I cannot deny the fact that getting a brand new shining car is one of my biggest dreams. Who doesn’t? I still remember, when I was young, my parents were making a joke that this car displayed outside the Cherry Foodarama supermarket in Mandaluyong was already owned by us. So every time we passed by whenever we go to SM Megamall, I always make sure I can view it through the window of the jeepney.
Moving forward this blog post that I’ll be sharing with you is about how we got approved with a car loan in 2018.
I’m sure you’re asking, “You’re a freelancer, is that even possible?” My answer is a big YES! That is possible.
But WAIT! There are things that still need to consider when buying a brand new car especially we are talking about money here. Can you afford to pay it monthly? Not only that, you need to consider getting maintenance services, a comprehensive policy, car insurance deals, car registration, and daily fuel consumption.
My top car choice would be Toyota Innova but since we need to consider the budget. I watched some car reviews on Youtube and social media and ended up with Suzuki Ertiga. It’s a multi-purpose vehicle (MPV) in 2018 GL variant and an automatic transmission.
I found my car sales agent on Facebook and messaged about what are the requirements before getting a car loan and some of my other questions.
So that’s how we started applying for in-house financing.
Requirements:
- Latest 3 months bank statement
- Certificate of Earnings (I used COE from Upwork)
- Proof of billing
- At least 2 Valid Government IDs (I used Voter’s ID and the Improved Postal ID)
- ITR
It’s best to have a co-maker when getting a car loan especially when the principal borrower doesn’t meet the minimum monthly income. In my case, my father who is an OFW became the principal borrower and I was assigned as a co-maker. Both principal and co-maker must have all the requirements mentioned above.
Right after we submitted the required documents, one of the banks visited our home for credit investigation (C.I). Unfortunately, that one didn’t approve our application but another bank got us approved and it only took a day or two when we heard the good news from our sales agent. That was fast. Thanks be to God! Thanks to our best sales agent and his manager who helped us to process our application.
Suzuki Ertiga 2018 GL A/T was our first brand new car. Although this wasn’t our first time since my father purchased a second hand as our school service when we’re still young. Unexpectedly, my parents decided to sell it as they need cash for my father’s expenses since he’s applying to work abroad.
At this moment, we’re on our 3rd year this coming March 2021. Time flies so fast! I still have 2 more years to fully paid. I dream for it, therefore, I need to work harder.
