Used Car Financing Help Tips

Whether you are out to buy your first or nth time car in the Philippines and would like to go for car financing, you have 2 choices. The first one is to go for a bank car financing and the second one is to go for a private lending car financing. Either which, you will need all the resources you can get to be able to come up with the maximum advantage. What you will need therefore is to minimize the down payment requirement while maximizing the financiable or loanable amount. I can very much help you with that as a loan consultant. Well, this is of course provided that you do not have so much of a big cash money to use for down payment of your used car to buy. Otherwise, I can still assist you for a fast loan approval and to get financing for the lowest possible interest rate to avail.

5 Ways to Come Up with Low Down Payment for your Used Car Financing

In order to come up with a low down payment for your car financing of used car in the Philippines, you have to make sure you meet certain requirements and scenarios. First off, even if you really have more money to use for initial down payment, chances are, you might want to use that money for other purposes than spend it all with a down payment which is a more practical way to save and spend it. Maximizing your effort to come up with a low cost initial cash out while getting the highest approval for your loanable or financiable loan amount will always be more beneficial especially if you have the capacity to pay for your second hand car. Furthermore, you get more expanded choice of how much you want to have for your used car financing loan. So below is the list I promised so you won’t have a hard time trying to look for other loan agents to assist you. Remember that I am always just here to render FREE service to all clients looking to maximize efforts in applying for a car financing loan.

Know Your Car Financing Options – Ask Me Now!

1. Get Newer Year Model Car – With respect to attaining low down payment for your car mortgage if it is a used car you are thinking of getting, always think of this – “the newer the better”. For example, there is this one provider I have on my list of lending companies in the Philippines that allows financing second hand car wherein a 2011 year model will give you longer span of loan term payment. Apart from that, a lower initial cash out or down payment is also on your way while those with older year model will be left with little choice or option.
2. Declaration of All Income Sources – Income sources will always be a crucial part in applying for used car financing in the Philippines. The more income you present, the more chances of getting the lowest possible down payment.
3. Avoid Disclosure of Credit Card Statement – Many loan borrowers believe that the higher credit limit and credit card expenses they have which they can afford to pay at the end of the bill month, the higher the loanable amount will be. This is a misbelief. One thing for sure, with how the lending industry works, assets can only be those which are income sources. Liabilities on the other hand are those that are literally expenses. Expenses come in many forms and sadly, a credit card bill will fall under expenses and therefore will be part of the liability. This is a minus “pogipoints” when we speak of loans so avoid declaring those credit card bills and submitting them as part of your capacity to pay. It is absolutely wrong to think that if you can pay for a big credit card bill, how much more with a car financing loan. Stop for a while and think of it.
4. Make a List of Providers – Different lending providers from banks to private loan firms have different required initial down payment. With my 3 years of experience as a top loan agent for different companies in collateral loan division, I’ve come to realize that they all have different percentage of cash out they require for Filipinos looking to apply for second hand car financing. To be exact, I would prefer a small rural bank rather than those big banks. Rural banks offer a much lower initial down payment compared to big banks and even more marginal down payment than private lending companies. Making a list of different providers and their respective offers will give you the advantage of choosing which one offers you a lower or lowest possible down payment for buying used car and applying for financing loan.
5. Canvass Online – An online inquiry will absolutely work to your advantage when we speak of auto loan financing. There are so many good resources out there when you go online and try to make your canvassing and meeting different websites offering considerable information about how to go over with maximizing your effort to come up with higher loanable amount while getting the lowest possible down payment for your credit. We Pinoys are so fond of the word “canvass” which means inquiry and we should not forget to use it at all times to our advantage. As a loan agent, I’ve done that myself and I’ve seen how it works wonders for my clients. That is the same reason why my clients get a satisfaction guarantee if they apply thru my FREE assistance and consultation services. I have multiple top lending company provider accreditation and therefore, if you are out to make your canvassing and you found me somewhere along the way, you hit big time. I’ve got just as much choices for you more than what your regular loan agent can offer. I can guarantee you that. If you need my services, just CONTACT ME!

Knowing the ways and means on how to come up with the lowest possible initial down payment for car financing in the Philippines, by now you must be ready to apply. As I’ve said above, you can contact me ASAP if this is your case. Otherwise, you’d have to prepare a list of requirements. I have them all below.

Requirements for Used Car Financing in the Philippines

1. Must be 21 years old and above and a Filipino citizen
2. Must have a regular source of income – job / property for rent / remittance / freelance job with voucher or payment receipt / work contract for construction contractors / business with DTI or SEC and 3 months latest bank statement
3. TIN ID
4. 2 valid primary IDs
5. Car model accepted is from 2000 or newer
6. Original electric or water bill (may not be under borrower’s name but must have same address as 2 valid primary IDs or at least 1 primary valid ID)

Special Reminder: Clients with own checking account will have the advantage for faster loan processing. As you may very well know, all loans require payment via issuance of a cheque through checking account on a monthly basis.

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