Will I get approved on a car loan?

[AlexiSharma3113]

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

ipon ka para mabayaran mo hahaha

[Xotigu]

Mas lenient ang approval sa car loan kesa credit card application.

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Ako baliktad, mas madali ako ma approve sa CC, in fact 2-3days lang usually for delivery na yung card (tapos malalaki pa credit limit). While sa car loan 5 banks denied me, only 1 approved - BPI(kasi may savings ako dito). Wala din akong unpaid debts.

[sean-archer]

And these banks just wouldn't disclose the reason if disapproval

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[_Qwerty_]

minsan depende yan sa address nung residence mo..

i have a friend ganyan.. hindi ma approved.. but was approved when she changed residence.

[papots98]

Hmm. Ako pinadalhan ng cc ng BDO kahit di ako nag aaply. Reason for my eligibility is having an account with them.

Btt:

My sister is capable of paying car loans pero for some reason hindi siya naaapprove. We suspect is her credit card records. Wala siyang tinakbuhan pero baka yung credit pattern and payment history? I dunno. 2 cars niya nakapangalan sakin. Ako effortless naaapproved. Wala akong credit card.

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same with my mom, sobra 4yrs pa lang sya sa BDO, inalok sya mismo ng teller to get a cc. di naman nag apply mom ko pero nabigla lang sya kasi nag mail sakanya ng cc ang BDO

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[CVT]

Hmm. Ako pinadalhan ng cc ng BDO kahit di ako nag aaply. Reason for my eligibility is having an account with them...

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BDO - payroll account of wifey, but she wasn't offered credit card by the bank.... Hhhmmmm...

East-West bank credit card, we applied for one a couple of weeks before the Christmas holidays. Until now, we have not received the credit card... It's your lost, man....😉😎😊

Btt: Harder to get approval for a vehicle loan, but I guess an employment and a bank certificate should do... Not an expert, but IMO, your P60K monthly take home should be substantial for a mini or a sub or probably even a compact car purchase...(?)

[shadow]

Kausapin mo manager kung meron ka kakilala. Endorsed nila tapos justify nila kung bakit ka approve d kahit meron kang unpaid CC.


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[aNthraxx]

Its determined by how much money you have in the bank. If your liquid it would be a done deal, kahit may CC debts kpa.

Others can make the argument na may bearing ang residence address which may be true. Pero i know of cases na light matrials lang tyng bahay but naka montero or Clibre. LOL

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[dr. d]

it depends on how much money you have, how big and how reliable your regular income is, and probably... where you live.
they like to know where they may find the car, in case it needs re-possession. heh heh.
if your address is a depressed area or a squatters' area, and you are buying a car...
they will also want some form of assurance, as to what your priorities in life, are.
they will probably also consult your credit history, to see if you know how to pay your utangs.

some years ago, there was a run of increased re-possessions, traced partly to a loosening of credit requirements and deceptive "easy payment schedules".
some institutions have since published (some are/were down-load-able online) a formula for self-determining one's chances at getting approved for a car loan.

some well-meaning relatives and friends, even signed on as co-signatories (guarantors & co-makers), not understanding what it meant, to be one...
a few posted their woes here.

my opinion.

[brianboi04]

Update: finally nagkalakas loob magtry ng magpply ng autoloan. Approve na and waiting na lang sa release ng unit. Salamat sa mga inputs nyo mga sir.

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