Overseas Filipino Workers (OFWs) are considered modern day heroes as they spend days, weeks, months, or years apart from their families just so they can financially support them. But because most of them are breadwinners, not all OFWs can purchase a brand new or second hand car in full even with their relatively huge salaries.
Fortunately, OFWs are entitled to avail a car loan even if they’re miles away from their motherland. How do you do it? Well, here’s an OFWs guide on how to get a car loan in the Philippines.
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Having a related Filipino co-maker is a must for OFWs planning to get a car loan. While it is a requirement, it also allows for a better chance of your loan approval, and possibly adds as a factor on how much you can borrow from the bank.
But what is a co-maker?
According to the Bangko Sentral ng Pilipinas (BSP), a co-maker is a person who promises by written contract to pay another person’s loan in the event he/she fails to do so. In addition, a co-maker is also used when the borrower doesn’t meet the credit criteria such as age or if his/her income is insufficient for the loan.
Any Filipino citizen, including OFWs, aged 21 but not more than 65 years old with a minimum average monthly income of P30,000 to P40,000 is eligible for a car loan. In addition, some banks require that the borrower must be employed for at least two years on a regular status.
Here’s the list of requirements that OFWs need to apply for a car loan:
– Complete Filled up Application form. (Download Here)
– Two Valid government-issued I.D. with signature and photo such as Driver’s License, Passport, etc. of borrower and co-maker (if available).
– Latest proof of billing.
– Three – Five months-worth of payslips/remittance.
– Previous or Current Employment Contract.
You can also check our the Application Requirements here.
To help increase your chances of approval, OFWs can also present the documents of certain physical assets such as real estate or owned vehicles as proof of capacity to pay.
Believe it or not, you can shop for a brand new car in the Philippines even if you’re miles away from homeland. All you have to do is simply browse through the Toyota Motors Cebu Car Guide or check out our promo section and click on Get Quote.
TOYOTA SUPPORT
Customer Service Specialist
Toyota Motors Cebu
Globe: 0917-8133723
Landline: (032)3542496
Email: [email protected]
