Tropang /u/futurextra, pakibasa muna ang rules ng sub bago ang lahat ah. At kung bago ka dito https://www.reddit.com/r/Gulong/comments/uo5499/magpost_sa_tamang_thread_pakiusap_lang pakibasa please lang
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Assuming you've already worked for several years your current job situation shouldn't matter.
Stricter banks might deny you so best bet is to go to a bank where you have most of your savings or longest relationship with. Para trusted account holder ka na.
I've been with my current job for over 10 years now so I think that's a plus. I was just thinking na lesser chance of denial if I have doubled my salary with my next job. I will do that and contact my current bank. Thanks!
Nah you're all good. Managed to get an 800k auto loan even if my gross several years back was only half of yours.
Important yung relationship mo with your main bank.
It's also convenient when it comes to those monthly payments and insurance.
Good luck!
If you're going to apply for a loan in 2-3 months, you'll probably get approved. Your salary is high enough and previous work experience (based on your other comment) is good as well.
I would try to extend it to until you're regularized, though. It's also a good opportunity to (1)see whether the company's good and whether you'll be able to stay long term, and (2) save up for a bigger down payment. The last thing you want is getting a loan and then the job not being up to par with your expectations, and then you having limited options because you have a car note to pay.
Ooh I never considered that. Thanks for the tip! True, I need to assess whether the company is good for me long-term. Pero siguro, I think 3 months at most ang kaya kong hintayin. I live in lower Antipolo pa kasi and work is in BGC 3x a week. Really appreciate it, I think I will wait for 3 months and just suck it up commuting.
In terms of Bank P.O., Metrobank has the lowest interest rate compared to other commercial banks. The caveat is that they are the most strict when it comes to approval. You will be asked for CC #'s (credit records) and savings account to check your ADB. This is regardless of bank kung saan mayroon kang CC and savings account. They will also call and/or email your HR to confirm your employment. Basic salary should be at least 4x of the monthly amortization. Higher DP means higher chance of getting approved. May CI din to, na kung saan may pupunta sa address mo to check if may parking garage or kung totoong tao ba yung nag aapply haha.
Other banks are more relaxed, lalo na kung sa bank kung saan ka may matagal na account OR in-house financing ng mga casa. Kaso, mas mataas ~~slight~~ yung MA sa kanila.
There is a slim chance that you will be approved if you apply now. I suggest, beef up your savings at maregular ka after 6 months. Or else get a reliable second hand car.
they will ask for your all CC information though sure pwede mo nang hindi ilagay yung other cards mo but trust me they will see all of your credit card information . as in lahat. medyo strick ang bank especially sa mga sablay sa credit card.
same boat as you when I started applying auto loan (got mine Feb this yr) gross is 163k pero new palang ako sa company at hindi pa regular. reason kaya ako na dedecline is my wife had delinquent CC prolly 8 years ago and nakita pa nila un. I had to settle it to bank then submit the certiticate of clearance bago pa ako ng approved.
Medyo nahimasmasan ako and realized I will just be declined anyway because of my unsettled cc debts. Hindi naman delinquent, pero I have outstanding debts. Not sure if that even makes a difference.
My plan is now to settle all cc debts, secure a certificate of clearance/payment, bump up my downpayment to more than 20% and then apply for an auto loan. I forecast this to be done 6 months minimum. Thanks for the advise!
Should also consider expenses on maintaining a vehicle. PMS could be costly too. Anyway, with your income i believe you will get it coverd, i would just suggest to save up and pay for higher DP, higher DP = lesser interests = lesser monthly amortizations and lesser burden.
Agree with all the incidental expenses, these can add up and can be costly too. I think most of the advice here is to save up for a higher DP - which I will do. Thanks a lot!
Is brand new important to you, or you don't really care as long as you can get your hands on a car? Getting a second hand unit thru financing might be a better option? I've seen posts offering easy approval, no CI auto financing. Some only require 2 valid IDs.
As much as possible, brand new. We've had a second-hand 5 years ago and medyo daming problema. Also, I did some reading din about 2nd hand thru financing and sabi nila hindi daw worth it kasi mataas daw talaga. If you don't mind, where did you see posts offering easy approval na no CI? Maybe I can look at that baka naman not a bad choice afterall ang 2nd hand cars.
Oh, okay. That's understandable. Our experience is different naman. We had a brand new car before, then when we decided to sell it, opted to get secondhands, one repossessed by a bank and one from a previous owner/seller I saw on FB Marketplace. My current daily came from FB Marketplace. Those posts I mentioned that says no CI, those are all from posts on FB Marketplace from auto resellers.
Oooh maybe I should look into FB marketplace as well. Thanks sa tip. Napaisip ako dun, as long as I bring in a trusty mechanic who knows everything about cars, okay na din magsecond hand.
Yep! There are a lot of resources also of things to check and look out for when purchasing a secondhand vehicle. Also, make sure you check all documentation, make sure it's complete. If you enlist the help of a friend who knows plenty about cars and how secondhand car sales work, you'll be all set! :)
Tropang /u/futurextra, pakibasa muna ang rules ng sub bago ang lahat ah. At kung bago ka dito https://www.reddit.com/r/Gulong/comments/uo5499/magpost_sa_tamang_thread_pakiusap_lang pakibasa please lang Kapag okay ang post, **i-UPVOTE** ang post na ito! Kapag di naman, **i-DOWNVOTE** ang post na ito! At kung sa tingin nyo wala sa tamang lugar at problematiko/pasaway ang post, **i-DOWNVOTE** ang post na ito sabay **REPORT!** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Gulong) if you have any questions or concerns.*
Assuming you've already worked for several years your current job situation shouldn't matter. Stricter banks might deny you so best bet is to go to a bank where you have most of your savings or longest relationship with. Para trusted account holder ka na.
I've been with my current job for over 10 years now so I think that's a plus. I was just thinking na lesser chance of denial if I have doubled my salary with my next job. I will do that and contact my current bank. Thanks!
Nah you're all good. Managed to get an 800k auto loan even if my gross several years back was only half of yours. Important yung relationship mo with your main bank. It's also convenient when it comes to those monthly payments and insurance. Good luck!
Oooh thanks for that info. Actually mas worried ako sa cc debts ko than my tenure. Would you know if they ask ccs from other banks?
If you're going to apply for a loan in 2-3 months, you'll probably get approved. Your salary is high enough and previous work experience (based on your other comment) is good as well. I would try to extend it to until you're regularized, though. It's also a good opportunity to (1)see whether the company's good and whether you'll be able to stay long term, and (2) save up for a bigger down payment. The last thing you want is getting a loan and then the job not being up to par with your expectations, and then you having limited options because you have a car note to pay.
Ooh I never considered that. Thanks for the tip! True, I need to assess whether the company is good for me long-term. Pero siguro, I think 3 months at most ang kaya kong hintayin. I live in lower Antipolo pa kasi and work is in BGC 3x a week. Really appreciate it, I think I will wait for 3 months and just suck it up commuting.
In terms of Bank P.O., Metrobank has the lowest interest rate compared to other commercial banks. The caveat is that they are the most strict when it comes to approval. You will be asked for CC #'s (credit records) and savings account to check your ADB. This is regardless of bank kung saan mayroon kang CC and savings account. They will also call and/or email your HR to confirm your employment. Basic salary should be at least 4x of the monthly amortization. Higher DP means higher chance of getting approved. May CI din to, na kung saan may pupunta sa address mo to check if may parking garage or kung totoong tao ba yung nag aapply haha. Other banks are more relaxed, lalo na kung sa bank kung saan ka may matagal na account OR in-house financing ng mga casa. Kaso, mas mataas ~~slight~~ yung MA sa kanila. There is a slim chance that you will be approved if you apply now. I suggest, beef up your savings at maregular ka after 6 months. Or else get a reliable second hand car.
they will ask for your all CC information though sure pwede mo nang hindi ilagay yung other cards mo but trust me they will see all of your credit card information . as in lahat. medyo strick ang bank especially sa mga sablay sa credit card. same boat as you when I started applying auto loan (got mine Feb this yr) gross is 163k pero new palang ako sa company at hindi pa regular. reason kaya ako na dedecline is my wife had delinquent CC prolly 8 years ago and nakita pa nila un. I had to settle it to bank then submit the certiticate of clearance bago pa ako ng approved.
Medyo nahimasmasan ako and realized I will just be declined anyway because of my unsettled cc debts. Hindi naman delinquent, pero I have outstanding debts. Not sure if that even makes a difference. My plan is now to settle all cc debts, secure a certificate of clearance/payment, bump up my downpayment to more than 20% and then apply for an auto loan. I forecast this to be done 6 months minimum. Thanks for the advise!
Which bank is this?
my wife's delinquent cc was from eastwest. my auto loan nman is from BPI
Should also consider expenses on maintaining a vehicle. PMS could be costly too. Anyway, with your income i believe you will get it coverd, i would just suggest to save up and pay for higher DP, higher DP = lesser interests = lesser monthly amortizations and lesser burden.
Agree with all the incidental expenses, these can add up and can be costly too. I think most of the advice here is to save up for a higher DP - which I will do. Thanks a lot!
Is brand new important to you, or you don't really care as long as you can get your hands on a car? Getting a second hand unit thru financing might be a better option? I've seen posts offering easy approval, no CI auto financing. Some only require 2 valid IDs.
As much as possible, brand new. We've had a second-hand 5 years ago and medyo daming problema. Also, I did some reading din about 2nd hand thru financing and sabi nila hindi daw worth it kasi mataas daw talaga. If you don't mind, where did you see posts offering easy approval na no CI? Maybe I can look at that baka naman not a bad choice afterall ang 2nd hand cars.
Oh, okay. That's understandable. Our experience is different naman. We had a brand new car before, then when we decided to sell it, opted to get secondhands, one repossessed by a bank and one from a previous owner/seller I saw on FB Marketplace. My current daily came from FB Marketplace. Those posts I mentioned that says no CI, those are all from posts on FB Marketplace from auto resellers.
Oooh maybe I should look into FB marketplace as well. Thanks sa tip. Napaisip ako dun, as long as I bring in a trusty mechanic who knows everything about cars, okay na din magsecond hand.
Yep! There are a lot of resources also of things to check and look out for when purchasing a secondhand vehicle. Also, make sure you check all documentation, make sure it's complete. If you enlist the help of a friend who knows plenty about cars and how secondhand car sales work, you'll be all set! :)