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There is plenty of lending institutions that offer car
loan. But just how easy it is these days to get the car
that everyone wants?
Almost all these lending institutions have basically
the same requirements for car loan.
1) Eligibility
*Individual applicants
- Should be Filipinos or foreign nationals married to
Filipinos
- Should be of legal age, that is between 21 to 65 years
old.
*Partnership and corporations should be registered with
SEC(Securities and exchange commission). |
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2)Documents required - documents required are classified
according to the status of the borrower.
a) If employed:
- Completely filled out application form
- Valid, unexpired proof of identification (ID's)
- Certificate of employment with compensation
- Photocopies of latest income tax return (ITR)
b) If self-employed:
- Completely filled out application form
- Photocopies of business registration papers
-if self proprietorship - registration from Department
of Trade and Industry (DTI)
-if partnership or corporation - articles of
incorporation, board resolution
- Photocopies of latest audited financial statement for
submission to Bureau of Internal Revenue (BIR)
c) If OFWs (Overseas Filipino Workers)
- Photocopies of latest working contract or certificate
of employment
- Proof of remittance, latest bank statement or pay
slips if available
- Special Power of Attorney (Should be consul notarized)
- if applicable, in cases of representatives applying
for an OFW.
3) Collateral Requirements - There is a need to submit
items for collateral, as a means of protecting the bank
from high risk exposure. Collateral vehicles that can be
submitted as collateral may be brand new vehicles,
imported vehicles and even second hand vehicles.
However, imported vehicles are subject to appraisal
which may take time. Second hand vehicles are accepted
for collateral provided that the age of the second hand
car is less than the maximum allowed age for second hand
cards, from the date of application. Example today is
year 2008, if the maximum year allowed is five year old
cars and below, then second hand cars that will be
accepted for collateral must be from year 2003 to 2008
models.
4) Down payment
- The usual down payment required is from 20% to 30% of
the selling price of the car, but still is on a
case-to-case basis.
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