Desperately Need Advice On Car Loan

sleeping.cat

Hi! This is my first post and I am in desperate need of advice. I need a car loan but I don't know what to do.

My situation: I'm married with no dependents. I own my house and it's fully paid. I used to work in a BPO company for about 3 years before I decided to work from home. This is because I got a better offer in terms of salary and I get to stay at home. No more traffic. My husband just resigned from his company and will also be working from home. I never had a credit card as I don't like them. I just opened a savings account but I only have 40k in cash. Reason behind this is my mother got sick and we spent about 4 million for her treatment so all the cash is gone. I earn about 35k a month, depending on peso-dollar exchange as I am paid in US dollars. I just finished my probationary period so I already passed the 6-month mark. I don't have an ITR.

We would like to apply for a car loan as we really do need a vehicle. It's not a luxury for us but a necessity. I can't commute because of a back problem and asthma. Plus we live in a subdivision where you have to walk a long distance to get access to public transport. Just buying groceries is a pain if you don't have a car here.

My problem: All the dealers I went to said I need to submit an ITR and a bank statement to apply for a loan. Like I said, I don't have an ITR and my bank statement won't look impressive at all.

I know I can pay the monthly dues but where can I go to for a car loan? I have no idea where to turn to. If you know something about car loans and financing, PLEASE HELP ME.

kelunji

If you look at the car loan screening page of BPI you will see that you need at least P40k/mo (combined between the 2 of you) to pre-qualify, and from that they still need to see how much exactly will be left for you after they deduct the monthly amortization (at least P15k must be left). Try talking to the bank where you opened an account to see what they can do for you. Its really tough without an ITR, even if you are being paid in US dollars you should file local taxes or at least show the BIR that your company and the IRS has already deducted them (similar to what the BIR is asking from Pacquiao. That should suffice as an equivalent to the local ITR. You can also ask the company to issue a certificate of how much is your salary + benefits.

Having a car is not just filling it with gas and paying the monthky amortization. There's also insurance and maintenance expenses. Think about it as well.

sleeping.cat

kelunji wrote: »

If you look at the car loan screening page of BPI you will see that you need at least P40k/mo (combined between the 2 of you) to pre-qualify, and from that they still need to see how much exactly will be left for you after they deduct the monthly amortization (at least P15k must be left).

This information is very helpful. I didn't know about that. I guess my husband should get a job first before we apply for a loan. Right now, he's taking a short break since he's been working for more than 20 years before he resigned from his last job. I thought my salary would be enough since the car we're planning to purchase only has a monthly amortization of 12k-15k. We're not going to go higher than that. So minus that, there's going to be more than 15k left.

kelunji wrote: »

Try talking to the bank where you opened an account to see what they can do for you.

I guess there's no hurrying this then. I have to talk to the bank and deposit more money regularly before I can apply. *sigh*

kelunji wrote: »

Having a car is not just filling it with gas and paying the monthky amortization. There's also insurance and maintenance expenses. Think about it as well.

Yes, we're aware of those. We had our own vehicle before but when my mom got sick, aside from the 4 million in cash, we had to pawn their house and sell our vehicle to pay her medical bills. I already bought their house back, so now we're focusing on getting a car again. There's a lot of promos right now for brand new cars so we wanted to avail of it. But I guess being a good payer of debts isn't worth a thing if they don't know you personally.

On a different note, do you know anything about personal loans? I saw that there are cars for assume balance. I also saw some good second hand cars but the down payment is more than 100k. Do you think I'd have a better chance of loaning about 100k?

Thank you very much for the reply, by the way. I didn't think I'd ever get one.

vadettte

I think need talaga ang ITR kasi dun malalaman kasi ang source of income po ako nga gusyo ko kumuha ng credit card di daw pede kasi un talaga ang need.. siguro po try kayo sa agent kumuha ako po sa agent kumuha ng car loan mabilis lang din ang approve ang pagpasa ng requirements through messenger lang saka email sya na lahat nagasikaso.. 

utena11

vadettte said:

I think need talaga ang ITR kasi dun malalaman kasi ang source of income po ako nga gusyo ko kumuha ng credit card di daw pede kasi un talaga ang need.. siguro po try kayo sa agent kumuha ako po sa agent kumuha ng car loan mabilis lang din ang approve ang pagpasa ng requirements through messenger lang saka email sya na lahat nagasikaso.. 

hiningian ka po ba ng itr nung naapprove ka sa car loan?, may i know sino agent mo? thank you.
planning din kasi nahihirapan ako mag commute lalo na pa namili ng paninda sa divi at baclaran at taytay.
gusto ko isang pasadahan ang pagbili kaso limited lang yung mga kayang dalhin.
i got creditcard from pre-approve and citibank ( di naman ako hinanapan ng itr) sa agent lng din.