

are you opting for a low down scheme?

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[dr. d]

Hello po. I have a similar problem sa bank approval. Newbie po ako sa thread and first time po mag aaply ng Bank loan. Nag apply na po ako sa mga malalaking bank like BDO,BPI at metrobank. after 2 weeks nagsend na ng message na denied ung application ko sa BPi at Metrobank. siguro mababa masyado ung salary ko for the Loan. 752K kasi ung loan amount for 5 years sana ung loan, then less than 30K lang po monthly salary ko. pero co- maker ko ung brother ko which is nasa 85K+ yung monthly salary. plano kasi sana naman isplit ung bill per month based sa computation around 15-16k ung monthly nung sasakyan for 5 years. medyo alanganin nga sa sahod ko ung monthly. so ang plano sana is 10k ang babayaran ko per month tapos 6k sa brother ko. kaso sa loan application di naman nila cinoconsider ung salaray ng co-maker. parang basis lang yata nila sa pag approve ung salary ng Primary loan. malabo naba ako makapag apply ng loan? or may mga bank na medyo lenient sa pag approve ng loan or mga agent na makakatulong para makalusot sa loan approval sa bank. TIA

they can't base the loan on your brother-the-co-maker.
they'll have to wring every last centavo from you first, before they can go after your brother.
and that takes time and effort, which they do not want to do, as it's tedious.

if i may,
go for a used car, po.
with some common sense and a little luck, it's usually non-fatal.

[iskramble]

are you opting for a low down scheme?

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20% downpayment po. tapos 5 years to pay.

[StockEngine]

with your 30k salary and

supposed monthly payments of 16k. thats just too high. even i will not approved your loan application.

ask the bank if they will approve 9-10k monthly payments.. youll have to cough up a higher downpayment though



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[iskramble]

with your 30k salary and

supposed monthly payments of 16k. thats just too high. even i will not approved your loan application.

ask the bank if they will approve 9-10k monthly payments.. youll have to cough up a higher downpayment though



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ok will try po. Thank you po!

[Yatta]

Hello po. I have a similar problem sa bank approval. Newbie po ako sa thread and first time po mag aaply ng Bank loan. Nag apply na po ako sa mga malalaking bank like BDO,BPI at metrobank. after 2 weeks nagsend na ng message na denied ung application ko sa BPi at Metrobank. siguro mababa masyado ung salary ko for the Loan. 752K kasi ung loan amount for 5 years sana ung loan, then less than 30K lang po monthly salary ko. pero co- maker ko ung brother ko which is nasa 85K+ yung monthly salary. plano kasi sana naman isplit ung bill per month based sa computation around 15-16k ung monthly nung sasakyan for 5 years. medyo alanganin nga sa sahod ko ung monthly. so ang plano sana is 10k ang babayaran ko per month tapos 6k sa brother ko. kaso sa loan application di naman nila cinoconsider ung salaray ng co-maker. parang basis lang yata nila sa pag approve ung salary ng Primary loan. malabo naba ako makapag apply ng loan? or may mga bank na medyo lenient sa pag approve ng loan or mga agent na makakatulong para makalusot sa loan approval sa bank. TIA

Ang minimum salary to be even considered for a car loan is P40k (combined na yun with your partner). Nakalagay yan sa BPI loan calculator sa TGPh website.

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[iskramble]

Ang minimum salary to be even considered for a car loan is P40k (combined na yun with your partner). Nakalagay yan sa BPI loan calculator sa TGPh website.

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So malabo na pala talaga na ma approve ako sa car loan
sayang naman..

[glenn_duke]

So malabo na pala talaga na ma approve ako sa car loan
sayang naman..

May 20% na pang DP kana, i-banko mo muna, tapos ipon muna ulit, paabutin mo ng 1M.
After umabot na ng 1M yung savings mo pang DP, tanungin mo sarili mo kung kailangan moba talaga ng bagong kotse.

Kung naghahanap ka ng SA na gumagawa ng milagro, meron nyan, pero isipin monalang, marginal yung net mo, just enough to pay for the monthly amortization, inisip monaba kung saan ka kukuha ng pang gas mo? pang PMS mo? pambayad ng insurance on the second year? And the moment na magka gasgas na yang bago mong ride, yung excitement mo sa bago mong ride mawawala nayan. This is assuming na personal use yung sasakyan mo.

[StockEngine]

May 20% na pang DP kana, i-banko mo muna, tapos ipon muna ulit, paabutin mo ng 1M.
After umabot na ng 1M yung savings mo pang DP, tanungin mo sarili mo kung kailangan moba talaga ng bagong kotse.

Kung naghahanap ka ng SA na gumagawa ng milagro, meron nyan, pero isipin monalang, marginal yung net mo, just enough to pay for the monthyly amortization, inisip monaba kung saan ka kukuha ng pag gas mo? pang PMS mo? pangbayad ng insurance on the second year? And the moment na magka gasgas na yang bago mong ride, yung excitement mo sa bago mong ride mawawala nayan.

bro minsan mahirap mag grocery kung naka public transport.. kahit uber. lalo na dalawang shopping cart na punong puno hehehe

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[MR_BIG18]

Di na pwede ipangalan sa kanya yung loan kasi may existing pa siyang car loan. (1 year left to pay) and ayaw nya ipangalan sa kanya kasi may plano siyang bumili ng house/lot so baka di siya ma approve sa house loan if may mga additional loan pa siya. may mga extra income naman ako na pwede makasalo sa mga expenses ko. kaya tingin ko kaya naman ung 10k a month.

I heard sa iba na may mga cases na 25k lang salary pero na approve ung loan nila. depende ba un sa agent or may kakilala sila sa loob ng bank?

if you have a big enough amount thats deposited, the manager will make a way...

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[yebo]

and also dapat may nakatabi sa bank for emergencies. you know, like for bail and lawyer's fee. di mo alam baka may biglang mag-counterflow na motorcycle at bangain ka e di kakasuhan ka ng homicide thru reckless imprudence. kahit na nakahinto ang sasakyan mo at natutulog ka lang sa loob kasi aircon

[dr. d]

and also dapat may nakatabi sa bank for emergencies. you know, like for bail and lawyer's fee. di mo alam baka may biglang mag-counterflow na motorcycle at bangain ka e di kakasuhan ka ng homicide thru reckless imprudence. kahit na nakahinto ang sasakyan mo at natutulog ka lang sa loob kasi aircon

mahirap naman kasi i-habla yung other party na sumakabilangbuhay...