Denied Auto Loan Application. What to do?

[dr. d]

just to share my bad experience sa BPI, was denied for an autoloan back in 2015 for my previous mirage hatchback then went to BDO, right from the get go - approved! to follow na yung ibang requirements na need nila. long story short, this year (2017) i applied again sa BPI (Novaliches Branch) since may promo sila that time...again, got denied dahil need daw ng wife ko ng ITR or CoE from her employer which is located sa Korea (home based kasi si wifey). So i told them to check all the transactions every month sa bank para makita nila na monthly eh dun pumapasok ang salary ni wifey pero they did not consider that as I haven't heard any calls / follow ups from them so my wife and I decided to apply sa BDO (ulit), waited for 15-20 minutes, pulled up my records using their database, APPROVED! minsan, kahit gaano kaganda ang promo, interest and offers (which turns out na same lang din naman if you will thoroughly compute their offers and interest, ..nagkakatalo nalang din sa customer service ng isang bank, how they handle their clients. hth!

as an aside.
we also have less-than-stellar experience with our (non-auto) BPI transactions.
i think they have gotten too big for their own... internal system. too many fiefdoms within.
their one galamay does not know what their other galamay is doing...

[dcvingkamotekid]

sir *dr. d, we're really upset with the turn of events back in 2015. what i did, same day after they denied my application for the autoloan, did an over the counter withdrawal and pulled out all my cash sa bank nila then opened an account sa BDO. back then, wala akong account sa BDO pero na-approve ako.

[dr. d]

sir *dr. d, we're really upset with the turn of events back in 2015. what i did, same day after they denied my application for the autoloan, did an over the counter withdrawal and pulled out all my cash sa bank nila then opened an account sa BDO. back then, wala akong account sa BDO pero na-approve ako.

in the olden days, when we did this, the manager would request to talk to the customer and inquire why. "if there is something we can do..."
today, that bank is simply too big, and the frontliners are simply "employees"... no one cares if we pull out our "ten million peso account".

[Juancdancel]

Hi Guys. Just need your opinion on something.

I'm planning to purchase a car in the next couple of months. I've already decided on the make, the color, etc. Here's the thing. I submitted my auto loan application to a bank a couple of days ago. After waiting patiently for an update, the bank rep sent me an SMS informing me that my application was denied because of my credit card problems a couple of years back.

The question is: is there a way I can still get a loan given my present situation? I've worked for a good company and have recently transferred to another company that is giving me better compensation. There is no doubt that I will be able to honor my monthly commitments moving forward.

Thanks!

What type of credit card problem you had before? Try applying for a different bank. Check this site: Best Car Loan Rates in the Philippines—Apply Now!. They compiled different banks that offer the top auto loan rates that will definitely suit your budget. You can use their comparison wizard to get the best deal according to your requirements. Good luck!

[Syuryuken]

istrikto ang bangko sa 20%-30% DP tapos 5 years to pay pero pag sinabing 40%-50%DP napakabilis ng approval.

[chico020]

There is a possibility with that.
Although other banks will deny your application fully when it found that you have a bad record and even if it's already completed.
For surely you can still, but make sure that you show your proof. But don't worry, if that is really hard for you, there are still many banks out there that will be willing to entertain you.
If you want to know the details why your applications being denied or rejected, check it here What To Do When Your Car Loan Gets Rejected: A Step-By-Step Guide - eCompareMo - eCompareMo