Will I get approved on a car loan?

**vinrem** · September 13th, 2019 09:07 PM

Originally Posted by shadow

Diba nagbibigay sila ng clearance?

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Di ko alam din.

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**dr. d** · September 13th, 2019 10:27 PM

Originally Posted by Little Missy

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** · January 11th, 2020 02:43 AM

Originally Posted by Little Missy

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** · January 11th, 2020 02:48 AM

Originally Posted by stealthfighter

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** · January 11th, 2020 03:21 AM

Originally Posted by stealthfighter

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** · January 11th, 2020 03:36 AM

Originally Posted by jut703

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** · January 11th, 2020 03:43 AM

Originally Posted by glenn_duke

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** · January 11th, 2020 06:15 AM

Originally Posted by stealthfighter

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** · January 11th, 2020 08:02 AM

Originally Posted by misseksaherada

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** · January 11th, 2020 09:49 AM

Originally Posted by stealthfighter

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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