Will I get approved on a car loan?

**falken** · January 11th, 2020 05:51 PM

Originally Posted by vinrem

Errr what about OFW's, do we have to pay income tax? The reason I'm asking this is kasi a few years ago, I want to file itr kasi un nga sometimes I need to apply for a loan, yun nga lang, one accountant I asked said no need kasi I'm not working in the Philippines and I'm paying taxes na to the country I'm working, so ano ba talaga?

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Are OFWs required to pay Income Tax in the Philippines? - PinoyMoneyTalk.com

Ofws only have to pay taxes on income earned in the Phil.

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**17Sphynx17** · January 11th, 2020 05:59 PM

Originally Posted by vinrem

Errr what about OFW's, do we have to pay income tax? The reason I'm asking this is kasi a few years ago, I want to file itr kasi un nga sometimes I need to apply for a loan, yun nga lang, one accountant I asked said no need kasi I'm not working in the Philippines and I'm paying taxes na to the country I'm working, so ano ba talaga?

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your employer in that country is the one normally responsible for debiting for your taxes and paying on your behalf at the country you are working in. So, as posted by falken, no need since your income is not from work within the philippines.

So you can use that ITR filing in X or Y Country to show proof of income still when you get here and you also have a Certificate of Employment should you only be here for vacation or to complete your purchase. You can also easily obtain proof of payslip/income from your employer should that be the case that a bank would require you of said document, a non-issue if required/requested.

As for the issue if your employer doesn't pay your income taxes in that country, that is another matter altogether.

**vinrem** · January 11th, 2020 06:00 PM

Originally Posted by falken

Are OFWs required to pay Income Tax in the Philippines? - PinoyMoneyTalk.com

Ofws only have to pay taxes on income earned in the Phil.

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Thanks sir, so tama naman pala yung sinabi ng accountant, but I need to file ITR na rin, nag put up kasi kami ng company ng mga barkada ko.

BTT: as I recall dati when I was trying to get loan for my carens, sabi dati ng friend ko taga bank that's its easier to get car loan compare to housing loan or personal loan, kasi daw it's easier for them to reclaim the car whenever the borrower defaults from paying, kaya kahit na dati I don't have itr, na approve agad loan ko.

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**17Sphynx17** · January 11th, 2020 06:06 PM

Originally Posted by vinrem

Thanks sir, so tama naman pala yung sinabi ng accountant, but I need to file ITR na rin, nag put up kasi kami ng company ng mga barkada ko.

BTT: as I recall dati when I was trying to get loan for my carens, sabi dati ng friend ko taga bank that's its easier to get car loan compare to housing loan or personal loan, kasi daw it's easier for them to reclaim the car whenever the borrower defaults from paying, kaya kahit na dati I don't have itr, na approve agad loan ko.

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Well, I think dahil malaki placement mo sa bank, enough to at least cover your loan via investments, savings, mutual funds etc... and/or mataas ranking mo sa KYC (know your client) kaya less questions asked since matagal ka na or yung family mo with the bank where you applied for the loan so the branch is more than able to vouch for you na good credit standing ka with them

**glenn_duke** · January 11th, 2020 06:08 PM

Originally Posted by vinrem

Errr what about OFW's, do we have to pay income tax? The reason I'm asking this is kasi a few years ago, I want to file itr kasi un nga sometimes I need to apply for a loan, yun nga lang, one accountant I asked said no need kasi I'm not working in the Philippines and I'm paying taxes na to the country I'm working, so ano ba talaga?

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If you are an OFW you are exempted from paying Phill income tax. If you need to apply for a bank loan just submit your active work contract and latest employment certificate and the bank statement of your remittance benificiary. Usualy the loan will be under the name of your benificiary.

**misseksaherada** · January 11th, 2020 11:15 PM

Originally Posted by shadow

Hinde rin. Hinde masama umutsng sa banko, as long as kaya mong magbayad kahit kaya mo i-cash kung yun interest eh mababawi naman ng income mo. It's actually to your advantage.

Loan is a financial tool as long as you're responsible and knows how to manage if.

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Hahahahahaha yes Sir Shadow (natawa ako nag flashback sakin yung topic ng cc vs. cash).. baka preference na lang din po.. Di lang talaga ako kumportable na may utang ako.. kaya wala ako cc nga.. pero ironic may mga loans ako.. pasalamat na lang kahit hamak na empleyado lang ako namamanage ko naman finances ko..

Pero totoo naman po specially sa US talagang malaki nagagawa ng credit standing dun.. Pero dun pa din ako na kapag may pang cash.. cash ko na lang hehehe [emoji3577][emoji3577][emoji3577]

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**misseksaherada** · January 11th, 2020 11:24 PM

Naging tax na nauwi topic.. Pero I agree hindi excuse ang di pagbayad ng tax.. responsibility yun as responsible adult..

sa mga may properties discounted kapag December magbayad ng property tax.. kaya why wait for deadline.. Not sure sa iba pang taxes wala akong business. Pero baka may discount din.. [emoji4]

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**17Sphynx17** · January 12th, 2020 08:40 AM

Originally Posted by misseksaherada

Naging tax na nauwi topic.. Pero I agree hindi excuse ang di pagbayad ng tax.. responsibility yun as responsible adult..

sa mga may properties discounted kapag December magbayad ng property tax.. kaya why wait for deadline.. Not sure sa iba pang taxes wala akong business. Pero baka may discount din.. [emoji4]

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Walang 'early bird' discount pag dating sa business permit fees payment/renewal. Jan 20 ang deadline for payment, quarterly or annual payment.

Yung sa real property, as long by march alam ko most munipalities counted as early payment and may discount. But yung flip side of the coin naman is may mga ibang provinces after 'X' number of years mag offer ng amnesty basta magbayad lang ng real property tax, no penalty. Pero madalang na din ngayon kahit provincial. Hehe.

Anyway, sa car loan, important step talaga ang know your client kasi requirement na talaga sa banks yun, hinihingi din TIN mo either for account opening or loan application.

Pag walang kang income, panu maexplain ng TIN number ng taong hindi nagbabayad ng tax kung san galing ang pera pambayad sa loan?

Gifts galing sa kaibigan, kamaganak o kapamilya? Technically may tax din yun kung idadaan ka sa technical or legal pag inexamine ka.

Kung talaga naman wala kang capacity to pay, dun ang kelangan maganda ang paperwork ng guarantor mo or co-maker mo sa loan para lang malagay sa pangalan ng principal ang registration. Pero malaki responsibilidad ng co maker dahil sabit siya sa loan kung hindi nagbayad principal.

**misseksaherada** · January 15th, 2020 09:52 AM

Originally Posted by 17Sphynx17

Walang 'early bird' discount pag dating sa business permit fees payment/renewal. Jan 20 ang deadline for payment, quarterly or annual payment.

Yung sa real property, as long by march alam ko most munipalities counted as early payment and may discount. But yung flip side of the coin naman is may mga ibang provinces after 'X' number of years mag offer ng amnesty basta magbayad lang ng real property tax, no penalty. Pero madalang na din ngayon kahit provincial. Hehe.

Thank you Sir Sphynx sa info.. Dami ko natutunan. [emoji4][emoji108][emoji106]

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**emman13** · January 17th, 2020 11:21 AM

Originally Posted by E26M

Hi Masters,

I just want to ask kung qualified po ako for car loan. Net income ko po is around 60k. Kaya lang po kc may 2 cancelled credit cards ako previously. Sabi sakin auto approved daw po yung 20% dp? I havent saved as much yet kc 8 months palang ako sa work cash flow lang po ba titignan nila or yung mismong pang DP ko lang? I badly need a car kc sobrang layo ng work ko, Antipolo- Makati. I was given a good rate for an all in promo. ok lang po ba na payroll bank lang i present ko? payslips and ITR? po pwede po ba auto debit nalang sa payroll kung sakali? 3rd less than 1 year plang ako dun sa new house namin will it affect my application? TIA

in case po ba ma approve may babayaran pa ako outside the " all in promo" ?

thanks

Normally nmn yung agent mo mad access ng documents mo tpos kung qualify ka ipapasok ka nya sa different bangko