I bought my new Toyota Avanza car last 2015 thru the new Toyota car financing program of a dealer. As a car loan consultant, I must admit I thought I knew everything else regarding car loan. It turned out that buying a new car would be a different arena for a loan agent who has been in the lending industry for more than 4 years. As a top car loan agent with multiple companies from banks to private lenders in the Philippines, I never thought it was so easy to get a car financing approved until I got into buying for myself.
It really is all about getting a very good agent for the purpose. Having a few friends as insiders serving as marketing agents with any branch will absolutely matter. In my case, it so happened that I met this guy and he was actually one of my clients for financing a used car with one of the lenders I provide car loan with. He was the one who changed my point of view regarding new Toyota car financing. How he didn’t intentionally knew he was helping me learn the do’s and don’ts with new car financing is a new story.
I must also admit it felt like I owe it to myself because I have keen sense of learning from previous experiences as a professional loan agent for car collateral loans as well as other types of loans. I have assisted literally thousands of clients on their way to get their loan application approved in the fastest time possible. And so I wanted to share this experience using this blog so others who might be looking for a good blog review on how to get your new Toyota car financing application approved in no time. If you are an overseas Filipino worker, you might want to consider reading this post.
Although basically, this also follows the same with any other car brands in the Philippines, there might be a few instant learnings you might encounter somewhere along the way. Be sure to be sensitive to the situation when you are in the actual process. What is important is that you use your wit and genius while searching for options and talking to agents and professionals in the field. Remember that it is 100% FREE to talk to a qualified professional to maximize that availability. That is what I will teach you today and I hope to help you get the best choice with your best car ever using my very own experience and tips. Before anything else, you might want to take a look at one of my previous post regarding car financing requirements.
14 Tips To Get High Chance of Approval on Your New Toyota Car Financing
- It is very important to have a working and with high balance bank account
- Having a stable paying job is not a guarantee you will get an approval
- A checking account is not necessary but will help
- Background checking and residence location will matter
- Declaration you have a parking space is a key to your new car financing application approval
- A coborrower is a must but will practically not matter in convincing the car dealer you are most qualified to be approved
- Never provide a coborrower with bad credit status or negative C-Map
- A very good agent will play the biggest role in case banks decline your application
- Don’t be a walk-in client, upon coming to a dealer, ask for who is the best agent there is in the show room
- Get approved of a much higher car type than your desired one
- Never approach a bank for your car financing if you know you have a bad credit record or negative C-Map (credit map)
- Go for a 2nd hand car with latest model if you get declined of your application
- If you applied from a dealer and got declined, TFS or Toyota Financial Services is a better option
- Applying via leasing (if available) is the best option for you
Step by Step Procedure in Applying for New Toyota Car Financing in the Philippines
- Know your budget and set a desired car to buy.
- Choose a unit or car brand you want to finance based from your taste and budget. In this case, let us sample it out with a Toyota.
- Find a nearby dealer and bank to make your own charges and fees (figures) comparison later.
- Make your own canvassing directly with banks and from a dealer. If you want to buy second hand or used car, know your capacity to pay by asking for an initial computation from the financing company and from the bank. If you are buying a new car, ask how much down payment and monthly amortization you need or a quotation computation via loan calculator.
- Compare the pricing, freebies or ALL IN OPTIONS, warranty etc.
- If you are buying a used car, ask for a copy of the OR CR from the dealer or seller. If you are buying a new car, make sure that you have enough money to use as down payment and that your income will be sufficient to pay for your monthly dues.
- Prepare all the necessary requirements as listed below for a chosen category (new or used car)
- Submit requirements and ask to get assisted only by the best agent and don’t settle for the duty agent of the day. It is your prerogative.
Requirements for Second Hand / New Car Financing
- Latest OR CR (official receipt and certificate of registration) – this will come from your car dealer or seller. No need if you are buying via new Toyota car financing.
- 2 valid primary IDs
- TIN ID / number
- Latest proof of residence (electric or water bill only) (may not be under your name but must have same address as your 2 valid IDs)
- Documented source of income (your choices) – if with work —> 1 month latest payslip and COE (with ITR is an advantage) / if with business —> DTI or SEC and Mayor’s Permit and 3 months latest bank statement / if with property for rent —> contract of lease and 3 months latest bank statement / if with freelance job or remittance —> any voucher, remittance receipts and 3 months latest bank statement / if OFW who is abroad – 3 months latest payslip + POEA validated contract or COE and salary certificate from company abroad, 3 months latest remittance receipts or proof of remittance either from abroad or in the Philippines or from your salary bank payroll or ATM account.
For those of you who might be looking for 2nd hand truck financing, please visit this page – http://www.fastloanph.com/truck-financing.html. For tips in maximizing your rate of approval, you can definitely use the tips I have discussed here.