5 Steps in Processing Car Financing in the Philippines

Whether you are out to buy a new car or want to acquire one via used car financing in the Philippines, there are specific ways to get low interest and achieve the fastest possible loan approval from lending companies. The real issue here is that if you want to buy one, you have to know what necessary steps to take or undergo to get your dream auto the fastest possible way. I will reveal these techniques based from my own experience as a top loan consultant for many lending companies in the Philippines for more than 3 years now.

Before anything else, you might want to read our previous post giving tips for car financing. You can also learn from one of our useful articles about where to find the cheapest second hand cars to buy online. As a Filipino loan agent, here are the different chronological order of steps that you have to make sure to undergo or do in order to get your car loan financing a hassle-free experience.

1. Make sure to choose first a unit you would like to buy based from your budget and capacity to pay for the loan.
2. Ask your car dealer or seller for a copy of the OR CR as part of the documents you will need.
3. Provide the complete documentary requirements for used car financing (or second hand car financing) as listed below. You have a choice for non appearance processing by submitting all documents thru email. If you want, you may personally bring it to the office upon request or by appointment.
4. Provide all details of the car and seller contact numbers so we can communicate with the process of financing his or her car with out lending company.
5. Let the process push thru as it should and prepare at least 20% spot up cash for down payment to be paid to the dealer or seller as well as a 6-8% processing fee to be paid to our lending company provider.

Used Car Financing Requirements

All types of loan whether collateral or non-collateral will require the applicant to submit documents. It doesn't matter if you are actually buying a new car or a second hand used auto. Below is our current list that you will have to photocopy in advance in order to get fast approval of your car financing loan application.

• New OR CR of car to buy - this will come from your car dealer or private seller
• 2 valid primary IDs
• TIN ID / number
• Latest proof of billing (we only accept electric or water bill) (note that it may not be under your name but must have same address as your 2 valid IDs)
• Regular and documented source of income (your choices) - if with work ---> 1 month latest payslip and COE (with ITR is an advantage) / if with business ---> DTI or SEC and Mayor's Permit and 3 months latest bank statement / if with property for rent ---> contract of lease and 3 months latest bank statement / if with freelance job or remittance ---> any voucher, remittance receipts and 3 months latest bank statement
• You must have a ready spot up cash of at least 20% of the financiable amount of car you want to buy as down payment to your seller or dealer before car financing process starts. A 6% - 8% processing fee must also be ready a cash out to be paid to our lending company before final loan approval from our providers.

For more information and other details about car financing thru loan and mortgage, please visit this page - http://www.autoloanphilippines.com/.