What to consider before getting a car loan? Government-issued IDs include passport, SSS ID, PRC ID, and driver’s license. Many dealership offer free LTO registration upon purchase especially on their all-in downpayment promos. Yes, you can get a car loan with one-year term but that depends on the lender if they will accommodate short loan terms.ĭo I need to process the LTO registration? The rule of thumb is the higher the downpayment, the lower monthly amortization. The less debts and liabilities that you have, the higher the chance of your car loan getting approved.Ĭan I increase the downpayment for lower monthly payment?Ībsolutely. Settle all your existing loans/debts if possible. Make sure that you meet all the car loan requirements. What can increase my chances of getting an approval? Yes, multiple loans are allowed as long as it doesn’t affect your credit standing. However, after submitting your car loan application form, the approval will depend on the lender to which AutoDeal does not have any influence to. You can use AutoDeal’s Car Loan calculator and application form to start processing your car loan. ![]() Bad credit history and incomplete requirements can lead to the rejection of your loan.Ĭan AutoDeal help me with my car loan application? Loan application is subject to approval by the lender. Will my car loan application be rejected? There are financing offers that are available with a 15% to 50% downpayment scheme, while some promos can be availed with a 0% downpayment. If you don’t wish to change your vehicle choice, then consider making a larger downpayment as a means to reduce the total borrowable amount.įrequently Asked Questions Do I need to make a downpayment?
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