Will I get approved on a car loan?

[stealthfighter]

May officemate ako 3 months pa lang samin, tapos salary range sa job grade niya 19-22K basic, naapprove for a Wigo.

On the other hand, yung kapatid kong mas may pera sakin hindi maapprove kaya yung car niya ngayon ako ang nagloan. I think it has something to do with her credit history.

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Ako 2x na akong declined. Freelance kasi work ko kaya despite earning 80K per month for the past 3 years and having decent savings, ayaw magtiwala ng mga banks sa akin. Forever na lang yata ako lurker sa mga car groups.

[chronicle]

it was traced to "leniency of the loan companies".
i like to think, they haven't forgotten the lessons of the past.

Dami paring default cars. Same as before lang yan.

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[vinrem]

Speaking of default sa cc, kung sakali dati nag default ka, how many years would it be cleared or anong gagawin mo para ma clear name mo, let say if na settle mo naman

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[shadow]

Speaking of default sa cc, kung sakali dati nag default ka, how many years would it be cleared or anong gagawin mo para ma clear name mo, let say if na settle mo naman

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Diba nagbibigay sila ng clearance?


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[vinrem]

Diba nagbibigay sila ng clearance?


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Di ko alam din.

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[jut703]

Would be nice if I also had the option of not paying 1/3 of my income to the government. [emoji23]

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[shadow]

Meron naman amnesty ngayon eh.


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[17Sphynx17]

Meron naman amnesty ngayon eh.


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Yep, but he has to at least apply and file his papers to even be eligible right?

If he doesn't, even with amnesty, then that ship would have sailed already by the time they stop giving it.

[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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[falken]

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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[vinrem]

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]

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

[17Sphynx17]

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.

[glenn_duke]

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]

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]

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]

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]

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

[papi smith]

It's a businessman's perspective, if he can make more money than the interest of the cash to be paid upfront, then it makes sense. Pero kung swelduhan naman, depende sa priorities mo, then interest is viewed as a way to achieve your goals.

[Biermeister]

Hello po!

May query ako regarding car loans, and related din dun sa napost ko sa other thread about my flooded car.

Here's the situation:
My car got flooded and 2 weeks na sa casa pero walang clear na timeline pa rin kung kelan matatapos lahat. As of now ipapasa daw sa insurance, since papalitan daw yung electronic modules and harness. I'm assuming this will take months or worse, more than a year (wag naman sana [emoji24]).

Currently, I am not convinced na reliable pa yung car, since nakita ko firsthand yung nangyari when it was submerged sa tubig. Ok yung makina, pero baka may unseen damages sa loob ng car pati yung ilalim. Problema na naman, if ever. Plano ko ivoluntary surrender nalang yung car sa bank kahit nasa casa pa (6 months pa yung car, no delays sa payment).

Since need ko talaga ng car, naisipan kong mag car loan ulit, which nag agree naman yung agent ko na possible daw. Ok lang kaya yung plano ko? Magpapaapprove sana ako from another bank first, tapos if ok na, voluntary surrender ko na yung isa. Wala kaya akong probleme dito in the future? I know na papangit credit history ko, pero I have no plans sa any other loan in the future aside from car loan.

Thank you!


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