'What are the requirements of obtaining a Car Loan in the Philippines?' Prices

Rachelle from Strathmere, New Jersey - 05/03/10 12:00

I have about 3, 500.00 in dollars and I want to purchase a 2nd hand vehicle. I see that there are prices well over 4000.00 in the Philippines. Is there a possibility I can obtain a car loan for the remainder of the amount? for example I purchased a vehicle for 6000.00 but I only had 3, 500.00 which puts me only 2, 500.00 less in the balance.. where can i find these options? take note I'm living in California.. what are the requirements for those who live abroad and what are my options? is it better to have it co-signed by a relative?

• Open Question: What are the requirements of obtaining a Car ...

Comment #1 Nel from Hueco Mundo - 05/03/10 13:36

"Your Money Is Enough"

Actually, $3, 500 for a second hand vehicle is enough. You can get a decent, used car for that price already. But if you would like to get a better car, you definitely will need more than that.

If you have a wife (or relatives) living in the Philippines, you can ask them if they have a bank account that is capable of getting a loan. Most banks in the country offer car loans to account holders that regularly deposits.

But in all honesty, a bank loan in the Philippines for you will be hard. The process can take weeks and results can be very frustrating.

If you want you can get a bank loan from the US that has arms in the Philippines. You can then send in the documents that will be needed in the process for the car loan so the Philippine branch of your bank in the state can process it even before you arrive in the country.

Most of the time, financial documents will be required. Obviously, personal documents will be needed so you better have them when you visit the country (birth certificate, insurance id etc)

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