help regarding loan (i am the seller)

[majinbu]

sir, im selling my 2001 model car worth 700k. then there is this buyer who called me last tuesday telling me that he is interested with my car and that he would like to check the unit sa weekend, since he will be coming from pampanga pa. then he asked for my address lang para puntahan niya daw yung unit to check, then before we end our conversation bigla niya sinabi na he will pay me through financing? that approved na daw ng bank yung loan niya?

so my question is, how would i know na good money yung ibabayad niya sakin since sabi niya bank daw ang magbabayad sakin? how would i know na ndi ako maloloko? panu ba procedure pag babayaran niya ko ng through loan? db dapat pag nagapply sha loan sa bank bibigyan na sha ng cash ng banko nun ryt? so cash nadin ibabayad niya sakin? not check, bank certificate or whatsoever?

btw ndi ako buy and sell sir, personal car ko yung binebenta ko kaya hindi ako masyado familiar with the procedure. TIA

[ecozone]

sir, im selling my 2001 model car worth 700k. then there is this buyer who called me last tuesday telling me that he is interested with my car and that he would like to check the unit sa weekend, since he will be coming from pampanga pa. then he asked for my address lang para puntahan niya daw yung unit to check, then before we end our conversation bigla niya sinabi na he will pay me through financing? that approved na daw ng bank yung loan niya?

so my question is, how would i know na good money yung ibabayad niya sakin since sabi niya bank daw ang magbabayad sakin? how would i know na ndi ako maloloko? panu ba procedure pag babayaran niya ko ng through loan? db dapat pag nagapply sha loan sa bank bibigyan na sha ng cash ng banko nun ryt? so cash nadin ibabayad niya sakin? not check, bank certificate or whatsoever?

btw ndi ako buy and sell sir, personal car ko yung binebenta ko kaya hindi ako masyado familiar with the procedure. TIA

to be safe, ask him to pay you cash or manager's check. sa palagay ko wala naman bank na mag-fifinance ng second hand 2001 model.. so wag ka papayag na bank magbabayad sayo..

[Gecko Guy]

If he's paying you via financing then it means he made a loan to the financing institution or the bank.
He'll just give you the cash/check/bank PO of the complete amount and he'll have to pay the bank himself.
Do the transaction inside your bank so that you're bank can check right there and then if his money/bank PO.manager's check is good as cash. HTH

[oldboy]

that is exactly whats happening to me right now, but its the other way around.
i'am the buyer, ama bank already approved me for the loan, but needs a photocopy of the car's ORCR as a requirement to release the funds.
unfortunately, no one wants to give out a photocopy of the unit's ORCR.
its like i can do something with a PHOTOCOPIED DOCUMENT.
I got approved last nov 15th, and up until now i still dont have a car.

i am not trying to take the car, and the purchase will still be kaliwaan.

[kikoteng]

sir, im selling my 2001 model car worth 700k. then there is this buyer who called me last tuesday telling me that he is interested with my car and that he would like to check the unit sa weekend, since he will be coming from pampanga pa. then he asked for my address lang para puntahan niya daw yung unit to check, then before we end our conversation bigla niya sinabi na he will pay me through financing? that approved na daw ng bank yung loan niya?

so my question is, how would i know na good money yung ibabayad niya sakin since sabi niya bank daw ang magbabayad sakin? how would i know na ndi ako maloloko? panu ba procedure pag babayaran niya ko ng through loan? db dapat pag nagapply sha loan sa bank bibigyan na sha ng cash ng banko nun ryt? so cash nadin ibabayad niya sakin? not check, bank certificate or whatsoever?

Am personally not sure how to go about it. But one thing i would definitely do is ask which bank and branch, call up that bank and confirm their procedure.

It's also best you ask that bank how you can be assured that you will get your payment.

But if in doubt, walk away from the deal. A lot of money is involved. Lots of scammers out there. Besides, if you car is worth the 700k price, you'll get better quality of prospective buyers.

Assuming I'm the buyer. And that I'm a legitimate buyer. I would assume ahead the seller would have problems with me coming from out-of-town and also buying it thru a bank loan.

So, if you (the seller) should ask the question how you can be assured of payment, I'd already have answers ready on how you can independently verify the legitimacy of the transaction.

If the answers aren't detailed or doubtful, walk away.

[Mr. Babilonia]

I'm a loan assistant..regarding dyan..wala akong alm na proseso na ganyan.. pwede ikaw magsasadya sa bank pero hindi para ibenta kundi Isanla as Collateral... sa kanyang process ma22lungan kita..kc need lang nmn dyan is original ORCR.. pero first step kc dyan kailangan Phone Interview then tru fax or email pag pasa ng requirments either ITR or Payslip...then C i..then pag Approved Appraisal dun mo malalaman kung mga kanu pwede mung i loan sa kanila..kailangan mo lang pumunta sa bank pag sure na Approved kana at alm mo na ung loanable amount... yun lang..