Can Foreigenwre Get Auto Loan??

[Retirednlovinit]

Hello

I am fixing to buy a car. I went to PNB here in Tacloban to inquire about an auto loan and what I need to do to apply. They told me only Philippine nationals can get an auto loan. Is this a PNB (loacl/nationwide) policy? or is it a Philippine wide banking policy???

[Dave Hounddriver]

There is at least one member here who has obtained an auto loan. The member I am thinking of is married and is a permanent resident if that makes a difference. He has complained before about the high cost of interest on vehicle loans and the large down payment. I won't mention him by user name so as not to start an argument. If he is viewing he can tell it himself.

For me, I have been offered 'dealer' financing where the interest rate is so high we would call it usury in the west. I have a Philippine credit card with a high enough credit limit to buy a used car or motorcycle but guess what. . . . I have found no dealership that wants to accept a credit card for payment. They want cash or their own finance plan.

Well thats how life in the Philippines goes for me. Its more fun here.

[Okieboy]

i bank with BPI and they have auto loan but you must be Foreign resident with stable Filipino co-maker

[FlyAway]

Philippines does not have credit score companies like here in US. Your 700+ credit score in US does not mean squat there.

What you need to do is build a professional relationship with the bank. What that means is get friendly with whoever is in charge of the loan approval section. It will take time and effort. You need to show them you are worth the risk. Good ole fashion person to person banking there.

Dave, as to them not accepting the credit card payment. I am sure they would if you include the percentage of the sale they lose to the credit card processing company. Here it can range from 1.9% to around 3.9% of the total sale. Could be much more there.

[billten]

Metrobank certainly will give a resident with an ACR a loan, at 18% of course...

[retired]

No personal experience with but most banks here in Cagayan de Oro want land title as colleteral in many cases . Which means of course Filipino might need to apply or be co-signer , something of that nature . On another note: several years ago the Philippine gov. agency that makes housing loans would not accept an expat spouses monthly income such as ss in determining ability to finance . That did change and is now accepted . Maybe there is just not enough motivation regarding vechicle loans , especially considering their intrest rates ? :-)

[Brucewayne]

BPI in SM mall (upstairs branch) has offered me an auto loan several times, but they do want 20% down.

Don't deal with them on nice used cars because the bank wants new price for them, as they are repos and banks here tend to ignore the fact that the car isn't worth what it was before someone else owned it.

Hello

I am fixing to buy a car. I went to PNB here in Tacloban to inquire about an auto loan and what I need to do to apply. They told me only Philippine nationals can get an auto loan. Is this a PNB (loacl/nationwide) policy? or is it a Philippine wide banking policy???

[i am bob]

Hey guys!

Lots of great info here! I had no idea that buying a car could be so hard there!

Keep up the great work all! Muchly appreciated!

:thumbs-up-smile:

[Retirednlovinit]

Thanks for the interesting info! I may decide to go for a used car and pay cash!

Any suggestions/things to avoid with used cars here??

[MikeB]

Find a mechanic you can trust and pay them to inspect and evaluate the car. You can't do VIN searches and you are really taking a chance otherwise. Lots of flood vehicles.