[vc_row css=”%7B%22default%22%3A%7B%22padding-top%22%3A%2220px%22%2C%22padding-bottom%22%3A%2235px%22%7D%7D”][vc_column][vc_column_text css=”%7B%22default%22%3A%7B%22margin-bottom%22%3A%2220px%22%7D%7D”]Acquiring a new car signifies a significant milestone. It represents not only freedom and convenience but also the potential for exciting adventures. However, before celebrating your purchase, it’s important to carefully navigate the financial aspects involved. This guide aims to simplify the car loan process, providing you with the essential requirements and tips to ensure a smooth ride toward buying your dream car in the Philippines.[/vc_column_text][ultimate_heading main_heading=”Understanding Car Financing” alignment=”left” main_heading_font_size=”desktop:30px;”][/ultimate_heading][vc_column_text css=”%7B%22default%22%3A%7B%22margin-top%22%3A%2210px%22%7D%2C%22laptops%22%3A%7B%22margin-top%22%3A%2210px%22%7D%2C%22tablets%22%3A%7B%22margin-top%22%3A%2210px%22%7D%2C%22mobiles%22%3A%7B%22margin-top%22%3A%2210px%22%7D%7D”]Car financing, also known as auto loan or vehicle financing, allows you to spread the cost of your car over a set period, typically through monthly payments. This makes owning a car more accessible, but it’s important to understand the commitment involved.[/vc_column_text][ultimate_spacer height=”25″ height_on_tabs_portrait=”25″ height_on_mob_landscape=”25″ height_on_mob=”25″][ultimate_heading main_heading=”Key Considerations Before Applying for a Car Loan” alignment=”left” main_heading_font_size=”desktop:30px;”][/ultimate_heading][vc_tta_accordion css=”%7B%22default%22%3A%7B%22font-size%22%3A%2220px%22%2C%22font-family%22%3A%22h2%22%2C%22font-weight%22%3A%22500%22%2C%22background-color%22%3A%22%23f9f9f9%22%2C%22margin-top%22%3A%2220px%22%2C%22margin-bottom%22%3A%2220px%22%7D%7D”][vc_tta_section title=”Interest Rates” active=”1″ icon=”fas|percent” bg_color=”#f9f9f9″ text_color=”#000000″ css=”%7B%22default%22%3A%7B%22color%22%3A%22%23000000%22%2C%22background-color%22%3A%22%23f9f9f9%22%7D%7D”][vc_column_text css=”%7B%22default%22%3A%7B%22font-size%22%3A%2216px%22%2C%22font-family%22%3A%22body%22%2C%22font-weight%22%3A%22400%22%7D%7D”]Interest rates are essentially the cost of borrowing money. Opting for a loan with a lower interest rate can lead to more affordable monthly payments, reducing the overall financial burden of your new car.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Loan Term” active=”1″ icon=”fas|calendar” bg_color=”#f9f9f9″ text_color=”#000000″ css=”%7B%22default%22%3A%7B%22color%22%3A%22%23000000%22%2C%22background-color%22%3A%22%23f9f9f9%22%7D%7D”][vc_column_text css=”%7B%22default%22%3A%7B%22font-size%22%3A%2216px%22%2C%22font-family%22%3A%22body%22%2C%22font-weight%22%3A%22400%22%7D%7D”]The loan term determines the duration over which you’ll repay the loan. Choosing a shorter loan term generally results in higher monthly payments, but it also means you’ll pay less interest over the life of the loan, saving money in the long run.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Downpayment” active=”1″ icon=”material|payments” bg_color=”#f9f9f9″ text_color=”#000000″ css=”%7B%22default%22%3A%7B%22color%22%3A%22%23000000%22%2C%22background-color%22%3A%22%23f9f9f9%22%7D%7D”][vc_column_text css=”%7B%22default%22%3A%7B%22font-size%22%3A%2216px%22%2C%22font-family%22%3A%22body%22%2C%22font-weight%22%3A%22400%22%2C%22border-radius%22%3A%2220px%22%7D%7D”]Making a substantial down payment reduces the total amount you need to borrow. This upfront payment not only lowers your monthly loan payments but can also improve your loan terms, making financing more manageable and cost-effective.[/vc_column_text][/vc_tta_section][/vc_tta_accordion][ultimate_spacer height=”25″ height_on_tabs_portrait=”25″ height_on_mob_landscape=”25″ height_on_mob=”25″][vc_row_inner content_placement=”middle” el_class=”cta-columns”][vc_column_inner width=”1/2″][ultimate_heading main_heading=”Car Loan Requirements in the Philippines” alignment=”left” main_heading_font_size=”desktop:30px;”][/ultimate_heading][vc_column_text css=”%7B%22default%22%3A%7B%22margin-top%22%3A%2210px%22%7D%2C%22laptops%22%3A%7B%22margin-top%22%3A%2210px%22%7D%2C%22tablets%22%3A%7B%22margin-top%22%3A%2210px%22%7D%2C%22mobiles%22%3A%7B%22margin-top%22%3A%2210px%22%7D%7D”]Meeting the car loan requirements is your next step. While these can vary by lender, the following are generally necessary:[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/2″][us_image image=”3272″][/vc_column_inner][/vc_row_inner][vc_row_inner css=”%7B%22default%22%3A%7B%22margin-top%22%3A%2220px%22%7D%7D”][vc_column_inner][ultimate_heading main_heading=”Eligibility” alignment=”left” main_heading_font_size=”desktop:25px;”][/ultimate_heading][vc_column_text css=”%7B%22default%22%3A%7B%22margin-top%22%3A%2210px%22%7D%2C%22laptops%22%3A%7B%22margin-top%22%3A%2210px%22%7D%2C%22tablets%22%3A%7B%22margin-top%22%3A%2210px%22%7D%2C%22mobiles%22%3A%7B%22margin-top%22%3A%2210px%22%7D%7D”]Meeting the car loan requirements is your next step. While these can vary by lender, the following are generally necessary:[/vc_column_text][ultimate_icon_list icon_size=”20″ icon_margin=”10″ el_class=”list-icon” css_icon_list=”.vc_custom_1716800129789{margin-top: 20px !important;margin-right: 20px !important;margin-bottom: 0px !important;margin-left: 20px !important;}”][ultimate_icon_list_item icon=”Defaults-chevron-right”]Age – Typically, you must be at least 21 years old and not older than 65 when the loan matures.[/ultimate_icon_list_item][ultimate_icon_list_item icon=”Defaults-chevron-right”]Citizenship – Filipino citizens residing in the Philippines or abroad (including OFWs) are eligible. Foreign residents may need a qualified Filipino co-borrower.[/ultimate_icon_list_item][ultimate_icon_list_item icon=”Defaults-chevron-right”]Income – Banks typically require a minimum monthly salary or household income (around Php 40,000 and up).[/ultimate_icon_list_item][ultimate_icon_list_item icon=”Defaults-chevron-right”]Employment Status – Two years of stable employment or business operation is generally preferred.[/ultimate_icon_list_item][/ultimate_icon_list][/vc_column_inner][/vc_row_inner][vc_row_inner css=”%7B%22default%22%3A%7B%22margin-top%22%3A%2220px%22%7D%7D”][vc_column_inner][ultimate_heading main_heading=”Documents” alignment=”left” main_heading_font_size=”desktop:25px;”][/ultimate_heading][ultimate_icon_list icon_size=”20″ icon_margin=”10″ el_class=”list-icon” css_icon_list=”.vc_custom_1716800135446{margin-top: 20px !important;margin-right: 20px !important;margin-bottom: 0px !important;margin-left: 20px !important;}”][ultimate_icon_list_item icon=”Defaults-chevron-right”]Valid government-issued IDs (passport, driver’s license, SSS ID, etc.).[/ultimate_icon_list_item][ultimate_icon_list_item icon=”Defaults-chevron-right”]Proof of income – Payslips, certificate of employment (COE), or Income Tax Return (ITR) for employed individuals.[/ultimate_icon_list_item][ultimate_icon_list_item icon=”Defaults-chevron-right”]Business registration, permits, bank statements, and financial statements for self-employed applicants.[/ultimate_icon_list_item][ultimate_icon_list_item icon=”Defaults-chevron-right”]Overseas Filipino Workers (OFWs) may need proof of remittance, payslips, or COE.[/ultimate_icon_list_item][ultimate_icon_list_item icon=”Defaults-chevron-right”]Proof of residency (e.g., utility bills).[/ultimate_icon_list_item][/ultimate_icon_list][/vc_column_inner][/vc_row_inner][vc_row_inner css=”%7B%22default%22%3A%7B%22margin-top%22%3A%2220px%22%7D%7D”][vc_column_inner][ultimate_heading main_heading=”Alternative Options: Sangla ORCR” alignment=”left” main_heading_font_size=”desktop:25px;”][/ultimate_heading][vc_column_text css=”%7B%22default%22%3A%7B%22margin-top%22%3A%2210px%22%7D%2C%22laptops%22%3A%7B%22margin-top%22%3A%2210px%22%7D%2C%22tablets%22%3A%7B%22margin-top%22%3A%2210px%22%7D%2C%22mobiles%22%3A%7B%22margin-top%22%3A%2210px%22%7D%7D”]While car loans are a popular option, Sangla ORCR (using your car’s Official Receipt and Certificate of Registration as a collateral) is another route to consider. This involves borrowing money from a financing company using your car’s ORCR as collateral. However, interest rates for Sangla ORCR tend to be higher than car loans.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner css=”%7B%22default%22%3A%7B%22margin-top%22%3A%2220px%22%7D%7D”][vc_column_inner][ultimate_heading main_heading=”Getting Car Loan Approval” alignment=”left” main_heading_font_size=”desktop:25px;”][/ultimate_heading][ultimate_icon_list icon_size=”20″ icon_margin=”10″ el_class=”list-icon” css_icon_list=”.vc_custom_1716967486419{margin-top: 20px !important;margin-right: 20px !important;margin-bottom: 15px !important;margin-left: 20px !important;}”][ultimate_icon_list_item icon=”Defaults-chevron-right”]Look around – Compare interest rates, loan terms, and fees offered by different banks and financing companies.[/ultimate_icon_list_item][ultimate_icon_list_item icon=”Defaults-chevron-right”]Maintain a good credit score – A healthy credit score can significantly increase your chances of loan approval and secure better interest rates.[/ultimate_icon_list_item][ultimate_icon_list_item icon=”Defaults-chevron-right”]Prepare strong documentation – Ensure all your documents are complete and accurate to avoid delays in processing.[/ultimate_icon_list_item][/ultimate_icon_list][/vc_column_inner][/vc_row_inner][ultimate_spacer height=”20″ height_on_tabs_portrait=”20″ height_on_mob_landscape=”20″ height_on_mob=”20″][ultimate_heading main_heading=”Leverage Your Car Purchase Wisely” alignment=”left” main_heading_font_size=”desktop:30px;”][/ultimate_heading][vc_column_text css=”%7B%22default%22%3A%7B%22margin-top%22%3A%2210px%22%7D%2C%22laptops%22%3A%7B%22margin-top%22%3A%2210px%22%7D%2C%22tablets%22%3A%7B%22margin-top%22%3A%2210px%22%7D%2C%22mobiles%22%3A%7B%22margin-top%22%3A%2210px%22%7D%7D”]Understanding car loan requirements is the first step to securing a car loan that fits your budget and financial goals. By carefully considering your options and preparing all the necessary documents, you can cruise towards owning your dream car with confidence.[/vc_column_text][/vc_column][/vc_row][vc_row us_bg_image_source=”media” columns_reverse=”1″ css=”%7B%22default%22%3A%7B%22margin-top%22%3A%220px%22%2C%22margin-bottom%22%3A%2235px%22%2C%22padding-left%22%3A%2240px%22%2C%22padding-top%22%3A%2240px%22%2C%22padding-bottom%22%3A%2240px%22%2C%22padding-right%22%3A%2240px%22%7D%7D” el_class=”cta” enable_overlay=”enable_overlay_value” overlay_color=”#dda44d” overlay_pattern=”02.png”][vc_column css=”%7B%22default%22%3A%7B%22border-radius%22%3A%2220px%22%7D%7D” width=”2/3″][ultimate_heading main_heading=”Looking for the Best Car Financing Service in the Philippines?” main_heading_color=”#ffffff” alignment=”left” main_heading_font_size=”desktop:30px;tablet_portrait:26px;mobile:25px;” main_heading_line_height=”desktop:30px;”][/ultimate_heading][vc_column_text css=”%7B%22default%22%3A%7B%22color%22%3A%22%23ffffff%22%2C%22text-align%22%3A%22left%22%2C%22margin-top%22%3A%2220px%22%7D%7D”]Connect with SAFC – one of the leaders in the financing industry in the Philippines. We pride ourselves on delivering tailored financing options designed to fit your specific needs, ensuring a smooth and straightforward car purchasing process. Our team of experts is dedicated to ensuring that your car financing experience is seamless and beneficial. Contact us today to learn more about how we can help you finance the car of your dreams with ease and confidence. #KayaMoNa[/vc_column_text][us_btn label=”INQUIRE NOW” link=”%7B%22url%22%3A%22https%3A%2F%2Fme-qr.com%2Fl%2Fblog-cta-car-loan-requirements-in-the-ph%22%2C%22target%22%3A%22_blank%22%7D” style=”2″ css=”%7B%22default%22%3A%7B%22margin-top%22%3A%2220px%22%7D%7D”][/vc_column][vc_column css=”%7B%22default%22%3A%7B%22border-radius%22%3A%2220px%22%7D%7D” width=”1/3″][/vc_column][/vc_row][vc_row css=”%7B%22default%22%3A%7B%22margin-left%22%3A%220px%22%2C%22margin-top%22%3A%220px%22%2C%22margin-bottom%22%3A%220px%22%2C%22margin-right%22%3A%220px%22%2C%22padding-left%22%3A%220px%22%2C%22padding-top%22%3A%220px%22%2C%22padding-bottom%22%3A%2230px%22%2C%22padding-right%22%3A%220px%22%7D%2C%22laptops%22%3A%7B%22margin-left%22%3A%220px%22%2C%22margin-top%22%3A%220px%22%2C%22margin-bottom%22%3A%220px%22%2C%22margin-right%22%3A%220px%22%2C%22padding-left%22%3A%220px%22%2C%22padding-top%22%3A%220px%22%2C%22padding-bottom%22%3A%220px%22%2C%22padding-right%22%3A%220px%22%7D%2C%22tablets%22%3A%7B%22margin-left%22%3A%220px%22%2C%22margin-top%22%3A%220px%22%2C%22margin-bottom%22%3A%220px%22%2C%22margin-right%22%3A%220px%22%2C%22padding-left%22%3A%220px%22%2C%22padding-top%22%3A%220px%22%2C%22padding-bottom%22%3A%220px%22%2C%22padding-right%22%3A%220px%22%7D%2C%22mobiles%22%3A%7B%22margin-left%22%3A%220px%22%2C%22margin-top%22%3A%220px%22%2C%22margin-bottom%22%3A%220px%22%2C%22margin-right%22%3A%220px%22%2C%22padding-left%22%3A%220px%22%2C%22padding-top%22%3A%220px%22%2C%22padding-bottom%22%3A%220px%22%2C%22padding-right%22%3A%220px%22%7D%7D”][vc_column css=”%7B%22default%22%3A%7B%22margin-left%22%3A%2220px%22%2C%22margin-right%22%3A%2220px%22%7D%7D”][us_separator show_line=”1″ color=”secondary” css=”%7B%22default%22%3A%7B%22margin-bottom%22%3A%220px%22%7D%7D”][ultimate_heading main_heading=”ABOUT THE AUTHOR” main_heading_color=”#ededed” main_heading_font_size=”desktop:75px;tablet_portrait:50px;mobile:30px;” main_heading_style=”font-weight:bold;” main_heading_margin=”margin-top:0px;margin-bottom:0px;” sub_heading_margin=”margin-top:0px;margin-bottom:0px;” main_heading_line_height=”desktop:75px;tablet_portrait:50px;mobile:30px;”][/ultimate_heading][vc_row_inner][vc_column_inner css=”%7B%22default%22%3A%7B%22background-color%22%3A%22%23ededed%22%2C%22margin-left%22%3A%2250px%22%2C%22margin-top%22%3A%2220px%22%2C%22margin-right%22%3A%2225px%22%2C%22padding-left%22%3A%2220px%22%2C%22padding-top%22%3A%2225px%22%2C%22padding-bottom%22%3A%2220px%22%2C%22padding-right%22%3A%2230px%22%7D%7D”][us_hwrapper alignment=”center” valign=”middle” inner_items_gap=”30px” css=”%7B%22default%22%3A%7B%22margin-left%22%3A%220px%22%2C%22margin-top%22%3A%220px%22%2C%22margin-bottom%22%3A%220px%22%2C%22margin-right%22%3A%220px%22%2C%22padding-left%22%3A%220px%22%2C%22padding-top%22%3A%220px%22%2C%22padding-bottom%22%3A%220px%22%2C%22padding-right%22%3A%220px%22%7D%7D” hide_on_states=”tablets,mobiles”][us_image image=”4855″ align=”left” size=”full” css=”%7B%22default%22%3A%7B%22margin-left%22%3A%22-60px%22%2C%22margin-top%22%3A%2210px%22%2C%22margin-bottom%22%3A%2210px%22%2C%22margin-right%22%3A%2220px%22%7D%7D”][ult_team team_img_grayscale=”off” img_hover_eft=”” team_member_name_tag=”h4″ team_member_align_style=”left” social_icon_effect=”on” social_links=”%5B%7B%22social_icon_url%22%3A%22https%3A%2F%2Fwww.linkedin.com%2Fin%2Flinisseve%2F%22%2C%22selected_team_icon%22%3A%22Defaults-linkedin-square%22%7D%5D” social_icon_size=”30″ divider_effect=”on” team_member_divider_color=”#f2ae96″ team_member_divider_height=”1″ team_member_divider_width=”100″ team_member_name_color=”#0a0a0a” team_member_org_color=”#0a0a0a” team_member_desc_color=”#333333″ name=”Seve Paulo P. Linis” pos_in_org=”Digital and Process Innovation Head of SAFC” title_box_padding=”padding:0px;”]Seve Paulo P. Linis stepped into the role of Digital Process Innovation Head at SAFC in January 2024, marking a significant milestone in his career. His journey from a Management Trainee to this key position involved mastering process optimization and digital marketing strategies… Read More[/ult_team][/us_hwrapper][us_vwrapper alignment=”left” inner_items_gap=”5px” css=”%7B%22default%22%3A%7B%22margin-left%22%3A%220px%22%2C%22margin-top%22%3A%220px%22%2C%22margin-bottom%22%3A%220px%22%2C%22margin-right%22%3A%220px%22%2C%22padding-left%22%3A%220px%22%2C%22padding-top%22%3A%220px%22%2C%22padding-bottom%22%3A%220px%22%2C%22padding-right%22%3A%220px%22%7D%7D” hide_on_states=”default,laptops”][us_image image=”4855″ align=”left” size=”full” css=”%7B%22default%22%3A%7B%22margin-left%22%3A%220px%22%2C%22margin-top%22%3A%220px%22%2C%22margin-bottom%22%3A%220px%22%2C%22margin-right%22%3A%220px%22%7D%2C%22laptops%22%3A%7B%22margin-left%22%3A%2220px%22%2C%22margin-top%22%3A%2220px%22%2C%22margin-bottom%22%3A%2220px%22%2C%22margin-right%22%3A%2220px%22%7D%2C%22tablets%22%3A%7B%22margin-left%22%3A%2220px%22%2C%22margin-top%22%3A%2220px%22%2C%22margin-bottom%22%3A%2220px%22%2C%22margin-right%22%3A%2220px%22%7D%2C%22mobiles%22%3A%7B%22margin-left%22%3A%2220px%22%2C%22margin-top%22%3A%2220px%22%2C%22margin-bottom%22%3A%2220px%22%2C%22margin-right%22%3A%2220px%22%7D%7D”][ult_team team_img_grayscale=”off” img_hover_eft=”” team_member_name_tag=”h4″ team_member_align_style=”left” social_icon_effect=”on” social_links=”%5B%7B%22social_icon_url%22%3A%22https%3A%2F%2Fwww.linkedin.com%2Fin%2Flinisseve%2F%22%2C%22selected_team_icon%22%3A%22Defaults-linkedin-square%22%7D%5D” social_icon_size=”30″ divider_effect=”on” team_member_divider_color=”#f2ae96″ team_member_divider_height=”1″ team_member_divider_width=”100″ name=”Seve Paulo P. Linis” pos_in_org=”Digital and Process Innovation Head of SAFC” title_box_padding=”padding:0px;”]Seve Paulo P. Linis stepped into the role of Digital Process Innovation Head at SAFC in January 2024, marking a significant milestone in his career. His journey from a Management Trainee to this key position involved mastering process optimization and digital marketing strategies… Read More[/ult_team][/us_vwrapper][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row]
