OFWS Car Loan Requirements in the Philippines

OFWS Car Loan Requirements in the Philippines

WHAT ARE THE OFWS CAR LOAN REQUIREMENTS IN THE PHILIPPINES?

Difference in time-zones, distance, and international phone call rates – these are just a few of the factors that Overseas Filipino Workers (OFWs) face when buying a toyota car. As such, ToyotaMotorsCebu.com is geared towards simplifying the car buying process, especially to our kababayans working abroad.

In ToyotaMotorsCebu, you can search and compare brand new and used vehicles as well as browse for different car promos. If you’re a Filipino working abroad and considering to buy a Toyota, we have the OFW Assist program. The said program enables OFWs to purchase a Toyota vehicle even if they are miles away from home.

CAR LOAN REQUIREMENTS FOR OVERSEAS FILIPINO WORKER

Car loan requirements for Overseas Filipino Worker

You might want to consider getting a car loan first before pushing through with the actual purchase. With that, we’ve come up with an infographic to show the car loan requirements for OFWs.

1. Choose your Primary Borrower

As an OFW you maybe out of the country during the car buying process, therefore you will need to choose a primary borrower.

  • Choose your wife or husband to be your primary borrower, and you become the Co-maker.
  • Choose your parents or siblings and you will need to get a special power of attorney from the embassy where you work. You will need a valid ID copy with 3 original signatures.

2. Proof of Income

  • Minimum of a current 6 month contract.
  • Certificate of Employment.
  • 3 months of remittance Payslips.

3. ID Requirements

  • 2 Government IDs(Drivers License, SSS Card, PhilHealth Card).
  • Proof of billing address(Water bill,Electric Bill, Phone Bill).
  • Car Loan Application Form (Primary borrower must fill out personal details for loan application and provide original signatures).
  • Last 3 months bank statements.

4. Verification

  • The bank will call your personal number provided and if applicable. your place of work phone number.
  • OFW E-Card will speed up verification – if you have one, then your verification can be simplified as banks can gather your employment information from the OFW E-Card database.
  • Usually allows 1-4 days for loan approval.

5. Make your downpayment

Make the -15%-50% downpayment to the dealership via a bank deposit.

6. Drive away with your new toyota car

With the car loan approved and downpayment made, you can now enjoy your brand new toyota car!

OFW ELECTRON CARD(E-CARD)
OFW Electron Card(E-Card)

The OFW Electron Card(E-Card) is an identification card issued by the Department of Labor and Employment(DoLE).

Having an OFW E-Card on hand can speed up verification because the banks will be able to gather your employment information. Moreover, the said card serves as proof that the cardholder is a legitimate OFW and an Overseas Workers Welfare Administration (OWWA) member.

Land based OFWs can get their E-Card at the following offices:

  • Philippine Overseas Employment Administration (POEA) Head Office
  • POEA Regional Office in Cebu City
  • OWWA Head Office
  • Singapore
  • United Arab Emirates (Abu Dhabi & Dubai)

As a reminder, to make the application or the transaction smooth, make sure that your requirements are complete. Besides, the faster you’ll get the car, the happier you and your family will be.

For more information about the latest promos and discounts of all our units. Please feel free to contact me.

Do have any questions? Please fill out the inquiry form below and an official toyota agent will contact you as soon as possible. You can also email, call or facebook us for faster Transactions and bank endorsements. 

SYLVESTER TIBON
Marketing Professional
Toyota Motors Cebu – Mandaue North
Globe: 0917-8133723
Landline: (032)3542496
Email: [email protected]

Sylvester Tibon
Sylvester Tibon
I'm a Marketing Professional of Toyota Motors Cebu. For more information about the latest Toyota vehicle offers, promos, and discounts for all our units. Please feel free to contact me.

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