Are you planning to purchase a vehicle soon? Be it brand new or used car, we all know that buying a car is one of the biggest investments a person could make and, unfortunately, not all of us are financially blessed to pay the price in full.
Good thing you can avail of a car loan. This allows you, the borrower, to loan money from a bank or lender to purchase a vehicle. The catch is that you’ll have to pay them back with interest over the course of the agreed loan term or risk repossession of your ride.
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Filipino citizens between 21 but not more than 65 years old when the loan matures with a joint monthly income of at least P30,000 (P40,000 for some banks) may apply for a car loan. In the event that the borrower doesn’t meet the minimum monthly income, a co-maker’s income can be included.
Meanwhile, some banks will require the borrower to be employed for at least two years on a permanent or regular basis.
Those living abroad or working as OFWs may apply for a car loan as long as a related qualified Filipino citizen guarantor or co-maker is available.
Meanwhile, foreigners living or working in the Philippines can also get a car loan if endorsed by the company he/she is working with and has a qualified co-maker/Filipino citizen guarantor.
Locally employed borrowers will have to present and submit the following items listed below:
– Complete Filled up Application form. (Download Here)
– 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.
For those who are self-employed or have businesses:
– Certificate of Business Registration with DTI for entities with sole proprietorship or SEC if under partnership/corporation.
– Your Latest ITR.
– The Latest financial statements such as Audited Financial Statements, Statement of Assets and Liabilities, Statement of Income and Expenses, bank statements, and/or photocopy of your passbook for the last three months.
– Latest proof of additional/other income such as lease contracts, certificate of deposits, and/or stock certificates.
If you work abroad, you will need the following documents:
– 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).
– The 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.
Apart from these documents, physical assets such as real estate and other owned vehicles can be used as additional proof of capacity to pay thus increasing your chances of getting your bank loan approved.
A borrower can loan up to 80% of the vehicle’s price that can be paid from 12 to 60 months. Banks, however, will require a downpayment of anywhere from a minimum of 20% up to 50% of the vehicle’s price before releasing the loan.
TOYOTA SUPPORT
Customer Service Specialist
Toyota Motors Cebu
Globe: 0917-8133723
Landline: (032)3542496
Email: [email protected]
