Help: CI Details For Auto Loan

[boozer]

Hello Guys,

It's my first time to purchase a brand new car (Honda City 2010 1.3S AT) and I'm concerned if the bank will approve my credentials.

Here are some of my details:

Basic Salary: 40k
Been with my current company for 6 years and living with my folks (house has been built since 1986)
I have COE and ITR
Have my mother as co-maker
Our family has a business (we own 2 stalls in a mall)
I used to have a loan (with chinatrust for 3 years wherein i had payments worth 7k a month). I was able to finish my payment last October. I had a few late payments though.
I have an existing credit card. also have late payments but as much as possible, I make do by paying off existing balances.


I'll be paying up an MA amounting to PHP 17,500 for 60 months (i know its high but so far not a problem for me)

My only concern is that they've requested copies of my bank statement wherein my passbook does not have enough savings (say about 20k). My downpayment for the car I placed on my dad's checking account. I'm a bit concerned that they might think that I'm unable to pay.

I'm not sure if they'll decline my application with the said credentials. Do I need to worry?

Please advise.

[_Cathy_]

40k gross?

Why don't you just save 17,500/month for a year (210,000) then add that to your supposed downpayment so you could save enough for 50% down?

I tried getting a car loan before at 50% down and 3 yrs to pay and my loan was approved. I've been with my company then for less than 6 months when I applied. I was told that it's almost always approved if you give 50% down. I also suggest that you choose the shortest payment term so you'd pay less interest and you don't have the burden of having a loan for a long period of time.

I don't think it's healthy to put almost 50% of your salary for car payments for 5 years kasi.

[RustyXIII]

Opt for in-house financing. It'll be approved for sure. You can worry about the monthly amortization later...