Will I get approved on a car loan?

[vinrem]

Diba nagbibigay sila ng clearance?


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Di ko alam din.

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[dr. d]

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

combined siguro with another person yung salary niya, kaya na-approve.
twogether, kaya na.
kung 22K lang ang total income, that would be a huge gamble by the bank.

[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.

[jut703]

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.

If you earn 80k per month for the past 3 years and saved 50%, then you could have bought a decent brand new car already in cash with the 1.4M that you would've saved.

Don't wait for the banks to give you loans. Better to be liquid and get good deals on secondhand cars or go brand new if you don't have the patience or know-how to filter through used car options.

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[glenn_duke]

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.

Baka hindi ka nagbayad ng tamang tax.
Kaya di reflective sa ITR mo yung 80k/mo income.

[stealthfighter]

If you earn 80k per month for the past 3 years and saved 50%, then you could have bought a decent brand new car already in cash with the 1.4M that you would've saved.

Don't wait for the banks to give you loans. Better to be liquid and get good deals on secondhand cars or go brand new if you don't have the patience or know-how to filter through used car options.

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Yun na nga ang plano ko. Baka pag-ipunan ko na lang within the next 18-24 months. The price of the car is around 940K brand new. Much of my savings kasi has been injected into my mutual fund and various investments, which is why I only have 300K worth of savings account. Nonetheless, I have managed to consistently generate monthly savings between 30K-40K since late 2018. I think most banks still consider freelancers as high-risk debtors similar to BPO employees. Even if I have a million pesos in my bank account, I still probably won't get approved.

[stealthfighter]

Baka hindi ka nagbayad ng tamang tax.
Kaya di reflective sa ITR mo yung 80k/mo income.

That's also one of my concerns since being a freelancer means my monthly income tends to vary occasionally, hence I have not been able to pay taxes due to the complexity my cash flow. I also can't find a decent co-maker since most of my friends and relatives also have existing car loans. I guess there's just no other way for me but to save enough money for a full cash payment.

[misseksaherada]

Yun na nga ang plano ko. Baka pag-ipunan ko na lang within the next 18-24 months. The price of the car is around 940K brand new. Much of my savings kasi has been injected into my mutual fund and various investments, which is why I only have 300K worth of savings account. Nonetheless, I have managed to consistently generate monthly savings between 30K-40K since late 2018. I think most banks still consider freelancers as high-risk debtors similar to BPO employees. Even if I have a million pesos in my bank account, I still probably won't get approved.

much better to have it in cash.. kung meron lang din akong pang cash ganun na lang gagawin ko.. mas masarap pa din na walang utang.. [emoji4]

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[shadow]

much better to have it in cash.. kung meron lang din akong pang cash ganun na lang gagawin ko.. mas masarap pa din na walang utang.. [emoji4]

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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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[sirkosero]

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.

Ipunin mo na lang ang suppossedly monthly amortization mo. Then buy the car brand new in cash

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[dr. d]

That's also one of my concerns since being a freelancer means my monthly income tends to vary occasionally, hence I have not been able to pay taxes due to the complexity my cash flow. I also can't find a decent co-maker since most of my friends and relatives also have existing car loans. I guess there's just no other way for me but to save enough money for a full cash payment.

a gauge of ability to pay that banks use, would be the income tax return and the employee's contract. if the potential borrower has neither, well... put yourslf in their shoes..
a brand new minicar costs less than 700K nowadays. a good, slightly used one, 400K. with your income, "it shouldn't be a problem", if you really willed yourself..

[17Sphynx17]

That's also one of my concerns since being a freelancer means my monthly income tends to vary occasionally, hence I have not been able to pay taxes due to the complexity my cash flow. I also can't find a decent co-maker since most of my friends and relatives also have existing car loans. I guess there's just no other way for me but to save enough money for a full cash payment.

If multiple sources of income, you really have to hire an accountant.

I am also self employed but have never had an issue with my bank(s). Just have to have the right paperwork as they wont really rely on 'pay slips' for self employed.

It's the 'downside' of being self employed with lots of upside when it comes to your own time and just how you manage it.

Just cant be helped in this regard.

Edit:
For me, not having declared income just because you don't know how to file your itr is just an excuse.

You could have easily hired an accountant or taken the bir seminars to educate yourself. Hence, your lack of paperwork is caused by your own negligence/deliberate action not to pay the itr and monthly tax filings.

[stealthfighter]

If multiple sources of income, you really have to hire an accountant.

I am also self employed but have never had an issue with my bank(s). Just have to have the right paperwork as they wont really rely on 'pay slips' for self employed.

It's the 'downside' of being self employed with lots of upside when it comes to your own time and just how you manage it.

Just cant be helped in this regard.

Edit:
For me, not having declared income just because you don't know how to file your itr is just an excuse.

You could have easily hired an accountant or taken the bir seminars to educate yourself. Hence, your lack of paperwork is caused by your own negligence/deliberate action not to pay the itr and monthly tax filings.

I've actually talked to several accountant friends of mine regarding that matter two years ago, and ironically they were the ones who actually discouraged me from filing taxes since my income is purely output-based.

I've also asked the same thing to car sales consultants and they all said it's not really an issue in car purchase for self-employed professionals. The fact that my job title and certificate of employment states that I'm a freelancer is actually the biggest hurdle according to the banks.

[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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[sirkosero]

I've actually talked to several accountant friends of mine regarding that matter two years ago, and ironically they were the ones who actually discouraged me from filing taxes since my income is purely output-based.

I've also asked the same thing to car sales consultants and they all said it's not really an issue in car purchase for self-employed professionals. The fact that my job title and certificate of employment states that I'm a freelancer is actually the biggest hurdle according to the banks.

Then go ahead change your job title to a CEO, of it matters that much.

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[dr. d]

I've actually talked to several accountant friends of mine regarding that matter two years ago, and ironically they were the ones who actually discouraged me from filing taxes since my income is purely output-based.
.

please!!!
pilipino ba mga yan?

[17Sphynx17]

I've actually talked to several accountant friends of mine regarding that matter two years ago, and ironically they were the ones who actually discouraged me from filing taxes since my income is purely output-based.

I've also asked the same thing to car sales consultants and they all said it's not really an issue in car purchase for self-employed professionals. The fact that my job title and certificate of employment states that I'm a freelancer is actually the biggest hurdle according to the banks.

I find that discouraging (your friends). My income also varies wildly and it actually tanked when I got sick back in 2017 and it took me until 2019 to at least get some "normalcy" to get it back up to previous.

Be that as it may, that's why I said attend a BIR seminar to educate yourself as well on what you may need to do to file taxes.

I pay 2551M, 2551Q, and ITR. My ITR though is prepared by an accountant, the others I self file as I hate dealing with accountants who file it late then ask me to pay the penalty. It has happened a lot of times in the beginning that's why I took it off their hands. I send them my documentations February so that they have more than 1 month to complete it so I can pay end of march or early april before the deadline.

It is part of your responsibility. And if you are "found" to have not paid taxes, you can't blame your accountant friends now, can you?

I have other friends who are self employed but they all file their taxes on their own or with the help of an accountant if it is "too complex" (meaning multiple sources).

Still not an excuse for me.

But, that is your decision and your risk as well.

But that also means your TIN number has 0 payments for at least 3 years?

[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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